Published on 02/08/2024 at 06:11
Photo credit © Reuters
by Max A. Cherney and Aditya Soni
(Reuters) – Apple Inc reported a return to sales growth in the third quarter on Thursday as iPhone sales beat market expectations.
The stock was up 1% in after-hours trading.
Apple said revenue rose 4.9 percent to $85.78 billion in the quarter ended June 29, beating the consensus estimate of $84.73 billion, according to LSEG data.
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iPhone sales fell 0.9% to $39.30 billion, compared with analysts’ expectations for a 2.2% decline.
Apple Chief Financial Officer Luca Maestri told Reuters that sales were better than he had anticipated three months ago.
“The iPhone 15 series has been well received and most of the year has passed. It’s doing better than the previous series, than the iPhone 14.”
Apple’s first-quarter profit was $1.40 per share, compared with Wall Street’s expectations of $1.35 per share, according to LSEG data.
Mac computer sales rose 2.5 percent to $7.01 billion, compared with analysts’ average forecast of $6.61 billion.
(With Yuvraj Malik; French version by Camille Raynaud)
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