Apple has performed better than expected, pulled by iPhone sales

Apple reported on Thursday (28) profit and revenue above Wall Street’s expectations, benefiting from solid demand for iPhones and facing the crisis in the supply of electronic components in a better way than expected by the market.

The company had revenue of $83 billion and earnings of $1.20 per share in the quarter ended in late June. Analysts, on average, had expected revenue of US$82.8 billion and a positive result of US$1.16 per share, according to data from Refinitiv.

Apple Chief Financial Officer Luca Maestri told Reuters there was no slowdown in demand for iPhones.

Investors are watching Apple closely as economic indicators turn negative. In the past, the company’s loyal customer base has helped the company weather crises better than rivals.

While sales of iPhones and iPads exceeded expectations, revenue from services, computers and accessories came in below Wall Street’s expectations in the quarter. Sales in China dropped 1%.

Apple shares have accumulated an 11% drop on the year up to this Thursday, little less than the devaluation of the S&P 500 index and also less than other consumer electronics companies such as Samsung.

iPhone sales for the quarter totaled $40.7 billion, up about 3% from a year earlier, well ahead of the global smartphone market, which saw sales down 9% last quarter, according to data from the research firm Canalys.

Apple said it currently has 860 million subscribers to some of its paid services, up from 825 million in the previous quarter.

Sales of iPads and Mac computers totaled $7.2 billion and $7.4 billion, respectively, compared with average market projections of $6.9 billion and $8.7 billion. Computer sales were down 10%.