Apple’s profit beats Wall Street’s plan but iPhone sales aren’t strong – National

Apple Inc AAPL.O on Thursday reported top revenue and profit Wall Street goal, though Iphone sales were not as strong as some analysts had targeted.

Apple’s saving grace is Mac Sales was $11.5 billion, topping analysts’ estimates at $9.36 billion.

Apple’s results showed some resilience in the face of a weak economy and a strong US dollar led to disastrous reports from many tech companies, although Apple’s quarter was saved. survives on its oldest technology, the desktop computer, while its star, the iPhone, stumbles.

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Overall, Apple said quarterly revenue rose 8% to $90.1 billion, above estimates of $88.9 billion, and net profit of $1.29 per share, topping the median estimate for Apple. analyst is $1.27 per share, according to Refinitiv data.

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Phone sales for the company’s fiscal fourth quarter rose to $42.6 billion, while Wall Street expected revenue of $43.21 billion, according to Refinitiv IBES. By contrast, the overall global smartphone market fell 9% in the quarter just ended, the third consecutive decline for the year, according to Canalys data.

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Apple’s chief financial officer Luca Maestri said iPhone sales set a record in the September quarter, beating the company’s forecast.

“We did better than we anticipated, despite the fact that forex was a significant negative for us,” Maestri said.

JP Morgan analyst Samik Chatterjee noted early lack of demand for the base models of the newly introduced iPhone 14, but the strong consumer appetite for high-end devices, reflecting Apple’s relatively affluent customer base. He warned that weaker consumer spending could weigh on earnings next fiscal year.

Apple’s Mac computer sales received a boost from the introduction of redesigned MacBook Air and MacBook Pro laptops this summer. The new tablet went on sale this week.

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The company reported iPad sales of $7.2 billion, compared with an average estimate of $7.94 billion.

Apple’s wearables like AirPods and other accessories posted $9.7 billion in sales, slightly above Wall Street’s $9.2 billion forecast.

“Similar to the iPhone, we expect the macro impacts to devices to climb higher at some point,” said Barclays hardware analyst Tim Long.

Growth in the company’s services business, which has boosted revenue and profit in recent years, boosted sales to $19.2 billion, below estimates of $20.10 billion. la.

In China, where the economy took a hit, Apple reported fourth-quarter revenue of $15.5 billion. That’s up from the previous quarter, when Apple posted revenue of $14.6 billion.


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