iPhone sales buck falling electronics demand trend | business news

Apple reported an increase in iPhone sales in its second-quarter results, beating Wall Street expectations and market trends.

Both revenue and profit topped investor expectations as iPhones sold in record numbers during the second three-month period of its fiscal year.

Overall sales fell 2.5% to $94.84bn (£75.42bn) for the year ended April 1, but the decline was much weaker than expected and beat forecasts for a 4.4% fall to $93.0bn (£73.96bn).

Sales of Apple’s signature product are expected to decline as cost of living pressure and rising interest rates squeeze customers’ wallets and sluggish demand after a surge in pandemic-era electronics purchases.

Conversely, Apple’s iPhone revenue rose 1.5 percent despite expectations for a more than 3 percent decline. Chief executive Tim Cook said the growth was attributable to three countries.

“We’ve set records for the installed base of iPhones in every geographic region, and we have very strong ‘new arrivals’ [sales in] Emerging markets, especially Brazil, India and Mexico. “

“We’re excited about our performance in emerging markets,” Cook told Reuters. Mr. Cook recently opened Apple’s first retail store in the country in India.

On Apple’s investor conference call, there are more than 1 billion iPhones in use.

However, some Apple products succumbed to the downward trend in electronics sales. Sales of Apple’s Mac laptops were down 30%, and iPad revenue was down as well.

Sales of wearables like the Apple Watch and AirPods fell a percentage point.

Sales in China also fell by almost 3% to $17.8bn (£14.15bn).

Apple earned $24.16 billion (£19.21 billion) in January, February and March, or $1.52 (£1.20) per share. It was down slightly from $25bn (£19.88bn) a year earlier.

supply chain chaos been entangled before Production disappeared. Cook said there were no material shortages at all during the three months.

apple is just newest tech giant Report better than expected result. Technology stocks have been the driving force behind the rise in the S&P 500 index of the largest companies listed on U.S. stock exchanges.

Shares of the company rose 2 percent in after-hours trading following the announcement.

Source link