Compared to the first quarter of the year (January-March), the income of Apple Inc. decreased by 3% to $ 94.8 billion.
However, after the news was released on Thursday (May 4), the company’s share price rose just 1% in after-hours trading, but earnings per share fell to $1.66 on Friday (May 5).
Although, in the first quarter of this year, Apple’s overall income decreased, but iPhone sales increased. iPhone sales in this quarter rose 1.5% to $51.3 billion, compared to the same period last year.
The company said iPhone sales grew due to good demand in South Asia and Latin America. It also tried to appease investors by announcing a share buyback of up to $ 90 billion.
According to the news, the company’s revenue fell for the second consecutive quarter as sales of Apple’s computers and iPads fell due to global economic instability and rising commodity prices. However, their earnings are not that bad compared to Apple’s forecast. Apple had previously warned investors that sales of its products could fall by as much as 5 percent in the first quarter of 2023.
