Apple’s stock rose by 2% on Friday after the tech giant reported better-than-expected earnings for the first quarter of 2023. CEO Tim Cook admitted that the company’s earnings were better than he expected.
Despite a fall in overall sales, Apple’s iPhone sales surged by $51.33 billion, thereby beating estimates of $48.84 billion and driving the company’s profit for the quarter.
Apple’s reported a $24.16 billion net profit for the first quarter. This put the company’s gross profit margin at 44.3%, thereby narrowly beating Wall Street estimates of 44.1%. Earnings per share were $1.52, beating an estimate of $1.43 per share.
While the company was able to exceed expectations, finance chief Luca Maestri is expecting Apple’s overall revenue in the second quarter to decline by 3%.
“We expect our June quarter year-over-year revenue performance to be similar to the March quarter assuming that the macroeconomic outlook does not worsen from what we are projecting today for the current quarter,” Maestri revealed on a call with analysts.