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Apple's earnings top analysts' forecasts, but year-over-year sales drop for a third time
By MICHAEL LIEDTKE - Aug 03, 2023, 05:11 PM ET
Last Updated - Aug 04, 2023, 06:01 AM EDT
Apple eked out slightly higher profit even though sales dipped during its latest quarter
Apple’s eked out a slightly higher profit last quarter even though sales dipped during the period, a time during which the iPhone maker became the first publicly held company in the U.S. to be valued at $3 trillion.
The results released Thursday covered April through June, the third consecutive quarter that Apple has posted a year-over-year decline in revenue. That’s its longest stretch of declining sales in nearly seven years.
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Revenue totaled $81.8 billion, down 1% from last year. Profit edged up by less than 1% from a year ago to $19.9 billion, or $1.26 per share.
The earnings were better than the $1.20 per share projected by analysts polled by FactSet Research, while revenue matched analyst forecasts.
But iPhones sales — the product segment watched most closely by Wall Street — fell 2% from a year ago to $39.7 billion, below analysts' predictions.
Apple's stock declined by about 1% in extended trading after the numbers came out.
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