(CTN News) – It is not impossible for even the most valuable tech company in the world to be affected by the more challenging global economic environment.
Due to China’s zero-covid policy, Apple’s profits declined by nearly 11% in the three months ending in June from the same period last year.
The iPhone giant reported revenue of $83 billion, up 2% from the same period last year. Despite being a record revenue quarter for the company, it marked a significant slowdown in growth from last year’s 36% year-over-year revenue increase.
As a result, sales in Greater China, once one of the company’s most promising regions, dropped by about 1%.
Both Apple’s sales and profits exceeded Wall Street’s expectations. Apple shares rose nearly 4% in after-hours trading Thursday.
According to Apple CFO Luca Maestri, “despite the challenging operating environment, our June quarter results continue to demonstrate our ability to manage our business effectively.”
Despite rising inflation and interest rates, fears of a looming recession, and the fallout from the ongoing war in Ukraine, Apple has struggled to maintain strong growth.
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