Apple reported its financial results for the third quarter of 2022 ended on June 25, 2022. The company posted a revenue record of $83.0 billion, a 2 percent increase from the same period last year, while profit declined by 11%. Quarterly sales from Apple’s services grew 12% up to $19.6 billion while sales in Greater China, one of the company’s most promising regions, dipped by 1% in the quarter. The company’s paid subscribers also increased by 160 million, now reaching 860 million in number.
Apple has exceeded Wall Street’s expectations for both sales and profits which resulted in its shares rising by 4% in after-hours trading. “Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment,” said Apple CFO Luca Maestri.
Apple’s results have come when many tech companies are struggling to maintain strong growth in face of challenges like rising inflation and interest rates, a looming recession, and fallout from the ongoing war in Ukraine.
