Apple Inc. reported better-than-expected iPhone sales in its third quarter, driven by strong demand for its latest models, and predicted continued growth in the current quarter.
Shares of the company rose nearly 1% in extended trading, outperforming other tech stocks.
“The iPhone 15 family has been doing well from the very beginning and still now – we have three quarters of the year behind us.
“It is performing better than the previous cycle, the iPhone 14,” said Chief Financial Officer Luca Maestri in an interview with Reuters.
Apple’s revenue in the fiscal fourth quarter is expected to grow at a similar rate to the 4.9% increase reported in the April-June period, beating analysts’ estimates. iPhone sales fell just 0.9% in the third quarter, compared to the expected 2.2% drop.
However, sales in China, Apple’s third-largest market, declined 6.5%, wider than expected.
Maestri attributed the decline to foreign exchange effects and expressed optimism about Apple’s performance in China, despite economic softness.
“China sales fell less than 3%, excluding the effects of foreign exchange,” Maestri said.
“I feel good about Apple’s performance in that country, given any softness in its economy.”
Apple has been discounting iPhones in China to compete with local competitors like Huawei, offering discounts of up to 2,300 yuan ($317) on selected models in May.
The company is expected to launch a significant software upgrade for the iPhone this fall, featuring artificial intelligence capabilities, as it seeks to attract buyers and stay competitive with rivals like Samsung.
Boluwatife Enome
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