Tech

Apple reports steady profit, but iPhone sales fall short of estimates


Apple

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Apple reported solid profit thanks to increased revenue on Thursday, but the tech giant’s iPhone sales missed estimates while growth in services revenue slowed.

Profits rose one percent to $20.7 billion, while revenue rose eight percent to $90.1 billion.

Shares fell 0.9% in after-hours trading, a much smaller drop than Meta, the parent company of Facebook and other tech giants that have plunged following the results in recent days.


Facebook’s parent meta posts first revenue drop in history


© 2022 AFP

Quote: Apple reports solid profit, but iPhone sales fall short of estimates (2022, October 27) taken October 27, 2022 from https://techxplore.com/news/2022-10-apple- solid-profits-iphone-sales.html

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