Apple has beat Wall Street expectations and market trends in reporting increased iPhone sales in its second quarter results.
Both revenues and profits were above investor predictions as a record number of iPhones were sold for the second three month period in its financial year.
Sales for the year ending 1 April dropped overall – but significantly less than expected – by 2.5% to $94.84bn (£75.42bn), better than the expected 4.4% drop to $93bn (£73.96bn).
A drop in sales of the iconic Apple product had been expected as cost of living pressures and higher interest rates pinch customer wallets and demand has been depressed following the pandemic era electronics purchase surge.
Instead, a 1.5% rise in Apple’s iPhone revenue was recorded despite a more than 3% decline being expected. The increase came, chief executive Tim Cook said, thanks to three countries.
“We set records for the iPhone installed base in every geographic segment, and we had very strong ‘new to’ [sales in] emerging markets, particularly in Brazil, India and Mexico.”
“We were thrilled by our performance in emerging markets,” Cook told Reuters. Mr Cook was recently in India to open Apple’s first retail stores in the country.