Apple's revenue beats estimates on iPhone sales

US technology giant Apple’s revenue in the January-March period decreased by 3 percent annually to $94.8 billion, yet it exceeded market expectations. Apple announced its balance sheet for the January-March period. According to the statement made by Apple, in the 3-month balance sheet ending on April 1, which is considered the second quarter, the company’s revenue decreased by 3 percent compared to the same period last year, falling to $94.8 billion. The company had earned $97.3 billion in revenue in the same period last year. Despite the decrease, the company’s revenue, which exceeded market expectations, was expected to be $92.9 billion during this period. Apple’s net profit, which was $25 billion in the same period last year, decreased by 3.4 percent to $24.2 billion. The company’s earnings per share remained unchanged during this period, coming in at $1.52. - Record service revenues While Apple’s smartphone sales increased during this period, tablet and computer sales fell. iPhone sales increased by 1.5 percent year-on-year in the January-March period, reaching $51.3 billion. The expectation was $49 billion. During the same period, iPad sales decreased by 12.8 percent to $6.7 billion, while Mac sales decreased by 31.3 percent to $7.2 billion. Apple CEO Tim Cook stated in the company’s financial results that they broke a record in service revenues despite the difficult macroeconomic conditions. Cook, who reported that iPhone sales also broke a record in January-March, expressed that they were pleased to increase their installed active device base to an all-time high. Cook stated that they continue to make long-term investments, including making progress towards creating carbon-neutral products and supply chains by 2030.