apple quaterly earnings: Apple reports slower Q2 sales growth, but results top estimates

Apple reported better-than-expected profits Thursday on strong consumer demand for its devices and services, even as revenue growth slowed while it navigated the ongoing semiconductor supply crisis.

The technology giant reported quarterly earnings of $25 billion, up 5.8% from the year-ago period, as revenue rose 9% to $97.3 billion.

The results looked good after a stumbling block by some Big Tech peers, as companies faced rising operating and labor costs from increased demand for stay-at-home amid the pandemic.

Chief Financial Officer Luca Maestri said, “We are very pleased with our record business results for the March quarter, as we set an all-time revenue record for iPhone, Mac and Wearables, Services for Home and Accessories and a March quarter revenue record is.” ,

“Continuing strong customer demand for our products helped us achieve an all-time high for our installed base of active devices.”

The company has grown revenue across most of its categories, including the iPhone and services. But sales for the iPad fell, with Maestri pointing to supply chain constraints during a conference call with analysts.

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The strongest growth by region was the US, with the company also reporting moderate revenue growth in Europe and Greater China. Revenue fell in Japan and other Asian markets.

Apple said it authorized $90 billion in additional share repurchases.

Shares were initially up after the report, but fell 1.3% to $161.60 in after-hours trading.

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