Apple has reported earnings that beat Wall Street expectations despite slowing sales of its
signature iPhone.
The consumer electronics company reported earnings per share of $1.29 U.S. versus $1.27
U.S. that was expected by analysts. Revenue totaled $90.15 billion U.S. compared to $88.90
billion U.S. that was forecast, up 8.1% from a year earlier.
However, despite the overall earnings beat, Apple’s iPhone revenue of $42.63 billion U.S. fell
short of the $43.21 billion U.S. that was expected. Other products such as the company’s Mac
computers sold more than anticipated in the quarter.
Apple once again declined to provide any future earnings guidance. The company hasn’t
provided forward guidance since the pandemic began in March 2020.
Like many technology companies, Apple has slowed its pace of hiring this year as it grapples
with economic headwinds that include inflation and war in Europe.
On a conference call with media and analysts, Apple executives stressed that the third quarter
of this year included only eight days of iPhone 14 sales in September. Analysts are watching for
sales indications for the newest iPhone.
Apple chief executive officer (CEO) Tim Cook stressed that Apple’s phone sales remain strong
despite signs that other smartphone companies are struggling with a decrease in demand.
Apple’s stock rose about 1% immediately after its earnings were announced. Year-to-date, the
stock is down 20% at $144.80 U.S. per share.
