Apple profit tops Wall Street targets, strong services counter weaker iPhone

Record ID: 1736373

  • Title: Apple profit tops Wall Street targets, strong services counter weaker iPhone
  • Date: 3rd August 2023
  • Summary: CUPERTINO, CALIFORNIA, UNITED STATES (FILE) (REUTERS) VARIOUS OF APPLE SIGNAGE INCLUDING THE LOGO ON CAMPUS APPLE FLAG APPLE CAMPUS
  • Embargoed: 17th August 2023 16:09
  • Keywords: AR Apple Apple Watch Tim Cook earnings iPhone results
  • Location: VARIOUS
  • City: VARIOUS
  • Country: US
  • Topics: Company News Markets,Economic Events,North America
  • Reuters ID: LVA001016626072023RP1
  • Aspect Ratio: 16:9
  • Story Text: Apple on Thursday (August 3) reported sales and profit that beat Wall Street expectations despite a decline in iPhone sales, with its signature device's performance in China helping the company navigate a global decline in the smartphone market.
    Apple said sales for the fiscal third quarter ended July 1 fell 1.4% to $81.8 billion and earnings per share rose 5% to $1.26. That topped analyst expectations of $81.69 billion and $1.19 per share, according to IBES data from Refinitiv. iPhone sales slightly missed analyst estimates, but were made up for by strong sales in the services segment that contains Apple TV+ and by sales in China that grew 8% year over year.
    Apple's research and development spending also hit $22.61 billion for the fiscal year so far, about $3.12 billion higher than at this point in the previous year.
    Apple said iPhone sales were $39.67 billion, below analyst expectations of $39.91 billion, according to Refinitiv data.
    Apple's services segment, which includes its Apple TV+ service which has announced a deal to carry Major League Soccer, had $21.21 billion in revenue, compared with analyst estimates of $20.76 billion, according to Refinitiv data.
    The company's wearables business, which includes the Apple Watch and AirPods, had revenue of $8.28 billion, compared with analyst estimates of $8.39 billion, according to Refinitiv data.
    Mac and iPad sales were $6.84 billion and $5.79 billion, respectively, compared with analyst estimates of $6.62 billion and $6.41 billion, according to Refinitiv data.
    (Production: Kyoko Gasha)
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