Despite the economic conditions and a disrupted supply chain because of lockdowns in China, iPhone sales remained resilient and helped Apple post better-than-expected results.
Apple released its Q3 earnings and announced record revenue of $83 billion. iPhone revenue of $40.7 billion topped the expected figure of $38.9 billion. Analysts had expected a drop in this number. iPad revenue of $7.22 billion was also better than the expected $6.9 billion.
However, Mac revenue fell to $7.4 billion, a billion less than the expected $8.4 billion. It was down almost 10 percent on year-to-year basis.
Services revenue recorded the best rise percentage-wise, jumping from $17.5 billion last year to $19.6 billion – up 12 percent.
However, the California-based company’s net income fell 10.5 percent year-over-year despite the record revenue.
The company’s shares were up 0.36 percent at close at $157.35 and moved up further almost 3 percent to $162.02 in after-hours trading.
In a statement, Apple CFO Luca Maestri said: “Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category.”
The company is expected to launch iPhone 14 and Apple Watch Series 8 later this fall. It is also working towards entering the AR/VR space with its own headset sometime in 2023.
While Apple did not provide any guidance for Q4, Tim Cook (pictured), Apple’s chief executive, expected the revenue growth to continue.
“We are seeing some pockets of softness here and there. But in the aggregate, we expect revenue to accelerate in the September quarter as compared to the June year over year performance,” he said in an interview to CNBC.
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