Apple’s Earnings Beat Forecast Thanks to iPhone Sales and Services Revenue
Last Updated: May 05, 2023, 03:11 IST
Apple CEO Tim Cook on his India go to, for the Apple Store launch in Mumbai and Delhi.
The Silicon Valley titan reported revenue of $24 billion on income of $94.8 billion within the first three months of this 12 months
Apple on Thursday stated iPhone gross sales and cash comprised of companies powered quarterly earnings that beat forecasts regardless of inflation strain and the slowing world economic system.
The Silicon Valley titan reported revenue of $24 billion on income of $94.8 billion within the first three months of this 12 months.
“We are happy to report an all-time report in companies and a March quarter report for iPhone regardless of the difficult macroeconomic atmosphere,” Apple chief executive Tim Cook said in an earnings release.
Sales of iPhones tallied $51.3 billion in the quarter, topping the same period a year earlier, according to earnings figures.
Analysts said this was due at least in part to the reopening of China after a long period of covid restrictions hurt economic activity.
Though Apple has made noise with its expansion into India, China remains the iPhone maker’s crucial supplier and a key market.
Apple was deeply affected by the years of Chinese covid-related closures and is barely now seeing its advanced provide chain returning to regular.
Overall revenues for the period declined, though this was expected and Apple’s shares were up about one percent in after-market trades.
Sales of Macs slipped to about $7.2 billion as belt-tightening around the world hit the entire personal computer market.
Shipments of Apple Mac computers, which are in the premium segment of the market, shrank more than 40 percent in the quarter, research firms IDC and Canalys have reported.
Even though iPhones have been the heart of Apple’s money-making machine, the company has made a priority of bringing in more revenue from content and services sold to users of its devices.
Apple said revenue from services stood at $20.91 billion, defying expectations that demand for streaming entertainment would fall with the end of restricted life due to the covid pandemic.
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