Apple reports YoY growth despite difficult economic conditions

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Despite tough economic conditions, Apple reported that it saw 2% year-over-year growth in its fiscal third quarter, which runs from April to June. In addition to this, Apple’s CFO, Luca Maestri, said that the installed base of active devices reached an all-time high in each geographic segment and product category.

According to CNBC, Apple beat sales and profit targets set by Wall Street, but it said the firm was seeing signs of slowing growth. This is to be expected given the inflation causing people to reduce their discretionary spending. The revenue for the June quarter came in at $83 billion. The firm will pay shareholders of the company’s common stock $0.23 per share on August 11.

Commenting on the quarter, Apple CEO, Tim Cook, said:

“This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers. As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone.”

Apple CFO Luca Maestri said that the current economic situation and Apple’s continued growth demonstrates its ability to operate in a difficult environment. He went on to say that operating cash flow came in at $23 billion and $28 billion was paid out to shareholders.

Via: CNBC

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