Despite fears of rising inflation, Apple inc. (NASDAQ:AAPL) published its Q3 earnings on Thursday, surpassing analyst estimates with a record revenue of $83 billion. After the report, Apple’s shares increased by more than 3%.
Our June quarter results showed that we could still run our business well despite the challenging operating climate. Our installed base of active devices achieved an all-time high in every geographic region and product category, and we established a record for revenue for the June quarter, according to Apple CFO Luca Maestri. Despite the record revenue, Apple reported a 10.5% year-over-year decline in net profits.
Apple inc. (NASDAQ:AAPL) is dealing with many issues, including growing consumer prices and COVID lockdowns in China, hurting the country’s sales and manufacturing. Along with the broader technological decline, the company’s market valuation has also suffered, dropping from $3 trillion to $2.5 trillion. However, Morgan Stanley claims this is only a temporary problem for the iPhone manufacturer. According to a note by Erik W. Woodring, Apple’s services division may help the tech giant’s market cap cross the $3 trillion milestone once more. In Q3, services revenue increased significantly from $17.5 billion in Q3 of last year to $19.6 billion in Q3.
Later this fall, Apple inc. (NASDAQ:AAPL) is likely to introduce its iPhone 14 range, and Apple inc.(NASDAQ:AAPL) Watch Series 8. Because the items are released so close to the end of the quarter, it won’t have much influence on the company’s Q4 profitability, but it should improve Q1 2023 performance. It’s also been reported that Apple is getting ready to introduce its AR/VR headset sometime in 2023. That might represent the business’s next significant product and create more scope for selling services and content.
Featured Image: Megapixl @Lester69
