Tech giant Apple's second-fiscal quarter earnings have surpassed Wall Street's expectations, buoyed by stronger-than-anticipated iPhone sales. Despite a challenging macroeconomic environment, Apple posted a profit of $24 billion and a revenue of $94.8 billion in the first quarter of this year.
The company's services segment, which includes products such as iCloud and Apple Pay, experienced the most significant growth, expanding 5.5% to $20.9 billion. However, Apple's overall sales declined for the second consecutive quarter. The tech firm's iPhone sales increased 1.5% to $51.33 billion, while sales in the wearables segment, which includes AirPods and the Apple Watch, fell by less than 1% to $8.76 billion.
Apple's Mac sales dropped by over 30% to $7.17 billion. Apple finance chief Luca Maestri stated that the company expects an overall revenue decline of approximately 3% in the current quarter, citing macroeconomic challenges in digital advertising and mobile gaming, which is part of Apple's services business.
Nonetheless, iPhone sales dominated Apple's report, with sales growing from the year-ago quarter, indicating that supply chain issues and part shortages have been addressed. Apple CEO Tim Cook also revealed that the company now has 975 million subscribers on its platform, up from 935 million in the last quarter and an increase of 150 million from a year ago. Bloomberg reported that Apple could unveil a mixed-reality headset as soon as next month when it holds its annual software developer conference.
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