Apple significantly exceeded market expectations, according to the results of January-March revenues amounted to almost 95 billion dollars, of which the Californian company received a net profit of 24 billion dollars against the backdrop of a slowdown in the global economy, according to AFP.

In 2022, for the same period, the turnover of the group was 97.2 billion dollars and the net profit was 25 billion dollars.

Also, sales of its flagship iPhone rose slightly year-on-year to $51.33 billion, beating forecasts, as demand for electronic devices fell sharply due to inflation, according to results on Thursday.

Its services business also rose slightly from a year ago to nearly $21 billion in the January-March second quarter.

“We are pleased to have achieved an all-time record for service and a record second quarter for iPhone despite challenging economic conditions. Our base of active devices is at an all-time high,” Apple CEO Tim Cook said in a statement.

The Cupertino (Silicon Valley) group’s revenue fell during the year, but the market expected worse.

As demand for electronic devices, which exploded during the pandemic, has fallen in recent months due to inflation.

In the second half of 2022, global mobile phone sales fell to their lowest level since 2014, according to Canalys.

But “the popularity of the professional iPhone line is helping Apple expand its market share despite limited demand,” Canalys analyst Le Xuan Chiu noted in late January. (photo: Norman Chan, Dreamstime.com)