In the September quarter, revenue held steady at $89.5 billion, nearly matching last year despite negative foreign exchange impacts. This stability is noteworthy as it conceals an underlying growth on a constant-currency basis across all geographic segments. Contributing to this were records set in the Americas and robust gains in emerging markets, notably for both the iPhone and Services, which expanded by double digits.
The iPhone segment, buoyed by emerging market strengths, posted a record $43.8 billion in revenue, though Mac and iPad revenues declined by 34% and 10% respectively, impacted by challenging comparisons and past supply chain disruptions. Despite these hurdles, the enthusiasm for newly released Macs and iPads suggests a vibrant prospect for the company's hardware line.
The Services arm achieved an all-time high with $22.3 billion in revenue, climbing 16% from last year and marking improvements over preceding quarters. This growth spanned the Americas, Europe, Asia-Pacific, and Greater China, with new revenue records across every category in Services.
Operational efficiency was demonstrated with a company-wide gross margin of 45.2%, a product gross margin of 36.6%, and a stellar services gross margin of 70.9%. Operating expenses were managed effectively, ending at the lower end of the projected range.
Solidifying its market presence, Apple's installed base of active devices reached new heights, as did customer satisfaction rates, registering at a near-perfect 98% for iPhones and iPads in the U.S. This achievement has been accompanied by a significant number of new customers across products.
Ending the quarter with over $162 billion in cash and securities, while managing a net cash position of $51 billion, Apple showcased financial strength. The company also continued to return value to shareholders, repurchasing shares and distributing dividends totaling nearly $25 billion.
Apple's emerging market revenues hit an all-time peak, defying the overall 3% annual revenue decrease. The company's strategic moves include expanding direct presence and offering affordability programs, which could further customer growth in these vital regions.
Looking ahead, Apple anticipates comparable total company revenue for the December quarter to the previous year, despite a one-week shorter reporting period. Growth is expected in iPhone revenue, with a prediction of accelerating Mac sales but a slowdown in iPad and Wearables growth due to product launch timings. Services are projected to maintain their double-digit growth trajectory.