Gadget giant Apple Inc. (NASDAQ: AAPL) on Thursday said its third-quarter 2023 sales declined modestly from last year. The results came in above the market’s projections.
Net sales of the Cupertino-based tech firm dropped 1% year-over-year to $81.8 billion in the June quarter. Analysts were looking for a slightly bigger decline.
Net profit was $19.88 billion or $1.26 per share in the third quarter, compared to $19.44 billion or $1.20 per share in the corresponding period of 2022. Earnings topped expectations.
“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” said Apple’s CEO Tim Cook.