The US Apple said on the 28th of July that demand for the iPhone is strong despite high inflation squeezing consumer spending and that sales growth is expected to accelerate. Earnings and sales in the third quarter (until June 25) also exceeded market expectations. It is said that the shortage of parts has also been eased.
Following the closing, Apple's share price rose 3.5% in after-hours trading.
Despite the global deterioration in macroeconomic indicators, Chief Financial Officer Luka Maestri said in an interview with Reuters that iPhone demand has not slowed.
iPhone sales for the April-June quarter increased about 3% year-on-year to $ 40.7 billion. The market was expected to decline by 3%. According to Canaris' research, global smartphone sales fell by 9% in the same period, but the results were also favorable.
Apple, backed by its brand enthusiasts and a relatively wealthy customer base, has survived the economic downturn better than its competitors, with similar patterns in the third quarter.
"In that respect, Apple is less vulnerable than its competitors," said an analyst at Canaris Research.
Apple didn't give a concrete forecast for sales due to uncertainty about the economic outlook, but it expects sales growth in the fourth quarter (July-September) to exceed 2% in the previous quarter. It incorporates the assumption that sales will be pushed down by 6% due to the effects of exchange rate fluctuations.
Although advertising revenue and sales of accessories have been affected by the economic slowdown, Maestri's CFO acknowledged that it was a very small division that was weak in these businesses, saying, "Our portfolio is very broad. , It is possible to deal with it. "
Sales of personal computers "Mac" and iPad will continue to be squeezed by a shortage of parts, but the impact will be mitigated. The impact of the parts shortage on Q3 sales was just under $ 4 billion, less than the company expected. Maestri said the impact is expected to diminish further in the fourth quarter.
Third-quarter sales were $ 83 billion and earnings per share were $ 1.20, exceeding market expectations of $ 82.8 billion and $ 1.16, respectively, according to Definitive data. Sales were pushed down by 3% due to exchange fluctuations such as the strong dollar, and there was also the negative effect of the suspension of sales in Russia.
Sales of iPhone and iPad exceeded expectations, but sales of services, Macs, and accessories did not reach expectations. Sales in China, a major market, also fell 1% to $ 14.6 billion due to lockdowns.
Service sales increased 12% to $ 19.6 billion. The market forecast is $ 19.7 billion.
iPad sales are $ 7.2 billion and the market forecast is $ 6.9 billion. Mac sales were down 10% to $ 7.4 billion, expected to be $ 8.7 billion.
The number of subscribers to the company's paid services and paid apps on the App Store was 860 million, up from 825 million in the previous quarter.
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