The iPhone had a strong quarter, but Apple is going through a behind-the-scenes slowdown. Also: The company nabs a top Lamborghini executive, and Meta looks to buy an eye-tracking startup.
Last week in Power On: Apple shows rare vulnerability as we head into an economic downturn.
On the surface, Apple Inc. gave a reassuring and surprisingly strong quarterly report last week, especially considering all its supply chain challenges, the economic downturn and lingering effects from the pandemic.
Apple reported third-quarter revenue of $83 billion, in line with estimates from Wall Street. The iPhone did particularly well, generating $40.7 billion and topping many projections. The company also said its earlier prediction that supply chain snags would erase as much as $8 billion from revenue was overblown.
But that’s about where the good news stopped. Three of Apple’s major product categories—the Mac, iPad and its wearables division—suffered sales declines from a year ago. While the iPad did beat analyst estimates, the Mac and wearables categories came in sharply below expectations.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now