Apple’s Earnings Beat Forecast Thanks to iPhone Sales and Services Revenue

Apple on Thursday said iPhone sales and money made from services powered quarterly earnings that beat forecasts despite inflation pressure and the slowing global economy.

The Silicon Valley titan reported profit of $24 billion on revenue of $94.8 billion in the first three months of this year.

“We are pleased to report an all-time record in services and a March quarter record for iPhone despite the challenging macroeconomic environment,” Apple chief executive Tim Cook said in an earnings release.

Sales of iPhones tallied $51.3 billion in the quarter, topping the same period a year earlier, according to earnings figures.

Analysts said this was due at least in part to the reopening of China after a long period of covid restrictions hurt economic activity.

Though Apple has made noise with its expansion into India, China remains the iPhone maker’s crucial supplier and a key market.

Author: h00p1n9

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