The company also revealed a drop in wearable device sales, but it was lower than analysts feared.
Apple said its sales for the fiscal second quarter ended April 1 fell 2.5% to $94.84 billion, beating analysts’ expectations of a 4.4% drop to $93 billion. dollars, according to data from Refinitiv.
Earnings were flat at $1.52 per share, compared with estimates of a 5.7% decline to $1.43 per share, according to Refinitiv data.
Apple shares rose 2% in after-hours trading on Wall Street.
For his part, Apple CEO Tim Cook told Reuters in an interview today that the company set a fiscal second-quarter record for iPhone sales, thanks in part to the selection new users in markets such as India, where Cook recently went to open the first A number of the company’s retail stores.
“We are pleased with our performance in emerging markets, Cook said. in India and Mexico.
He continued, “It was a good quarter from an iPhone perspective, especially for the market when you look at market stats.”
He added that crises in supply chains have disappeared.
And he added, “We had no material shortages during the quarter in any of the products.”
Decline in device sales
But not all of Apple’s businesses were immune to the electronics slump, with Mac sales plummeting while iPad revenues dwindled. Sales in China also fell 2.9% to $17.8 billion, a drop slightly larger than total revenue.
Over the past few weeks, Apple has announced new services such as a high-yield savings account, but investors are still waiting to see the company’s next major hardware product. Bloomberg reported that Apple could unveil a mixed reality headset as early as possibly next month at its annual Software Developers Conference.
iPhone sales rose 1.5% year-on-year to $51.33 billion, while analysts had expected a 3.3% drop to $48.9 billion, according to Refinitiv.
Mac sales fell more than 30% to $7.17 billion, compared to analysts’ estimates, down 25% to $7.8 billion, Refinitiv said.
Sales of Apple’s wearables, which include the AirPods and Apple Watch, fell less than 1% to $8.76 billion, from an expected 4.4% drop to $8.4 billion .
Apple’s fastest growing service sector was the services business, which includes products such as iCloud and Apple Pay, which grew 5.5% to $20.9 billion, in line with analysts’ expectations.
Apple’s Chief Financial Officer Luca Maestri also predicted that total revenue for the current quarter would decline approximately 3%, adding, “We expect revenue performance in the June quarter to be similar to the March quarter, assuming the macroeconomic outlook does not deteriorate.
He added that the company faces significant economic challenges in digital advertising and mobile games, which are part of the service sector.
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