Apple reported third-quarter results that narrowly beat Wall Street estimates, easing concerns that supply chain snags and a shaky economy would ravage the tech giant’s sales.
Apple Inc. reported third-quarter results that narrowly beat Wall Street estimates, easing concerns that supply chain snags and a shaky economy would ravage the tech giant’s sales.
Still, the iPhone numbers suggest that Apple is weathering a slowdown in smartphone spending. The company also has shown it can navigate supply chain constraints fueled in part by Covid-19 shutdowns in China. In April, Apple warned that the problems would erase US$4 billion to US$8 billion from third-quarter revenue.
Apple struggled to get enough supply last quarter after China’s Covid-19 precautions shuttered some factories and hamstrung deliveries. Those problems have eased but aren’t over. Even so, that product generated US$40.7 billion last quarter, beating estimates of about US$39 billion. Apple’s wearables, home products and accessories -- the division that includes its smartwatch, HomePod, AirPods and Beats headphones -- had sales of US$8.08 billion last quarter. Wall Street had called for about US$8.8 billion.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Sigh of relief' yet pressures remain: Wall Street reacts to Fed - BNN BloombergThe Federal Reserve delivered its expected rate increase and then basically told markets they are on their own when it comes to determining what’s next. Stock bulls took that as a reason to celebrate.
Read more »
Apple stock surge raises stakes as earnings loom - BNN BloombergEven as Apple contends with rising inflation, cooling demand, the strengthening U.S. dollar and lockdowns in China, its share price has surged in recent weeks
Read more »
Asian stocks follow Wall Street ahead of likely U.S. rate hikeAsian stock markets followed Wall Street lower Wednesday as traders prepared for a possible sharp interest rate hike from the U.S. Federal Reserve to cool inflation.
Read more »
Asian stocks follow Wall Street lower before likely U.S. rate hikeAsian stock markets followed Wall Street lower Wednesday as traders prepared for a possible sharp interest rate hike by the Federal Reserve to cool inflation.
Read more »
Unceasing iPhone demand helps Apple results top estimatesBut the slumping economy is hurting sales of advertising, accessories and home products. Read more here
Read more »
Apple results top estimates as iPhone escapes economic slumpApple said sales and profit for the quarter ended June 25 were $83.0 billion and $1.20 per share, above estimates of $82.8 billion and $1.16 per share
Read more »