Apple results better than expected amid shaky economy
STORY: Tech giant Apple posted a better-than-expected report card for the second quarter on Thursday, a brighter spot within the slumping tech sector and a shaky economy.
That’s mostly thanks to robust sales of iPhones that hit quarterly records and Apple making inroads in India and other newer markets.
It also hit an all time high in services like Apple Music.
But other parts of the company, including Macs and iPads, showed a year-on-year slump and dragged numbers down.
Revenue for the fiscal quarter that ended on April 1 came in at $94.8 billion, a three percent drop from the year before, still stronger than expectations of a 4.4% decline.
The strong iPhone sales came in even as global demand for smartphones has dropped... up 1.5% to $51.3 billion.
In an interview with Reuters, Apple CEO Tim Cook said that was thanks to new users in markets such as India, where he recently travelled for the opening of new Apple Stores.
Cook noted strong sales in other emerging markets new to Apple products, like Brazil, India and Mexico.
He added Apple’s supply chain problems - which was blamed on COVID disruption in China - have all but vanished.
Investors eagerly await the company's next major hardware product.
Reports say it could be a mixed-reality headset as soon as next month, when Apple holds its annual software developer conference.