San Jose, August 2 (FFN) – Apple’s revenue surged to over $85 billion in the third quarter of its fiscal year, despite a decline in sales of its flagship product, the iPhone. However, iPad sales surged by nearly a quarter, offsetting the iPhone’s decline. This was reported by the DPA news agency and RTTNews.
The company reported that its revenue for the third quarter of fiscal year 2023/2024, which corresponds to the period from April to the end of June, reached $85.8 billion (€79.53 billion). This represents a year-over-year increase of 5%.
The results were significantly influenced by iPad sales following the introduction of new models. iPad sales grew by nearly 25% year-over-year to $7.16 billion, exceeding analyst expectations. Analysts had forecast iPad sales to be approximately $500 million lower.
iPads thus offset the trend in sales of the company’s flagship product, the iPhone. iPhone sales reached $39.3 billion in the third quarter of the fiscal year. This represents a year-over-year decrease of about 1%, with the results significantly impacted by developments in the Chinese market. In China, iPhone sales declined by more than 6% to $14.73 billion. However, the company exceeded analyst expectations, which had forecast a decline in sales below $39 billion.
The company’s net profit reached $21.45 billion, an increase of approximately 8% compared to the third quarter of the fiscal year 2022/2023. Adjusted earnings per share were $1.40, also exceeding analyst estimates. Analysts had forecast earnings per share of $1.35.
Operating profit also increased by more than 10%, reaching $25.35 billion, compared to approximately $23 billion a year ago. (1 EUR = 1.0789 USD)
