Apple 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
Apple is expected to give a forecast for the current fiscal fourth quarter during an investor call, but Chief Financial Officer Luca Maestri told Reuters there had been no slowdown in demand for iPhones.
Investors are watching Apple closely as economic indicators turn negative. In the past, the iPhone maker’s loyal and relatively affluent customer base has helped it weather dips better than other consumer brands. The most recent economic woes include supply chain disruptions from COVID-19 lockdowns in China that have hit production of some Apple products such as iPads and Macs. Apple, like many of its tech industry peers, is reportedly slowing hiring and cutting costs given the tough economic climate.
Apple said iPhone sales were $40.7 billion, up about 3 per cent from a year earlier and well ahead of the overall global smartphone market, which fell 9 per cent during the just-ended quarter, according to Canalys data. Apple had told investors to expect a hit of between $4 billion and $8 billion from supply chain disruptions, though it did not give an overall revenue forecast from which to subtract those numbers. Analysts believed the disruptions hardest hit sales of Macs and iPads whose assembly locations were clustered near regions of China that went into COVID lockdowns.
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