: Apple beats grim macro mood, stock falls; Cook warns on supply chains #IndiaNEWS #Business New York: Apple revenue grew nearly 9 per cent on an annual basis in the quarter ending March, with the company

Apple beats grim macro mood, stock falls; Cook warns on supply chains #IndiaNEWS #Business
New York: Apple revenue grew nearly 9 per cent on an annual basis in the quarter ending March, with the company bucking investor worries that a deteriorating macroeconomic environment will hurt demand for high-end smartphones and computers.
Stocks fell nearly 4 per cent in extended trading after initially rising.
Apple Chief Financial Officer, Luca Maestri warned of several challenges in the current quarter, including supply constraints related to Covid-19, that could hurt sales between and billion.
Apple also warned that demand in China was being hurt by Covid-related lockdowns.
Apple CEO Tim Cook said the company was not immune to supply chain challenges.
Compared to Refinitiv consensus estimates, EPS was . 52 vs . 43 estimated. Revenue was . 28 billion vs . 89 billion estimated, up 8. 59 per cent year-over-year.
iPhone revenue was . 57 billion vs . 88 billion estimated, up 5. 5 per cent year-over-year. Services revenue was . 82 billion vs . 72 billion estimated, up 17. 28 per cent year-over-year. Other Products revenue was . 81 billion vs . 05 billion estimated, up 12. 37 per cent year-over-year.
Mac revenue was . 44 billion vs . 25 billion estimated, up 14. 73 per cent year-over-year. iPad revenue was . 65 billion vs . 14 billion estimated, down 1. 92 per cent year-over-year. Gross margin was 43. 7 per cent vs 43. 1 per cent estimated.
Apple hasnt provided official revenue guidance since February 2020, citing uncertainty from the Covid-19 pandemic.
The board authorised billion in share buybacks, maintaining its pace as the public company that spends the most buying its own shares.
Apple spent . 3 billion on buybacks in 2021, according to S&P Dow Jones Indices.
Cook said the iPhone business had a successful quarter with switchers, or people who previously had an Android phone but decided to buy an iPhone.
We had a record level of upgraders during the quarter and we grew switchers, strong double digits, he told CNBC.
Apples premium smartphone business may be insulated from concerns about deteriorating consumer confidence. Sales also came despite a difficult year-over-year iPhone comparison since the new iPhones were launched earlier in 2021.
Its clearly a strong cycle, the Apple CEO added.
Mac computers continued to grow after Apple transitioned its lineup to use its own M1 chips instead of Intel processors.
Cook said the iPad business had very significant supply constraints during the quarter.
The (Services) comps are a bit strange during Covid, because weve had lockdowns and then reopenings and so on, CFO Maestri said.
The Apple CEO added that financial performance was better than we anticipated.