Apple’s iPhone business is resilient to economic concerns and logistical bottlenecks. In the quarter, the group was able to increase iPhone sales in a generally contracted smartphone market. That, coupled with a growing service business, more than offset the declines in the company’s other devices.
Overall, Apple’s revenue in the third quarter, which ended in June, increased two percent to about $83 billion. The bottom line, meanwhile, was a 10.6 percent decline in earnings to $19.44 billion, as Apple announced after the US stock market closed Thursday.
Analysts had expected worse numbers. The stock gained about 3 percent in after-hours trading.
Increase in iPhone and service sales
iPhone sales grew to nearly $40.7 billion, from $39.6 billion a year earlier. According to calculations by analysis firm Canalys, Apple was able to increase its market share in the smartphone market, which had shrunk by nine percent, thanks to good sales of the iPhone 13.
In the services sector, for example, which includes subscription revenue from Apple’s music and video streaming offerings and app fees, there was even greater growth from $17.5 to $19.6 billion. Meanwhile, Mac computers and iPad tablets have declined.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
