Apple's iPhone sales, services drive impressive Q1 earnings 

May 05, 2023 (MLN): The sales of iPhones and money made from services powered quarterly earnings that beat forecasts, despite inflation pressure and the slowing global economy, said Apple, the iPhone maker in a statement on Thursday.

The company's bottom line capped a successful earnings season for US tech giants, with Meta, Google, and Amazon also beating expectations after suffering a painful spell of lower sales and profits, as APP reported.

The smartphone titan reported a profit of $24 billion on revenue of $94.8 billion in the first three months of this year.

The overall revenues for the period were lower than a year before, though this was expected, and Apple's shares were up about one percent in after-market trading.

"We are pleased to report an all-time record in services and a March quarter record for iPhone despite the challenging macroeconomic environment," Apple chief executive Tim Cook said in an earnings release. Sales of iPhones were up two % and tallied $51.3 billion in the quarter, according to earnings figures.

"The iPhone base has well over a billion active devices... We feel great about the size of it and the rate that it's growing," Cook told analysts after the earning result.

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