Apple lost 11% in profit even as iPhone sales continue to grow

There are two pieces of news in Apple’s new quarterly report. The good one – the company managed to overcome problems with supply and lockdowns in China. Despite the general volatility in the market, iPhone sales continued to grow, reports The Wall Street Journal.

As for the bad news, the company’s profit fell by 11% due to economic difficulties. It amounted to $19.4 billion, which is the worst figure since 2020.

iPhone sales are Apple’s largest source of revenue. They rose by 2.8%, while analysts predicted a fall. According to Apple CEO Tim Cook, the limited supply has affected sales of iPad tablets, Mac computers, and wearable devices. The economy also affected the sale of services, such as advertising.

“There is no obvious evidence in our data that there is macroeconomic effect on iPhone sales. On iPad and Mac, frankly, we didn’t have enough data from a supply point of view to really test the demand,” says Tim Cook.

Apple’s quarterly report turned out to be even better than expected. The company predicts that supply constraints will ease in the current quarter.

Other technology companies are also suffering from supply problems and economic instability. Meta is losing income for the first time in its history, and Samsung reduced production by 300 million smartphones due to inflation and a shortage of chips. Intel also reported losses due to reduced purchases of personal computers and production delays.

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