Record breaking sales of Apple

Tim Cook, the CEO of Apple, acknowledges three nations for record iPhone sales.

The computer giant reported a decline in some product sales, but its profits and revenues astonished experts of the economy.

Apple has surpassed Wall Street estimates and market trends by posting higher iPhone sales in its second-quarter earnings.

Revenues and profitability for the second three months of its fiscal year surpassed investor expectations as a huge number of iPhones were purchased.

Overall sales for the fiscal year ending on April 1 decreased by 2.5% to $94.84 billion (£75.42 billion), which was much less than the 4.4% decline predicted to bring sales to $93 billion (£73.96 billion).

Sales of the iconic Apple product have fallen, as was predicted, as rising costs of living and borrowing rates are squeezing consumers' wallets. Demand has fallen since the electronics boom of the epidemic era.

Despite a more than 3% fall being anticipated, Apple's iPhone revenue increased by 1.5%. Tim Cook, the chief executive, credited three nations for the growth.

In every geographic area, we increased the installed base of iPhones and had very strong "new to" [sales] growth in emerging markets, especially in Brazil, India, and Mexico.

Cook told Reuters, "We were thrilled with our performance in emerging areas. Mr. Cook recently traveled to India to inaugurate Apple's first retail locations.

According to the conference call with Apple investors, there are currently well over a billion active iPhone users.

However, several Apple goods were affected by the decline in electronics sales. Apple's Mac laptop sales fell 30%, while iPad sales declined.

Sales of wearables like the Apple Watch and AirPods decreased by 1%.

China's sales decreased by about 3% to $17.8 billion (£14.15 billion).

During January, February, and March, Apple earned $24.16 billion (£19.21 billion), or $1.52 (£1.20) per share. It's a little less than the $25 billion (£19.88 billion) it was a year ago.

Problems with the supply chain that had previously plagued production vanished. In the three months, according to Cook, there were no material shortages at all.

Apple is the most recent technology behemoth to announce earnings that exceeded expectations. The largest firms listed on US stock markets, the S&P 500 index, have increased due to tech stocks.

Following the news, company shares increased 2% in after-hours trade.