Although Recession Lays Ahead, Apple is Still Moving Forward in Strides Despite 3Q Profit Dip

FILE – The logo of Apple is illuminated at a store in the city center in Munich, Germany, Wednesday, Dec. 16, 2020. Apple’s profit slipped during the past quarter of 2022, but the world’s largest technology company fared better than many of its peers. (AP Photo/Matthias Schrader, File)

Apple’s profit slipped during the past quarter, but the world’s largest technology company is holding up better than many of its peers as the economy teeters on the edge of a recession.

 

While grappling with manufacturing headaches and inflation pressures that have vexed a wide range of businesses, Apple saw its profit for the April-June period decline by 10% while revenue edged up 2%. Both figures were better than analysts projected.

The results announced Thursday for Apple’s fiscal third quarter weren’t a shock. That’s because Apple had already warned that its revenue would be depressed by as much as $8 billion because of supply chain problems that have been compounded by pandemic-related shutdowns in Chinese factories that make iPhones and other Apple products.

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Source: Associated Press, MICHAEL LIEDTKE

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