Apple’s earnings top analysts’ forecasts but year-over-year sales drop again
3 August 2023, 23:14
But iPhones sales – the product segment watched most closely by Wall Street – fell 2% from a year ago.
Apple made a slightly higher profit last quarter even though sales dipped during the period – a time during which the iPhone maker became the first publicly held company in the US to be valued at 3 trillion dollars.
The results released on Thursday covered April to June, the third consecutive quarter that Apple has posted a year-over-year decline in revenue. That is its longest stretch of declining sales in nearly seven years.
Revenue totalled 81.8 billion dollars (£64.4 billion), down 1% from last year. Profit edged up by less than 1% from a year ago to 19.9 billion (£15.6 billion), or 1.26 dollars per share.
The earnings were better than the 1.20 dollars per share projected by analysts polled by FactSet Research, while revenue matched analyst forecasts.
But iPhones sales — the product segment watched most closely by Wall Street — fell 2% from a year ago to 39.7 billion dollars (£31.24 billion), below analysts’ predictions.
Apple’s stock declined by about 1% in extended trading after the numbers came out.
