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Apple reports better-than-expected quarter driven by iPhone sales


Apple reported second-fiscal quarter earnings on Thursday that beat Wall Street’s soft expectations, driven by stronger-than-anticipated iPhones sales. Apple CEO Tim Cook told CNBC that the quarter was “better than we expected.” However, Apple’s overall sales fell for the second quarter in a row. The tech giant’s shares rose nearly 2% in extended trading, and continued climbing when Apple gave forecast data points about the current quarter.related investing newsHere’s how the company did versus Wall Street expectations per Refinitiv consensus expectations: EPS: $1.52 per share vs. $1.43 expected Revenue: $94.84 billion vs. $92.96 billion expected Gross margin: 44.3% vs. 44.1% expected Apple reported $24.16 billion in net income during the quarter compared to $25.01 billion in the year-earlier period. Total revenue was off 3% from $97.28 billion in the prior quarter.Here’s how Apple’s individual product lines did versus StreetAccount consensus expectations: iPhone revenue: $51.33 billion vs. $48.84 billion expected Mac revenue: $7.17 billion vs. $7.80 billion expected iPad revenue: $6.67 billion vs. $6.69 billion expected Other Products revenue: $8.76 billion vs. $8.43 billion expected Services revenue: $20.91 billion vs. $20.97 billion expected Apple didn’t provide formal guidance, continuing its practice that dates back to 2020 and the start of the Covid-19 pandemic. Management typically provides some data points on a call with analysts.Apple finance chief Luca Maestri said the company expects overall revenue in the current quarter to decline about 3%.”We expect our June quarter year-over-year revenue performance to be similar to the March quarter assuming that the macroeconomic outlook does not worsen from wh …

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