Apple (AAPL) stock fell as much as 2% in morning trading on Friday after the iPhone maker reported earnings late Thursday that beat estimates, though a cautious outlook for the current quarter weighed on shares.

In its fiscal fourth quarter, Apple reported earnings per share of $1.46 on revenue that reached $89.5 billion. Wall Street had expected earnings per share to come in at $1.39 with revenue reaching $89.3 billion, according to estimates from Bloomberg. This marked the fourth straight quarter revenue fell from the year-ago period.

The company said iPhone sales increased to $43.8 billion in its fourth quarter, slightly beating expectations and marking a new record for iPhone sales in its fiscal fourth quarter. Services revenue surpassed $22 billion for the first time.

Revenues in its Mac, iPad, and Wearables categories fell from the same quarter last year. For its just-completed fiscal year, Apple reported total revenue of $383.3 billion, down from $394.3 billion in the prior year.

On a call with analysts following the results, Apple CFO Luca Maestri said revenue in the current quarter is expected to be "similar" to the same period last last year. Maestri also said the company is expecting revenue for the iPad and Wearables categories to "decelerate significantly" from the fourth quarter.

Wall Street analysts had been forecasting revenue in the current quarter to total $122.8 billion, according to data from Bloomberg. In its December quarter last year Apple reported revenue of $117.2 billion.

In an interview with Yahoo Finance, Maestri noted the expected Mac sales decline is due to market conditions and what he described as "very difficult compares versus a year ago." He added that Apple does continue to attract new buyers to Mac, adding that "about half of buyers were new to the product in the quarter."

In its iPhone segment, Apple expects revenue in the current quarter to grow from last year.

Apple's latest results also showed its home market was a standout in its fourth quarter, with sales in its Americas region rising over last year, the only major geography to see revenue rise year-over-year.

Here are some of the highlights from Apple's quarter, compared with Wall Street expectations compiled by Bloomberg:

• Revenue: $89.5 billion versus $89.34 billion expected ($90.15 billion in Q4 2022)

• Adj. EPS: $1.46 versus $1.39 expected ($1.29 in Q4 2022)

• iPhone revenue: $43.8 billion versus $43.73 billion expected ($42.63 billion in Q4 2022)

• Services revenue: $22.3 billion versus $21.36 billion expected ($19.19 billion in Q4 2022)

• Mac revenue: $7.6 billion versus $8.76 billion expected ($11.51 billion in Q4 2022)

• iPad revenue: $6.4 billion versus $6.33 billion expected ($7.22 billion in Q4 2022)

• Wearables revenue: $9.3 billion versus $9.41 billion expected ($9.65 billion in Q4 2022)