Apple’s chief executive Tim Cook said: “Our team executed extremely well in the face of strong macroeconomic headwinds.
“We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices.”
Apple shares have fallen 20% over the past year on concerns the smartphone boom is over. The 8% fall after the closing bell on Wall Street wiped $45 billion off the value of the company.
However, Edison analyst Richard Windsor said: “iPhone shipments fell by far less than many had feared, confirming my view that this is the end of a cycle not a secular decline.”
