Apple quarterly results beat expectations, thanks to boost in China sales

Apple Inc on Thursday announced its quarterly earnings, beating Wall Street's below-parexpectations. The better-than-expected results were largely driven by better iPhone sales, as per media reports.

The American tech giant reported revenue of $94.8 billion, way higher than the expected $92.96 billion. The company also reported earnings of $1.52 per share, compared to the expected $1.43 per share. According to media reports, company's year-over-year business performance improved compared to the December quarter.

The better-than-expected numbers boosted Apple's shares by 2 percent in the US stock market.

The driving force behind Apple's quarterly performance was its iPhone sales, which amounted to a whopping $51.3 billion. This sales figure was much higher than analysts' expectation of $48.84 billion.

A major reason for Apple's improved performance in the reported quarter. was China. Apple's sales in China were better than expected as consumers there resorted to "revenge spending" after Covid restrictions were lifted late in 2022.

As per Apple's media release, the company's board of directors also approved a $90 billion share buyback program, one of the largest in corporate history. Apple’s board of directors also declared a cash dividend of $0.24 per share, an increase of 4 percent,.

However, all was not well for Apple in the quarter gone by.

Overall sales were down 2.5 percent. This was the second straight quarter of decline in sales, a first for Apple since the Covid-19 pandemic.

Total revenue, too, was down 3 percent compared to the previous quarter, as Apple's iPad and Mac divisions posted revenue losses.

What the future holds for Apple

Apple has exciting plans for the future. The company recently entered the banking sector by launching a savings account. As per reports,users of its 'Apple Card' can earn 4.15 percenton savings accounts, or 10 times higher than the national average.

Its most anticipated announcement is the launch of a new virtual and augmented reality headset. This new product is expected to revolutionize the way we interact with technology.

Overall, Apple's latest earnings beating expectations is a reason to celebrate for the company's investors and fans alike. As always, Apple remains a company to watch in the technology industry, and it will be exciting to see what new innovations and developments it has in store in the coming years.