Apple CEO Tim Cook.
Stephen Lam/Reuters
Apple sold slightly fewer iPhones than expected, but overall the company proved that not all tech companies are created equally during the current economic slowdown.
Apple beat Wall Street’s expectations for earnings and revenue, unlike big tech companies Meta, Alphabet, and Amazon, which all plunged on disappointing quarterly results.
One weak spot: iPhone sales. The company reported that it sold $42.6 billion worth of iPhones for its 4th quarter, less than the $43.4 billion that Apple watchers were expecting.
However, CEO Tim Cook told CNBC that demand for the company’s iPhones remained strong and that supply chain issues were partly to blame for the lag in sales.
“Our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop,” said Luca Maestri, Apple’s CFO in the company’s quarterly earnings release.
Shares of Apple were down 1.3% in recent after-hours trading.
This is a developing story; please check back for updates.