Apple reports better-than-expected quarter on iPhone sales

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Apple Inc. reported on May 4 higher-than-expected quarterly revenue and profit despite foggy economic expectations.

The US-based tech giant posted a net profit of $24.16 billion for the three-month period ended March 31, 2023, compared to $25.01 billion in the prior-year period.

Earnings per share (EPS) reached nearly $1.52 versus estimates of $1.43.

The second-quarter revenue came in at $94.84 billion, beating analyst forecasts of $92.96 billion.

iPhone revenue reached $51.33 billion versus $48.84 billion expected.

Apple CEO Tim Cook told Reuters that Apple hit a March quarter record for iPhone sales, citing partial expansions in India where it opened stores for the first time.

Moreover, the services revenue reached $20.91 billion against estimates of $20.97 billion. iPad revenue stood at $6.67 billion slightly below estimates of $6.69 billion.

The stock added 0.8% to $167.13 in post trading at 12:11 am Makkah Time.