Monday, November 28, 2022

Apple’s Quarterly Revenue Rises by 8 Percent Amid Slowing Economy

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Apple managed to boost both its sales and profit during a summertime quarter that depressed the fortunes of most other major tech companies, but that doesn’t necessarily mean the iPhone maker will be immune to a potential recession. Even though Apple fared reasonably well, the July-September results released on Thursday signalled that the world’s most valuable company is facing some of the same economic headwinds that hammered the profits of Microsoft and the corporate parents of both Google and Facebook.

The company’s fiscal fourth quarter revenue rose 8 percent from the same time last year to $90.1 billion (roughly Rs. 7,42,000 crore). That was an improvement from the scant 2 percent uptick in revenue during its April-June quarter when supply problems caused by pandemic-related factory shutdowns dinged its sales.

The Cupertino, California, company’s profit for the most recent quarter totalled $20.72 billion (roughly Rs. 1,70,640 crore), or $1.29 (roughly Rs. 100) per share, up by less than 1 percent from the same time last year.

Both the revenue and earnings per share were slightly above analyst estimates. But on the downside, sales of Apple’s most popular product, the iPhone, and another big money maker, and the services division, were both lower than analysts had been anticipating — a sign consumers may be cutting back amid the highest inflation in 40 years.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: Gadgets360

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