Apple Exceeds Wall Street Expectations on Strong iPhone and Mac Sales
The tech giant reported a 16% revenue increase driven by robust demand for its flagship products, despite concerns over chip shortages.
Apple Inc. surpassed Wall Street's financial forecasts for its fiscal third quarter, driven by significant sales of iPhones and Mac computers. The company announced Thursday that its earnings rose 27% year-over-year, reaching $29.79 billion, or $2.02 per share, for the April-June period.
Total revenue climbed 16% to $109.42 billion, exceeding the $109 billion analysts had projected. This performance was bolstered by double-digit revenue growth across iPhone, Mac, and Services, and in every geographic segment, according to Apple CEO Tim Cook.
The company had previously increased prices for its Macs and iPads in response to a memory chip shortage, which it attributed to the surge in artificial intelligence development. While iPhone prices have not yet been adjusted, industry observers anticipate potential increases later this year.
Despite the strong quarterly results, Apple's stock saw a slight dip in after-hours trading, falling 2.3% to $325.91. The company recently reclaimed its position as the world's most valuable company, surpassing Nvidia.