Spending on research and development rose 19%, to almost $6.8 billion, while expenses for sales, general and admin functions grew 11%, to $6 billion. That said, Apple's net income slumped nearly 11%, to about $19.4 billion, due partly to a sharp increase in other costs. Its gross profit rose about 2%, to nearly $35.9 billion, with the margin holding up at 43%.
It is a wonder Apple did not take an even bigger hit in the current circumstances. Want to know more about 5G? Check out our dedicated 5G content channel here on Light Reading.
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And so it was a very big impact to the Mac business." "And that was either running at a reduced rate or down completely for the majority of the quarter.
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"When the COVID restrictions hit the Shanghai corridor, we lost the primary source of supply for Mac units," said Cook. Apple also witnessed a small decline in iPad sales of 2%, to $7.2 billion.īut its worst-performing product was the Mac, sales of which fell 10% year-on-year, to less than $7.4 billion, despite Apple's investment in its own M1 and M2 processors and desertion of Intel as a chip supplier for computers.Įxecutives blamed the supply-chain constraints that have affected all technology companies for much of that drop. Sales in that category dropped 8% year-on-year, to about $8.1 billion. I'm saying that the data doesn't show it, where we can clearly see that in the wearables, home and accessories area."Īpple CEO Tim Cook sees little evidence of 'headwind' in iPhone sales. "Looking at the data on iPhone for the June quarter, there's not obvious evidence in there that there's a macroeconomic headwind," mused Apple CEO Tim Cook on the company's earnings call this week. It was also the only product category where there was any sales growth, with iPhone revenues up 3% year-on-year. While the iPhone's share of total company revenues is not as high as it used to be, the ubiquitous gadget – older models having percolated through society – still accounted for nearly half Apple's quarterly sales. IPhone Inc accordingly whipped out an earnings release showing a 2% improvement in total sales for the quarter ending in June, to nearly $83 billion, compared with the year-earlier period. No doubt, among those who upgraded from the iPhone 12 to the barely different iPhone 13 are the sort who trade in cars every couple of years, buying huge gas-guzzling SUVs they will only ever drive on narrow London streets with zero gradient. The world's most filthy rich electronics company, with $60 billion in net cash, can be thankful its target market includes many of the world's most filthy rich people. Let not an inflationary crisis get between an Apple fanboy and his beloved iPhone.