Apple reports quarter better than expected – Kommersant
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Apple revenue for the quarter decreased by 3%, amounting to $94.8 billion. The corporation’s revenue has been declining for the second quarter in a row. Net profit also decreased by 3%, to $24.2 billion. However, Apple’s results were better than analysts’ expectations, so the company’s shares after the publication of financial statements rose by 2%. Since the beginning of the year, Apple shares have risen 28%.
One of the drivers of Apple’s business in the past quarter was the growth in services revenue (this division includes music streaming service Apple Music and video service Apple TV +) – by 5.6%, to a record $20.9 billion. iPhone – by 1.5%, to $ 51.3 billion, “despite difficult macroeconomic conditions.” In such an environment, PC and smartphone sales in general are declining: according to research firm IDC, PC sales in the first quarter fell by 29%, and smartphones – by 14.6%.
As Apple CEO Tim Cook pointed out, the growth in iPhone sales was helped by more active promotion in new markets, such as India. In April, the corporation opened its first physical store in that country. At the same time, sales in one of the most important markets, China, have not yet recovered, being 2.9% lower than in the first quarter of 2022. Mac sales also declined quite a lot – by 31%, to $ 7.2 billion, iPad sales decreased by 13%, to $ 6.7 billion.
Reported quarterly last week Meta (recognized as extremist and banned in the Russian Federation), Microsoft and Alphabet — their results were also positively received by investors.
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