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Apple quarterly earnings top expectations despite economic gloom

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Sales of iPhones tallied US$51.3 billion in the quarter, topping the same period a year earlier, according to earnings figures. theSun theSundaily iphone Apple revenue economy China

SAN FRANCISCO:

“We are pleased to report an all-time record in services and a March quarter record for iPhone despite the challenging macroeconomic environment,” Apple chief executive Tim Cook said in an earnings release. Though Apple has made noise with its expansion into India, China remains the iPhone maker's crucial supplier and a key market.

Sales of Macs slipped to about US$7.2 billion as belt-tightening around the world hit the entire personal computer market. Apple said revenue from services stood at US$20.91 billion, defying expectations that demand for streaming entertainment would fall with the end of restricted life due to the Covid pandemic.

For the moment investors seemed satisfied, with shares rising about 2% in after-hours trading after the forecast.

 

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