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Apple revenues rise on strong services business and iPad sales

Company bullish on iPhone upgrades from AI products even as it confronts China slowdown and fall in smartphone purchases

Apple’s revenue increased 5 per cent in the three months to the end of June, as earnings from its services business and a surge in iPad purchases offset a decline in iPhone sales and a continued slowdown in China.

Total net sales rose to $85.8bn from $81.8bn in the second quarter of 2023, beating analysts’ expectations for $84.5bn. Net income rose 8 per cent to $21.4bn from $19.9bn, while earnings per share were up 11 per cent year on year to $1.40 versus the consensus estimate for $1.35.

Shares flipped between small gains and losses in after-hours trading on Thursday. Apple has risen 18 per cent this year and is the most valuable company in the world with a market capitalisation of $3.3tn.

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