Apple beats expectations – record result

The American Apple's report for the latest quarter delivers something above expectations. The revenue is the highest ever – but sales in China are faltering.

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Apple beats expectations – record result
Photo: Jeff Chiu/AP/TT

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The iPhone manufacturer's revenue landed at 124.3 billion dollars for the first quarter of a broken fiscal year. Market analysts had expected a revenue of 124.1 billion dollars, according to Bloomberg's compilation.

The total revenue increased by 4 percent compared to the same period last year.

"Today, Apple is reporting its best quarter ever," says CEO Tim Cook in a comment.

The company's profit amounted to 2.40 dollars per share, compared to the expected 2.35 dollars per share.

The sales of iPhone, at 69.1 billion dollars, missed market expectations, which were at 71 billion.

Apple saw growth in all regions except China, where competition from domestic mobile manufacturers is becoming increasingly tough.

Revenue in mainland China fell by 11 percent, compared to the same quarter last year, to 18.5 billion dollars. The forecast was 21.6 billion.

Another concern for Apple is that the AI investment Apple Intelligence has not taken off. Now, Tim Cook says the service will be available in more languages in April.

The clear bright spots are the sales of computers, iPad, and services, which increased by 16, 15, and 14 percent, respectively, compared to last year.

An hour after the report was released, Apple's share had risen by more than 3 percent in after-hours trading on the New York Stock Exchange.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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