March 29, 2023

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9% increase .. Apple sales exceeded expectations

9% increase .. Apple sales exceeded expectations

Dubai, United Arab Emirates (CNN) – Apple sold $ 97.3 billion in the second fiscal quarter, up 9% from the previous year. The company topped Wall Street ratings in its most recent quarter, announcing on Thursday one of the strongest three-month periods in its history, thanks to the recorded revenue from its services business and strong iPhone sales.

Apple’s iPhone sales were up $ 50.6 billion in the quarter, up 5% from $ 47.9 billion a year earlier. Services business revenue increased 17% year-over-year to nearly $ 20 billion in the first quarter.

Mac revenue soared to $ 10 billion, thanks in large part to consumer interest in the new M1 internal chip despite supply barriers.

The company has seen growth in all types of its products, except the iPad, which continues to experience supply chain problems.

Shares of Apple rose in the after-hours trading following earnings results, before falling more than 4% initially. Apple Corps has also approved a $ 90 billion increase in its share repurchase plan.

CEO Tim Cook began the call for a success by recognizing the company’s efforts in Ukraine, such as donating products to support refugees coming to the United States, and spoke about the current “unexpected” state of the epidemic as the company began to welcome staff back to its offices. . “These times remind us that we never know what the future holds,” he said.

He also noted the increasing restrictions in China following the increase in corona virus cases, but said many of the affected product assembly plants have been reopened.

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This will have an impact of $ 4 to $ 8 billion in the next quarter, along with an industry-wide silicon deficit, he said. The company is also monitoring how inflation will affect customer spending in the coming months.

Here, in the chart above, is Apple’s product revenue for the second quarter compared to last year.