The National Times - Apple profits edge higher despite lower iPhone sales

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Apple profits edge higher despite lower iPhone sales

ECONOMY 03.08.2023

Apple profits edge higher despite lower iPhone sales / Photo: © AFP/File

Apple reported modestly higher quarterly profits Thursday despite another dip in revenues, as a record performance in services offset lower iPhone sales.

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Profits for Apple's third fiscal quarter were $19.9 billion, up 2.3 percent from the year-ago period. Revenues again declined, this time by 1.4 percent to $81.8 billion.

Bright spots in the quarter for the tech giant included an "all-time high" in services revenue, comprised of the App store, Apple pay and Apple TV and other subscription services.

Apple also won higher revenues in China, an improvement on the prior quarter, when revenues had been lower versus the year-ago period.

Sales also rose in Europe, but fell in the Americas, Japan and the rest of Asia Pacific.

Apple suffered a 2.4 percent drop in iPhone sales, which account for nearly half of total revenues. The company also experienced declines in revenues from the Mac and iPad.

Apple has described ebbing sales in these areas as reflecting macroeconomic weakness, with price inflation straining household budgets.

"We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over one billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone," said Chief Executive Tim Cook.

Shares of Apple dipped 1.0 percent to $189.28 in after-hours trading.

N.Johns--TNT

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