arning signs of looming recession have done nothing to quell rampant consumer demand for the latest iPhonesthe financial officer of Apple said, after the company sailed past? Wall Street expects to record revenue of $83 billion in the third quarter.
The CaliforniaThe China-based company reassured investors that it was dealing with a parts shortage that had hampered sales of its iPad tablets and Mac computers, though it warned that accessory sales were beginning to decline as sales in China had fallen by 1%. Apple shares rose 3.2% in aftermarket trading.
Hargreaves Lansdown analyst Sophie Lund-Yates said: “Despite all the challenges, Apple has shown remarkable resilience, with $83 billion in revenue leaving little room for critics, and the group’s position should not be underestimated.
“Apple is used to getting loyal customers on a scale, and while the company’s silver still looks polished, it takes some grafting to keep it that way.”
In the meantime Amazon shares shot up 13% in expanded trading after the company released results that beat analysts’ expectations, reporting 7.1% revenue growth in the quarter to June. The company said it expects continued growth in the third quarter, thanks in part to collecting more fees from its Prime subscription service after prices pushed up. Prime monthly rates will increase by £1 to £8.99 in the UK from September, the first increase since 2014.
Amazon posted a $2 billion loss, with a $3.9 billion write-off on the value of its investment in Rivian, an electric car company.