Its quarterly earnings and earnings beat analysts’ forecasts Applewhile sales iPhones and its portable devices decreased less than expected. And this despite the fact that the recession in the consumer electronics market continues, and the economic outlook is unclear. In the second quarter of the fiscal year ended April 1, sales of the American giant fell by 2.5% to $94.84 billion (89.75 billion euros), but they were better than analysts’ expectations: the fall was 4.4% to $93 billion . Earnings remained unchanged at $1.52 per share. Apple shares rose 4.75% yesterday. Particularly when it comes to iPhone revenue, there was a 1.5% increase in the quarter, which contrasts with the broader consumer electronics industry, which is facing declines in sales of smartphones, tablets and computers.

Today, consumers and businesses that were willing to buy electronics during the pandemic are cutting back on spending amid rising interest rates and economic uncertainty. iPhone sales reached $51.33 billion, with global smartphone exports down 13% in the first three months of 2023. However, research firm Canalys said that Apple gained market share over its Android competitors during this period. The company also kept its dividend and share repurchase programs roughly as outlined in its last update a year ago, approving additional $90 billion in repurchases.

Apple CEO Tim Cook, in an interview with Reuters news agency, said the company set a record for iPhone sales in its fiscal second quarter, thanks in part to new user acquisition in markets such as India.

The head of the tech giant recently traveled to the country where he opened the company’s first store there. “We are delighted with our performance in emerging markets,” said Tim Cook. “We have set records for the number of markets in which the iPhone is now introduced, while in emerging markets its new sales have been strong, and I mean Brazil, India and Mexico.”

He also stated that problems and overloads in the supply chain have been eliminated. Of course, not all Apple product lines are immune to the downturn in the electronics market, with Mac sales plummeting more than 30% to $7.17 billion, as are iPad revenues. Finally, especially in the huge Chinese market, total sales fell 2.9% to $17.8 billion, a slightly larger decline than overall revenue.