October 27 (Reuters) – Apple Inc (AAPL.O) reported revenue and profit Thursday that beat Wall Street targets, one of several bright spots in a tech industry battered by inflation-driven spending cuts.
The forecast for the holiday quarter was more grim. While Apple didn’t provide specific figures, it said revenue growth would fall below 8% in the December quarter, but Amazon.com AMZN.
Apple shares initially fell in after-hours trading but recovered in positive territory.
While California-based technology giant Cupertino was saved thanks to its oldest technology, laptops, the star iPhone stumbled.
iPhone sales were still a record for the September quarter, although not as strong as some analysts were aiming for. Mac sales of $11.5 billion were well ahead of analyst estimates of $9.36 billion.
Apple’s results showed some resilience against a weak economy and a strong US dollar, which led to disastrous reports from many tech companies. Like Facebook parent company Meta (META.O) and Snap (SNAP.N), Apple is seeing softness in its ad spend. Overall, Apple showed quarterly revenue increased 8% to $90.1 billion, above estimates of $88.9 billion, with net income of $1.29 per share, beating analyst estimates of $1.27 per share averaged, according to Refinitiv data. told.
“We did better than we expected, despite the exchange rate being a significant downside for us,” said Luca Maestri, Chief Financial Officer.
The rising US dollar has hit many companies, such as Apple, that generate significant foreign revenue and receive less cash back when they convert. For consumers, it increases the price of new devices when purchased in countries other than the United States.
According to Refinitiv IBES, Apple’s iPhone sales for the company’s fourth fiscal quarter jumped to $42.6 billion as Wall Street expected sales of $43.21 billion.
Maestri said iPhone sales set a record for the September quarter, up 10% from the previous year’s quarter, beating the company’s forecast.
“The iPhone number is a hint of turmoil and uncertainty in the market, but Apple has other ways to balance it,” said Runar Bjorhovde, research analyst at market research firm Canalys.
Sales of Apple’s Mac computers were boosted by the introduction of the redesigned MacBook Air and MacBook Pro laptops this summer. The new tablets went on sale this week.
Apple said its gross margin of 43.3% was a record for the September quarter.
[1/2] The Apple company logo is seen outside an Apple store in Bordeaux, France, March 22, 2019. REUTERS/Regis Duvignau/File Photo
Maestri said the strong PC sales also reflected the backlog of orders resulting from the extended shutdown of one of the factories producing Macs, which Apple was able to fill this quarter.
The company reported that iPad sales were $7.2 billion, compared to an average estimate of $7.94 billion.
Apple wearables, such as AirPods and other accessories, notched $9.7 billion in sales, slightly above Wall Street’s estimate of $9.2 billion.
“They said they didn’t have any particular issues with supply, so that’s a thing of the past,” said Carolina Milanesi, a consumer analyst at Creative Strategies.
Growth in the company’s services business, which has boosted sales and profits in recent years, saw revenue growth of $19.2 billion, below the $20.10 billion forecast.
Maestri said that Apple, like others in the industry, has been experiencing softness in digital advertising and gaming.
“Even Apple, like other major tech companies, suffers from a worsening macro backdrop and ongoing supply chain woes, but has done a better job navigating the challenging environment,” said Jesse Cohen, senior analyst at Investing.com. .
In China, which has experienced a sharp economic slowdown, Apple reported fourth-quarter sales of $15.5 billion. This is a gain over the previous quarter, when Apple recorded sales of $14.6 billion.
Apple said it now has 900 million paid subscribers to its services, up from 860 million in the previous quarter.
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reporting by Dawn Chmielewski in Los Angeles and Nivedita Balu in Bengaluru; Editing by Peter Henderson and Lisa Shumaker
Our Standards: Thomson Reuters Trust Principles.
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