Apple beats revenue estimates with healthy iPhone sales

Apple on Thursday reported second-quarter sales that beat Wall Street estimates, indicating that the iPhone is weathering an industry-wide downturn better than expected.

Though revenue fell 2.5 per cent to $94.8 billion, according to a statement, that was better than the $92.6 billion analysts predicted. Apple itself had projected a decline of about 5 per cent.

The results suggest that Apple is bouncing back from a slump that has plagued both the computer and smartphone industries.

It is a particular relief for investors after Qualcomm, a key Apple supplier, raised fresh concerns about phone demand earlier this week.

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A 1.5 per cent rise in Apple's iPhone revenue contrasted with the broader consumer electronics industry, which is grappling with a decline in sales of smartphones, tablets and PCs as consumers and businesses who scooped up electronics during the pandemic tighten spending amid rising interest rates and economic uncertainty.

Those results occurred against the backdrop of a 13 per cent decline in global smartphone shipments during the first three months of 2023, during which research firm Canalys said Apple gained market share against its Android rivals.

Apple chief executive Tim Cook told Reuters in an interview on Thursday that the company set a fiscal second-quarter record for iPhone sales, thanks in part to picking up new users in markets such as India, where Mr Cook recently travelled for the opening of the company's first retail stores in the country.

“We were thrilled by our performance in emerging markets,” Mr Cook said.

“We set records for the iPhone installed base in every geographic segment, and we had very strong 'new to' [sales in] emerging markets, particularly in Brazil, India and Mexico.”

Mr Cook also said supply-chain snarls have vanished.

“We had no material shortages at all during the quarter across any of the products,” he said.

But not all of Apple's business lines were immune to the electronics slump, with sales of Macs falling 30 per cent while iPad revenue slipped.

Other firms in the industry have predicted a rebound in the second half of the year, and Wall Street expects Apple to recover faster and show modest year-over-year revenue growth during its fiscal third quarter ending in June.

Apple has in recent weeks announced new service businesses such as a high-yield savings account, but investors are still waiting to see the company's next major hardware product.

Bloomberg has reported the iPhone maker could unveil a mixed-reality headset as soon as next month, when it holds its annual software developer conference.

Apple's biggest growth segment was its services business, which includes products such as iCloud and Apple Pay, which grew 5.5 per cent to $20.9 billion, in line with analyst expectations.

Mr Cook said Apple now has 975 million subscribers on its platform, which includes both Apple services and third-party apps, up from 935 million last quarter and an increase of 150 million from a year ago.

Apple also announced plans for $90 billion in stock repurchases, the same as last year’s plan.

Apple shares rose 2 per cent in after-hours trading.

Agencies contributed to this report

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VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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Recycle Reuse Repurpose

New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors

Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site

Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area

Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.

About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor

Recycling at Ras Al Khor unit:

Plastic items to be converted to plastic bags and recycled

Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays

Glass waste into bowls, lights, candle holders, serving trays and coasters

Aim is for 85 per cent of waste from the site to be diverted from landfill

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