Apple today (Oct. 27) reported record revenue and profit for the three months ending ended Sept. 24, thanks to strong sales of iPhones despite broadly sluggish demand for consumer electronics and growing fears of a global recession.
Apple’s quarterly revenue was just above $90 billion, up 8 percent from the previous year and an all-time high. Nearly half of it, or $42.6 billion, came from iPhone sales, which rose 9.7 percent from last year.
Its profit for the quarter was $20.7 billion, or $1.29 per share, also a record. Both revenue and net earnings were better than Wall Street analysts had expected.
Apple’s revenue from what it calls Greater China, which includes mainland China, Hong Kong and Taiwan, fared better than expected as well. Sales for the September quarter was $15.5 billion, up 6 percent from the previous year. Analysts were concerned about Apple’s business in China as the country goes through frequent Covid lockdowns that hamper consumer activities.
Apple didn’t give specific revenue forecast for the October-December quarter due to uncertain economic conditions, chief financial officer Luca Maestri said in a call with analysts today. He cautioned that revenue growth will likely decelerate in the next quarter due to an expected decline of Mac sales.
Apple’s share price fell about 1 percent in today’s after-hour trading. Minutes earlier, Amazon reported weak quarterly earnings that kicked off a selloff of Big Tech stocks.