Apple posted a solid fiscal Q3 result on Thursday buoyed by strong sales of the iPhone and MacBook computers surpassing the expectations of analysts.
Apple raised the prices of its Macs and iPads last month, citing a memory-chip shortage brought on by the artificial intelligence boom. The company had called the demand spike an “unprecedented challenge” for the consumer electronics industry. While it hasn’t yet raised iPhone prices, analysts and consumers expect that to happen later this year.
The maker of the iPhone and iPad said Thursday it earned $29.79 billion, or $2.02 per share, in the April-June period. That is up 27% from $23.43 billion, or $1.57 per share, in the same period a year earlier. Revenue grew 16% to $$109.42 billion from $94.04 billion. Thursday’s earnings report confirmed investor fears that Apple will be hit by an industry-wide memory chip shortage.
Apple continues to generate cash without the massive artificial intelligence spending that its Big Tech peers area are dealing with “and that showed across most parts of the operation,” Analysts were expecting earnings of $1.89 per share on revenue of $109 billion,
The results would be a form of reassurance to investors as the company prepares for a leadership transition with John Ternus, set to take over from Tim Cook as CEO in September,
