Apple recorded its third consecutive quarter of lower revenue as it fought lower demand for the iPhone and tough competition from lower-priced competitors.

Revenue in the quarter, between July and September, was $46.9 billion, down 9 percent on the same period last year and exactly in line with analyst estimates. Net income came in at $9 billion, down 19 percent, the company said Tuesday.

Apple CEO Tim Cook called the results “strong” and said he was “thrilled with the customer response to iPhone 7, iPhone 7 Plus, and Apple Watch Series 2, as well as the incredible momentum of our Services business.”

But amid the falling sales and profits, there were signs of a turnaround on the horizon.

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