Apple tops earnings expectations

Although Apple’s quarterly sales were 4% lower than they were a year ago, the corporation nevertheless managed to beat estimates for both revenue and earnings per share.

Because Apple its scale and the fact that it is a significant user of semiconductors, screens, and other components, the maker of the iPhone is a leading indicator for the whole tech sector. Prior to a media event on Monday of next week, where Apple is anticipated to introduce new iPad models, comes the earnings report. On June 10, Apple will kick off its annual developer conference, where it is expected to provide further details on its AI strategy.

CEO Tim Cook said in a statement, “We were excited to introduce Apple Vision Pro during the quarter and to demonstrate to the world the potential that spatial computing unlocks.” “We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month”, he added.

The business also declared that the largest stock repurchase in corporate history, worth $110 billion, had been approved by the board. Revenue: $90.8 billion, over $90 billion in projections but 4% less than the previous year. On a geographic basis, Apple saw sales drop in every region except Europe.

Mac revenue: $7.45 billion, ahead of expectations of around $6.86 billion.

Services revenue: $23.87 billion, slightly above expectations of $23.27 billion.

Wearables, home and accessories revenue: $7.91 billion, below estimates of $8.08 billion.

Per-share earnings: $1.53, above expectations of around $1.50.

iPhone revenue: $45.96 billion, just shy of expectations of $46 billion.

iPad revenue: $5.56 billion, below estimates of $5.91 billion.