Apple is the only Big Tech company that managed to have revenues higher than those expected by analysts, however it has not been one hundred percent free from the crisis. According to its latest report, the Cupertino company generated 901.5 billion dollars in revenue, of which the iPhone provided 462.3 billion dollars.
Despite having good revenues, the services vertical failed to achieve the revenue expected by analysts and only reported $19.19 billion in revenue.
Although Apple’s iPhone business increased sales by more than 9% year-on-year, it fell short of analyst expectations. Apple’s September quarter saw 8 days of iPhone 14 sales, with analysts seeking details on whether tech customers are switching to more expensive models or whether the new devices are poised to sustain higher sales through fiscal 2023. Manzana.
In the case of Mac, the company reported 115,000 million dollars in income, while iPad did not achieve the expected profits and was left with 71,700 million dollars. Given this, the brand admitted that it is taking action.
“We were deliberately hiring. And that’s why we’ve slowed down the hiring pace,” said Tim Cook, who admitted he expects a couple of rough quarters in his letter to shareholders.
Cook noted that Apple’s performance in phone sales was strong despite signs that other smartphone companies are struggling with a recent decline in demand and said the company grew thanks to the renewal of Apple fans, but added that the company’s top-end phones, the iPhone 14 Pro, were in limited supply.
“Clearly we buck phone industry trends if you look at third-party estimates of what the smartphone industry did,” Cook said.