Apple on Thursday provided further evidence for optimists who believe the tech industry’s worst recession may be over, reminding investors that there’s still plenty to worry about.
The company said revenue in the most recent quarter was down 3% year-over-year, but totaled $94.8 billion, well above investors’ expectations of $92.9 billion.
It’s like a rebound from last quarter, when Apple’s revenues and profits plummeted as economic challenges and the Covid-19 outbreak in China forced the company’s largest iPhone factory to temporarily close. It was something.
Apple reported a profit of $24.1 billion. That’s a 3% drop for him from the same period last year, but more than Wall Street had expected for him at $22.6 billion. The company’s second-quarter sales were driven by record services revenue and strong demand for its flagship iPhone.
DA Davidson analyst Tom Forte said: Still, he said Big Tech’s overall financial results served as a reminder that the economy wasn’t out of the woods yet.
Apple earned $51.3 billion in iPhone sales, up 1.5% from a year ago. Demand for iPhones and other products in China declined slightly year-on-year, but revenue of $17.8 billion beat investors’ expectations as China continues to recover from a prolonged pandemic lockdown. I was.
Customer interest in Apple products other than the iPhone dropped in the quarter. Revenue from iPad dropped nearly 13%, while Mac revenue dropped 31%. Still, Apple’s services division, which includes Apple Fitness+ and Apple Music subscriptions, as well as sales from the App Store, is at nearly $21 billion in revenue, up slightly from a year ago, and supporting the company as a whole. rice field.
Apple also said it had approved a $90 billion share buyback.
The company isn’t doing mass layoffs like other tech companies. Because they weren’t actively hiring in the early days of the pandemic. Apple has taken a hard line on its return-to-office policy, requiring most employees to work in the office three days a week.
