Apple Inc. posted a slightly higher profit for the quarter of April through June, even though sales dipped during the period.

The results released Thursday was the third consecutive quarter that Apple has posted a year-over-year decline in revenue. That’s the longest stretch of falling sales for the company in nearly seven years. In the meantime, the iPhone maker became the first publicly held U.S. company in to be valued at $3 trillion

Revenue totaled $81.8 billion, down 1% from last year. Profit edged up by less than 1% from a year ago to $19.9 billion, or $1.26 per share. The earnings were better than the $1.20 per share projected by analysts polled by FactSet Research, while revenue matched analyst forecasts.

But iPhones sales — the product segment watched most closely by Wall Street — fell 2% from a year ago to $39.7 billion, below analysts' predictions.

“We continue to face an uneven macroeconomic environment,” Apple CEO Tim Cook told investors during a conference call.

Investors have remained enthusiastic about Apple’s prospects despite the modest sales erosion, largely because its results have been less wobbly than other major technology companies that suffered steeper slides coming out of pandemic.

Apple’s performance capped a succession of mostly positive quarterly reports from Big Tech companies.

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