Apple managed to outperform Wall Street’s expectations for the quarter in terms of revenue and sales. This is despite chip shortages and high inflation. The demand for iPhones continues unabated. Below the line, Apple lost less profit.
Apple reported revenue of $83 billion for the quarter ended June 25. That’s a record two percent more than in the same quarter last year and more than the $82.8 billion analysts expected, according to data firm Refinitiv. In the second quarter of last year the growth was still 36 percent and during the first quarter of this year there was eight percent growth.
Financial director Luca Maestri told Reuters news agency that there was no delay in demand for iPhones. iPhone sales were $40.7 billion, three percent more than last year. According to Apple CEO Tim Cook, the company is having success convincing Android users to get an iPhone after all.
iPad sales were also better than expected. That amounted to 7.22 billion dollars, a decrease of two percent.
Revenues from services, Mac computers and accessories were less than Wall Street forecast. Revenues from the services branch did grow, by more than $2.1 billion to $19.6 billion. Sales in China, Taiwan and Hong Kong fell by one percent, which is a critical market for the company.
Apple, meanwhile, spent significantly more on research and development, as well as on things like wages and advertising. As a result, profit in the quarter fell to $ 19.4 billion, compared to a profit of $ 21.7 billion a year ago.
Shares of the tech giant rose by about 3 percent after trading hours.
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