Gadget giant Apple Inc. (NASDAQ: AAPL) reported stronger-than-expected profit for the fourth quarter of 2023. Earnings of the Cupertino-based tech firm increased year-over-year.

Net sales edged down to $89.5 billion in the September quarter from $90.1 billion last year. However, the top line came in above consensus estimates. iPhone sales rose 2.8% annually to $43.8 billion.

Net profit was $22.9 billion or $1.46 per share in the fourth quarter, compared to $20.7 billion or $1.29 per share in the corresponding period of 2022. Earnings topped expectations.

Commenting on the results, Apple’s CEO Tim Cook said, “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon-neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.”

Prior Performance

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