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Apple profit beats forecasts on strong iPhone sales / Photo: © AFP
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Apple profit beats forecasts on strong iPhone sales
Apple on Thursday reported quarterly profit of $23.4 billion, topping forecasts despite concerns about the effect of US tariffs on its supply chain.
Revenue was $94 billion for the usually slow quarter ending in June, the iPhone maker said.
"Apple is proud to report a June quarter revenue record with double-digit growth in iPhone, Mac and Services and growth around the world, in every geographic segment," said Apple chief executive Tim Cook.
Apple shares were up more than two percent in after-market trading.
Revenue from iPhone sales during the quarter was $44.6 billion, compared with $39.3 billion in the same period a year earlier, according to Apple.
Global shipments of smartphones fell marginally to 288.9 million units in the recently-ended quarter, according to market-tracker Canalys.
Samsung was the largest vendor, shipping 57.5 million smartphones, while Apple finished second with iPhone shipments down two percent at 44.8 million units, Canalys reported.
"Apple's performance showed strong resilience amid fierce competition in China and an inventory correction in the US as it adjusted to the rapidly changing tariffs," the market tracker said in its findings.
Cook said that the Trump tariffs cost Apple $800 million in the quarter that just ended.
Cook said on a previous earnings call that most iPhones sold in the United States will come from India as Apple worked to navigate US President Donald Trump's trade war with China.
While iPhones produced in mainland China still account for the majority of US shipments, production in India has been ramping up, according to market trackers.
Trump has since taken aim at India with a 25 percent duty to begin Friday -- slightly lower than previously threatened -- after talks between Washington and New Delhi failed to bring about a trade pact.
Tit-for-tat exchanges have seen hefty US levies imposed on China, with Beijing setting retaliatory barriers on US imports.
Sales of iPhones in mainland China were $15.4 billion in the quarter, compared with $14.7 billion in the same period a year ago, according to Apple.
Revenue in Apple's services business selling digital content and subscriptions to fans of its devices grew to $27.4 billion in the quarter, Apple reported.
I.Sanders--SFF
