June 10, 2023


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Apple beat expectations last quarter – stock rose in after-market trading – E24

The tech giant generated $94.8 billion in revenue in the prior quarter and, among other things, delivered stronger-than-expected iPhone sales. However, the company’s total sales declined for the second consecutive quarter.

Apple CEO Tim Cook.

Apple has had skewed fiscal years, and today it’s providing numbers for the second quarter.

Apple generated $94.8 billion in revenue in the previous quarter, down from about $97 billion in the corresponding quarter last year.

Revenue had previously been expected to fall to $92.6 billion.

The result fell to $1.52 per share. Up front, a result of $1.43 per share was expected, according to estimates from Bloomberg.

Net income came in at $24.16 billion in the quarter, down from $25 billion in the corresponding quarter last year.

The stock rose nearly 2 percent in after-hours trading on Wall Street.

iPhone sales increase

At the same time, the company’s total sales fell for the second consecutive quarter. The company’s total sales revenue came in at $94.8 billion in the quarter, down from $97.3 billion in the corresponding quarter last year.

On the other hand, iPhone sales are up.

Apple sold iPhones for $51.3 billion in the first quarter, better than the expected $48.8 billion. Mac revenue was just under $7.2 billion, versus the expected $7.8 billion.

Within the Services segment, which includes, among other things, the App Store, Apple generated $20.9 billion in sales, compared to $19.8 billion in the corresponding quarter last year.

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In the accessories sector, which includes AirPods and Apple Watch, revenue was $8.7 billion, compared to $8.8 billion in the same quarter last year.

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The company’s sales were down in most parts of the world compared to the same quarter a year ago, but increased in parts of the Asia Pacific region.

“We are pleased to be able to report a record in the services sector and record iPhone sales in the March quarter despite a difficult macroeconomic picture,” Apple CEO Tim Cook said in a press release.

“We continue to invest in the long term and lead by our values, including taking big steps toward building carbon-neutral products and supply chains by 2030,” Cook says.

Apple is the latest in a series of major tech giants to provide numbers, after Meta, Alphabet, Amazon and Microsoft opened their books last week.

market demand

Apple was previously expected to report a larger slowdown in Mac sales this quarter than in the first quarter, according to Bloomberg.

Apple hinted to investors earlier this year that sales of the iPhone and Mac, among other things, could decline for the second quarter in a row, according to CNBC.

Electronics sales generally declined sharply after the Corona pandemic. In the first quarter of this year, shipments of PCs fell 30 percent and smartphones 14 percent, according to the International Data Corporation (IDC).

In the previous quarter, the company missed out on both turnover, earnings, and sales for various segments within the company. Then Apple’s income fell in the important Christmas quarter for the first time since 2019.