Tech giants Apple and Amazon saw profit as inflation bites declines but still defied expectations as the US economy teeters on the brink of a recession.
Apple, the world’s largest technology company, is dealing with manufacturing headaches and inflationary pressures and saw its profit in the latest quarter fall by 10%, while revenue rose 2%.
The results came after the iPhone maker warned its revenue would shrink amid supply chain problems and pandemic-related closures at factories in China.
But the company said Thursday that spare parts shortages are easing and demand for iPhones continues despite consumers curtailing other spending, helping it beat Wall Street expectations and forecast faster sales growth. in the future.
Shares of the Silicon Valley giant rose 3.5% hours after the results were released. Meanwhile, Jeff Bezos’s e-commerce giant Amazon inflation bites reported its second straight quarterly loss, but its revenue beat Wall Street expectations.
The results came as the company tries to navigate changing consumer demand and higher costs, while reducing the glut of warehouses it acquired during the COVID-19 pandemic.
It comes shortly after Amazon inflation bites announced a price increase for its Prime subscription.
Tech giants Apple and Amazon saw profit declines but still defied expectations as the US economy teeters on the brink of a recession.
Apple, the world’s largest technology company, is dealing with manufacturing headaches and inflationary pressures and saw its profit in the latest quarter fall by 10%, while revenue rose 2%.
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