Apple once again beat analysts’ consensus expectations on Thursday, showing off the world’s most valuable company’s resilience in a slowing global economy thanks to stronger-than-expected iPhone sales and notable inroads in India and other emerging markets.
Apple executives on Thursday said gross profit margins for the current quarter would be better than forecast despite an expected dip in revenue as supply-chain issues have improved.
Apple said sales for its fiscal second quarter ended April 1 fell 2.5% to $94.8 billion, ahead of expectations for a 4.4% decline, according to Refinitiv data. Profit was flat at $1.52 per share, compared with estimates of $1.43 per share.
iPhone sales were up 1.5% to $51.3 billion, besting expectations for a 3.3% drop even as consumers and businesses tightened up spending due to rising inflation. Global smartphone shipments fell 13% during the first three months of 2023, according to research firm Canalys, which said Apple gained market share against Android rivals.
Apple CEO Tim Cook told Reuters in an interview on Thursday that the company set a fiscal second-quarter record for iPhone sales, thanks in part to picking up new users in markets such as India… “We were thrilled by our performance in emerging markets,” Cook said. “We set records for the iPhone installed base in every geographic segment, and we had very strong ‘new to’ (sales in) emerging markets, particularly in Brazil, India and Mexico.”
MacDailyNews Take: Onward and upward, Cupertino soldiers!
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
The post Apple iPhone sales rise, resiliently bolstering results amid shaky economy appeared first on MacDailyNews.
