Rising IPhone Sales Help Apple Beat Forecasts

San Francisco, May 5 (UrduPoint / Pakistan Point News - 5th May, 2023 ) :Apple on Thursday said iPhone sales and money made from services powered quarterly earnings that beat forecasts, despite inflation pressure and the slowing global economy.

The iPhone maker's bottom line capped a successful earnings season for US tech giants, with Meta, Google and Amazon also beating expectations after suffering a painful spell of lower sales and profits.

The smartphone titan reported profit of $24 billion on revenue of $94.8 billion in the first three months of this year.

The overall revenues for the period were lower than a year before, though this was expected and Apple's shares were up about one percent in after-market trading.

"We are pleased to report an all-time record in services and a March quarter record for iPhone despite the challenging macroeconomic environment," Apple chief executive Tim Cook said in an earnings release.

Sales of iPhones were up two percent and tallied $51.3 billion in the quarter, according to earnings figures.

"The iPhone base has well over a billion active devices... We feel great about the size of it and the rate that it's growing," Cook told analysts after the earning result.