Apple Inc on Thursday reported better-than-expected revenue growth in iPhone sales and services for the March quarter.
The company reported a profit of $24 billion and revenue of $94.8 billion in the first quarter of this year.
“Despite a challenging macroeconomic environment, we are pleased to report all-time records in services and records for the March quarter for iPhone,” Apple CEO Tim Cook said in an earnings release.
Shares of Apple were up 2% in after trading hours.
Apple’s iPhone sales rose 1.5% to $51.33 billion. Mac sales fell more than 30% to $7.17 billion. Sales in the wearables business, which includes devices such as AirPods and the Apple Watch, fell less than 1% to $8.76 billion.
Apple’s biggest growth segment was its services business, which includes products like iCloud and Apple Pay, which grew 5.5% to $20.9 billion.
Apple’s sales in China fell 2.9% to $17.8 billion, a slightly larger decline than overall revenue.
Global smartphone shipments are set to decline by 13% during the first three months of 2023.
Apple said its board of directors authorized a dividend of 24 cents per share in addition to share repurchases. The company approved $90 billion in additional buybacks.
Apple has announced new service businesses in recent weeks, such as high-yield savings accounts.
Bloomberg has reported that the iPhone maker could unveil a mixed-reality headset as soon as it holds its annual software developer conference next month.
Cook said Apple now has 975 million subscribers on its platform, which includes both Apple services and third-party apps, an increase from 935 million last quarter and 150 million from a year ago.
According to reuters Quoting Cook, the report said the company set a record for iPhone sales in the second quarter. “We are thrilled with our performance in emerging markets,” Cook said.
“We set records for iPhone installed base in every geographic segment, and we have very strong ‘new’ (sales) in emerging markets, particularly Brazil, India and Mexico,” he added.
“We did not have any material shortage for any product during the quarter,” he added.
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