Apple beats earnings during tech stock meltdown

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Apple beats earnings during tech stock meltdown but outlook cautious

, author of Tim Cook, holding up an iPhone 14 Pro at the product's launch. Photo: Justin Sullivan/Getty Images Apple on Thursday reported quarterly sales and profit that narrowly exceeded estimates as the company managed to weather a variety of economic headwinds. Why it matters: The report comes as a number of large tech companies have issued dour outlooks amid signs of a significant slowdown. The company reported per-share earnings of $1.29, up 4% and 2 cents better than some analysts had expected. Revenue was $90.1 billion, up 8% and ahead of consensus analysts estimates of around $89 billion. Yes, but: iPad sales dropped significantly from a year ago and the iPhone and services revenue numbers were less than some had hoped, .“We are still living through unprecedented times,” CEO Tim Cook said on a conference call with analysts, pointing to economic challenges, war in Ukraine, COVID-19 and climate-related crises. "The world continues to be unpredictable."The company did not give specific financial guidance for the current quarter but said it does expect slower year-over-year growth than it saw in the just-reported quarter. CFO Luca Maestri also forecast that Mac revenue will "decline substantially year over year" amid a strong dollar and a tough comparison versus last year, when the company introduced new MacBook Pros.Cook did say that chip shortages were no longer a significant factor this quarter. By the numbers:iPhone revenue: 42.6 billionMac revenue: $11.5 billioniPad revenue: $7.2 billionWearables and accessories revenue: $9.6 billionServices revenue: $19.2 billion What they're saying: "Our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop,” Maestri said in a statement.A strong dollar was partly to blame for lower-than-expected services revenue growth, but Maestri told analysts that the company also saw some decreased demand for online advertising and gaming.

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