Apple revenue and profit beat Wall Street targets, but iPhone loses strength

Apple Inc reported revenue and profit on Thursday that exceeded targets for Wall Streetalthough sales of iPhone they were not as strong as some analysts suggested.

Overall, Apple said quarterly revenue rose 8% to $90.1 billion, above estimates of $88.9 billion, and net profit was $1.29 per share, beating analysts’ average estimate of $1.27. , according to Refinitiv data.

Phone sales for the company’s fiscal fourth quarter rose to $42.6 billion, below estimates. Wall Street 43.21 billion, according to Refinitiv IBES.

By contrast, the global mobile phone market overall fell 9% in the quarter just ended, its third consecutive decline for the year, according to data from Canalys.

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Samik Chatterjee, analyst de JP Morganhad highlighted lackluster initial demand for entry-level models of the newly unveiled iPhone 14s, but strong consumer appetite for higher-end devices, reflecting the relatively rich customer base of Apple. He warned that weaker consumer spending could hurt profits in the next fiscal year.

computer sales Mac got a boost with the introduction this summer of laptops MacBook Air y MacBook Pro redesigned. This week new tablets went on sale.

The company reported that sales of iPads they were $7.2 billion, compared to the median estimate of $7.94 billion, while those for Macs were $11.5 billion, compared to estimates of $9.36 billion.

“Like the iPhonewe expect macro impacts on drives to hit the high end at some point,” Barclays hardware analyst Tim Long wrote before the results.

Growth in the company’s services business, which has boosted sales and profits in recent years, saw revenue rise to $19.2 billion, below the estimate of $20.1 billion.

In Chinawhich has experienced a sharp economic slowdown, Apple reported fourth-quarter sales of $15.5 billion, up from the previous quarter, which posted sales of $14.6 billion.

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