Despite growing headwinds from supply-chain snags, macro-economic challenges and chip shortages, Apple handily beat Wall Street forecasts for its fiscal second quarter.Earnings per share in the period ending March 31 came in at $1.52, ahead of analysts’ consensus for $1.42.
Revenue reached $97.3 billion, well ahead of the target of $93.98 billion.Growth in the Services division, which encompasses iCloud, Apple Music and Apple TV+, was once again a highlight, rising 17% to $19.8 billion.Products, the larger division housing the iPhone and other devices, recorded a more modest gain, to $77.5 billion.
CFO Luca Maestri said in the company’s earnings release that “continued strong customer demand for our products” propelled the company to record levels of sales.“This quarter’s record results are a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world,” CEO Tim Cook said in the release. “We are delighted to see the strong customer response to our new products, as well as the progress we’re making to become carbon neutral across our supply chain and our products by 2030.”Apple avoided the pitfalls of other tech companies like Netflix and Meta Platforms, whose shares sold off markedly after their lackluster earnings reports this month.
Amazon is reporting its own quarterly results at the same time as Apple.It has not been a banner year in general for tech stocks.
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