Apple said sales and profit for the quarter ending June 25 were $83 billion and of u$s1.20 dollars per share, above estimates of $82.8 billion and of u$s1.16 per share, according to Refinitiv data.
Apple is expected to provide a forecast for the fiscal fourth quarter during an investor call, but Chief Financial Officer Luca Maestri told Reuters a slowdown in demand for iPhones has not been detected.
Investors are watching Apple closely as economic indicators turn negative. In the past, the iPhone maker’s loyal and relatively well-off customer base has helped it weather downturns better than other consumer brands.
While sales of iPhones and iPads exceeded expectations, revenue from services, Mac computers and accessories did not meet the objectives of Wall Street and turnover in the crucial China market fell 1%.
This occurs within a context in which the most recent economic problems are resurfacing, including supply chain disruptions from the COVID-19-related lockdowns in China that have affected the manufacturing of some Apple products, What iPads and Macs.
According to media reports, Apple, like many of its tech industry peers, is cutting back on hiring and cutting costs due to the tough economic climate.
Apple shares closed Thursday down about 11% so far this year.
Source: Ambito
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