The iPad saw revenue fall 13% to $6.67 billion, roughly in line with estimates of $6.7 billion. The device had suffered from constraints during the previous period due to Covid policies in China. He said it had enormous potential and that Apple would continue weaving it into products in a thoughtful way.įrom a supply perspective, the second quarter was an opportunity for the iPhone 14 to rebound. Like many tech CEOs delivering earnings reports, Cook also discussed artificial intelligence.
The increase came “despite the challenging macroeconomic environment,” he said in the statement. That’s just a 1.5% rise from a year ago but marked a record performance for a March quarter, Chief Executive Officer Tim Cook said. The company also said it would continue to see a negative impact from foreign exchange rates.Īpple generated $51.3 billion in sales from the iPhone - its flagship product - in the second quarter, topping analyst predictions of $49 billion. On a conference call with analysts, Apple said that revenue in the current period would drop by a similar amount as in the past quarter, which ended April 1. That compared with an average estimate of $1.43 a share. Earnings, meanwhile, were unchanged from a year earlier, at $1.52 a share. Though the performance was better than expected, it marked two straight quarters of sales declines - a first for Apple since the pandemic began. They had closed at $165.79, up 28% for the year. The shares gained 2% in late trading after the report was released. The company also raised its quarterly dividend 4% to 24 cents a share.
Apple’s sales in China - a weak spot for other tech companies - also came in a bit better than expected.Īs expected, Apple announced plans for $90 billion in stock repurchases - the same as last year’s plan. It’s a particular relief for investors after Qualcomm Inc., a key supplier, raised fresh concerns about phone demand earlier this week. The results suggest that Apple is beginning to recover from a slump that’s plagued both the computer and smartphone industries. Though the sales fell 2.5% in the period, Apple had warned investors to expect a drop of roughly twice that.
Overall revenue amounted to $94.8 billion in the fiscal second quarter, according to a statement Thursday, exceeding the $92.6 billion analysts predicted.
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