Apple Inc on Thursday reported quarterly revenue and profit above Wall Street's expectations, with iPhone sales rising and wearables sales slipping less than analysts had feared despite a continuing slump in the consumer electronics market and a cloudy economic outlook. Apple said sales for its fiscal sec
Apple Inc on Thursday reported quarterly revenue and profit above Wall Street's expectations, with iPhone sales rising and wearables sales slipping less than analysts had feared despite a continuing slump in the consumer electronics market and a cloudy economic outlook.
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, where Cook recently traveled for the opening of the company's first retail stores in the country. Other firms in the industry have predicted a rebound in the second half of the year, and Wall Street expects Apple to recover faster and show modest year-over-year revenue growth during its fiscal third quarter ending in June.
IPhone sales rose 1.5 per cent to $51.33 billion, compared with analyst expectations of a 3.3 per cent decline to $48.9 billion, according to Refinitiv. Those results occurred against the backdrop of a 13 per cent decline in global smartphone shipments during the first three months of 2023, during which the research firm Canalys said Apple gained market share against Android rivals.
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