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Issued on: 27/10/2022 - 23:28Modified: 27/10/2022 - 23:26

Apple reported better-than-expected profits but iPhone income missed estimates Apple reported better-than-expected profits but iPhone income missed estimates Daniel SLIM AFP/File

New York (AFP) – Apple reported coagulated profits connected rising revenues Thursday, but the tech giant's iPhone income missed estimates portion it saw slowing maturation successful services revenues.

Profits edged up 1 percent to $20.7 billion, connected an 8 percent emergence successful revenues to $90.1 cardinal successful Apple's fiscal 4th fourth ending September 24.

Shares edged little successful after-hours trading, a overmuch amended effect than that of Facebook genitor Meta and different tech giants that person plunged aft results successful caller days.

Those different tech behemoths person upset investors with varying problems ranging from anemic online advertizing revenue, swelling costs and disappointing forecasts.

By contrast, Apple notched maturation successful astir operating regions and merchandise categories and released an net connection that contained nary evident reddish flags and showed the institution inactive capable to notch broad-based gross maturation contempt the resistance from the beardown dollar.

Results for the latest 4th "continue to show our quality to execute efficaciously successful spite of a challenging and volatile macroeconomic backdrop," said Apple Chief Financial Officer Luca Maestri.

"This 4th capped different record-breaking twelvemonth for Apple, with gross increasing implicit $28 cardinal and operating currency travel up $18 cardinal versus past year."

Still, Apple's smartphone revenues came successful astatine $42.6 billion, a spot beneath the $43 cardinal projected by analysts.

The institution besides notched services gross maturation of conscionable 5.0 percent compared with the year-ago play -- overmuch beneath the 12 percent leap successful the anterior quarter.

Heading into net season, investors had expressed worries astir the headwinds from the weakening planetary system arsenic cardinal banks enact assertive involvement complaint hikes to antagonistic grinding inflation.

This week's tech results person shown that the sector, which enjoyed outsized maturation during the highest play of Covid-19, is not immune to these factors.

Shares of Apple slipped 0.8 percent to $143.71 successful after-hours trading.

© 2022 AFP