The company’s revenue was slightly better than what Wall Street had expected, but it nonetheless represented the second consecutive quarterly revenue decline for the iPhone maker. Apple’s net income also fell more than 3% from the year-ago quarter to nearly $24.2 billion. Apple\n \n attempted to appease investors by announcing up to $90 billion in share buybacks. Apple\n \n shares rose just over 1% in after-hours trading Thursday following the results.
Worldwide PC shipments declined 30% in the first quarter of 2023 compared to the year prior, according to data from Gartner. Global smartphone shipments plunged 14.6% last quarter, according to separate data from market intelligence firm IDC. Still, the company’s better-than-expected sales report “suggests that Apple’s premium smartphone business may be insulated from concerns about deteriorating consumer confidence and a worsening macroeconomic outlook,” Investing.
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