Maestri said the company expects the hit to diminish further in the current quarter.īut Apple risks joining rivals in amassing an unsellable stockpile of tablets and PCs if more customers than expected hold off purchases due to rising inflation and interest rates. They cost Apple under $4 billion in sales in the quarter ended June 25, less than it had forecast. Parts shortages will continue to hamper Mac and iPad sales, Maestri said, though the impact has been easing. The results show Apple’s advertising business, which includes selling ads alongside news articles and app store search results, is vulnerable to marketing cuts just the same as rivals Snap Inc and Meta Platforms Inc. “Fortunately, we have a very broad portfolio, so we know we’re going to be able to navigate that,” he added. The slumping economy is hurting sales of advertising, accessories and home products, Apple’s Maestri said in an interview, calling the units “pockets of weakness.” By contrast, the overall global smartphone market dropped 9 per cent during the just-ended quarter, according to Canalys data.Īpple’s loyal and relatively affluent customer base has enabled it to weather consumer spending dips better than other brands in the past, and the company’s latest quarterly results suggest a similar pattern emerging.Ĭanalys Research analyst Runar Bjorhovde said, “Apple in that sense has a certain robustness that will allow it to be impacted less than a lot of its competitors.” Phone sales in the fiscal third quarter rose 3 per cent to $40.7 billion, when Wall Street had braced for a 3 per cent decline.
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