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Apple revealed that its third-quarter iPhone sales beat estimates, with only a modest decrease of 0.9%.
Apple announced that its third-quarter iPhone sales exceeded expectations, with a slight decline of only 0.9% compared to analysts’ predictions of a 2.2% drop. Apple’s shares rose nearly 1% in extended trading, outperforming other tech stocks, which generally experienced declines.
Chief Financial Officer Luca Maestri highlighted that the iPhone 15 family has been performing better than its predecessor, the iPhone 14, and exceeded expectations from three months ago. Apple is preparing for a major software upgrade for the iPhone this fall, including new artificial intelligence features, aiming to enhance its competitive edge.
Despite the positive iPhone sales performance globally, Apple’s China business, its third-largest market, faced challenges. Sales in China declined by 6.5%, although this was an improvement from the 8.1% drop in the previous quarter. The decline was more significant than the anticipated 2.4% drop.
Maestri noted that sales in China fell by less than 3%, excluding the effects of foreign exchange. Considering the economic softness in the region, he expressed optimism about Apple’s performance in China.
In response to competition from local smartphone manufacturers such as Huawei, Apple has implemented discounting strategies in China. In May, Apple offered discounts of up to 2,300 yuan ($317) on selected iPhone models to compete with more affordable alternatives.
Apple’s revenue forecast for the fiscal fourth quarter suggests growth similar to the 4.9% increase recorded in April-June. The upcoming software upgrade and new artificial intelligence features will drive further gains and attract buyers.
Apple’s third-quarter performance showcases stronger-than-expected iPhone sales, driven by the successful launch of the iPhone 15 series and anticipated software upgrades.
However, the company faces ongoing challenges in the Chinese market, where discounting and competition from local brands are impacting sales. Apple’s strategic focus on AI and competitive pricing may help bolster its position in the coming quarters.
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