Apple revenues rise on strong services business and iPad sales

Apple’s revenue increased 5 per cent in the three months to the end of June, as earnings from its services business and a surge in iPad purchases offset a decline in iPhone sales and a continued slowdown in China. Total net sales rose to $85.8bn from $81.8bn in the second quarter of 2023, beating analysts’ expectations for $84.5bn. Net income rose 8 per cent to $21.4bn from $19.9bn, while earnings per share were up 11 per cent year on year to $1.40 versus the consensus estimate for $1.35.

“ focus will be on underlying demand across various product categories, especially iPhones given concerns around overall smartphone market and China competition,” said Citigroup analyst Atif Malik. Apple is bullish at the prospect of many customers upgrading to the newest iPhone models to gain access to new artificial intelligence features. With the iPhone 16 expected to launch in September, investors are watching closely for signs of how quickly the anticipated AI boost will start to show.

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