Apple Inc. (NASDAQ: AAPL) on Thursday said its third-quarter earnings declined despite an increase in revenues. Earnings, however, topped the market’s expectations.
Third-quarter net sales of the Cupertino-based gadget giant rose 2% from last year to $82.9 billion, aided by a 3% increase in the sales of iPhone. The top-line slightly beat the consensus estimates.
In the June quarter, net profit dropped to $19.4 billion or $1.20 per share from $21.7 billion or $1.30 per share in the third quarter of 2021. But it was above Wall Street’s expectations.
Check this space to read management/analysts’ comments on Apple’s Q3 2022 results
Apple’s stock has lost about 14% since the beginning of the year. It closed Thursday’s session higher and made further gains in the after-hours following the earnings announcement.