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Apple on Thursday reported quarterly revenue and profit above Wall Street’s expectations, with iPhone sales rising and wearables sales slipping less than analysts had feared despite a continuing slump in the consumer electronics market and a cloudy economic outlook.
Apple said sales for its fiscal second quarter ended April 1 fell 2.5% to $94.84 billion, better than analyst expectations of a 4.4% decline to $93 billion, according to data from Refinitiv.
Profit was flat at $1.52 per share, compared with estimates of a 5.7% fall to $1.43 per share, according to Refinitiv data.
A 1.5% rise in Apple’s iPhone revenue contrasted with the broader consumer electronics industry, which is grappling with a decline in sales of smartphones, tablets and PCs as consumers and businesses who scooped up electronics during the pandemic tighten spending amid rising interest rates and economic uncertainty.
The company also held its dividend and stock buyback programs roughly in line with its last update to them a year ago, approving $90 billion in additional buybacks.
Apple CEO Tim Cook told Reuters in an interview on Thursday that the company set a fiscal second-quarter record for iPhone sales, thanks in part to picking up new users in markets such as India, where Cook recently traveled for the opening of the company’s first retail stores in the country.
“We were thrilled by our performance in emerging markets,” Cook said.
