APPLE BEATS ON REVENUE AND PROFIT

Apple reported fiscal third-quarter earnings on Thursday that beat Wall Street expectations for sales and profit but showed slowing growth for the iPhone maker.

“In terms of an outlook in the aggregate, we expect revenue to accelerate in the September quarter despite seeing some pockets of softness,” Apple CEO Tim Cook told CNBC’s Steve Kovach.

Apple’s revenue rose 2% during the quarter, compared to 36% growth during the same period last year and over 8% growth in the March quarter.

Apple’s iPhone sales exceeded Wall Street expectations, suggesting that demand for iPhone 13 models remains strong even in the second half of the product’s annual release cycle.

Cook said Apple had success attracting Android customers to become iPhone owners during the quarter.

Apple’s iPad declined 2% annually, but beat soft Wall Street forecasts, as iPad tablets were one of the product lines analysts believed that Apple might prioritize away from in the face of a chip shortage.

Apple’s other products category, which includes headphones like AirPods, Apple Watches, and HomePod speakers declined over 8% on an annual basis and missed Wall Street expectations.

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