(News Bulletin 247) – The apple firm published revenues and earnings per share well above expectations. Revenues from the iPhone are on the rise again, thanks in particular to India.

Apple has not missed its appointment with Wall Street. Last of the GAFAM (Google, Amazon, Facebook, Apple, Microsoft) to publish its results, the Cupertino group came out of it with flying colors. And the market appreciates: the Apple action takes 4.3% at the start of the session on Wall Street, bringing the rise of the title to 33% since the beginning of the year.

In the second quarter of its 2022-2023 fiscal year ending next September, Apple posted revenue of $94.84 billion, well above the Refintiv consensus of $92.96 billion, cited by CNBC.

These sales remain in decline of 3% over one year, which nevertheless reflects a sequential improvement, since the turnover of the previous quarter was down 5% over one year. According to wall street journalthis is only the third time that the group has seen its quarterly sales decline in 10 years.

India, the new Eldorado

iPhone sales clearly helped Apple beat the consensus. After a rather brutal decline in the previous quarter, of 8%, revenues started to rise again, with an increase of 1.5% over one year, while analysts expected a drop of 3%.

“The iPhone is truly a global product and we’re doing well in emerging markets right now,” said the wall street journal the group’s financial director, Luca Maestri. This was particularly the case in India, where the country recently invested, spending $7 billion on its phone production, and opening an Apple Store in Bombay.

Quoted by CNBC, Tim Cook, Apple’s chief executive, told analysts that Apple set record quarterly revenue in the country with double-digit year-on-year growth.

Also interviewed by CNBC, Gene Munster, of Deepwater Asset Management, believes that the boss of the Cupertino company “is preparing the ground for India to be big, even bigger than China”.

Up to $90 billion in share buybacks

Apple, on the other hand, could not do much in the face of declines in Mac sales, which fell 31% in the quarter. All personal computers are suffering from sluggish demand, suffering the post-pandemic repercussions and penalized by significant destocking. Services, the second division of the group after the iPhones, remained in strong growth, by 5.5%.

The group also recorded earnings per share above expectations, at 1.52 dollars, against 1.43 dollars expected by analysts.

On the strength of these results, the apple group increased its dividend by 4%, to 24 cents per title, while its board of directors authorized new share buybacks for a maximum of 90 billion dollars.