Apple reported a decline in profit after weathering supply constraints and shutdowns in China, although iPhone sales continued to grow, remaining resilient despite economic challenges.
The Cupertino, Calif., company Thursday reported that profit fell to $19.4 billion, a 10.6% decline from a year ago and the worst quarter since the July-through-September period in 2020 ahead of the 5G-capable iPhone launch. On a per share basis, profit fell to $1.20 from $1.30 a year earlier. Analysts surveyed by FactSet, on average, predicted earnings per share of $1.16.
