Despite beating Wall Street estimates for the quarter, Apple’s full-year revenue fell year over year for the first time since 2019. As part of its quarterly earnings report, Apple reported annual gross revenue of $383.29 billion. This figure showed a 2.8 percent annual decrease from $394.33 billion. This is a larger decline than 2019, when Apple saw a 2 percent year-over-year decline.
Apple revenues fell 2 percent
Apple’s annual gross profit margin also decreased, falling to $169.15 billion. This represents a 1 percent annual decline from $170.78 billion. Operating expenses increased significantly, rising 6.8 percent from $51.35 billion to $54.85 billion. Research and development costs increased by 14 percent annually, from $26.25 billion to $29.92 billion.
The news comes despite a number of new products introduced during the quarter, including the iPhone 15, Apple Watch Series 9 and Apple Watch Ultra 2. This also marked the first quarter of sales from Apple’s third-quarter product launches, which included the 15-inch MacBook Air model, the refreshed Mac Studio and the M-series Mac Pro.