Apple results top estimates as iPhone escapes economic slump

Apple Inc on Thursday reported profit and sales that beat Wall Street expectations, navigating parts shortages better than predicted and benefiting from unceasing demand for iPhones even as inflation has consumers tightening other spending.

Apple said sales and profit for the quarter ended June 25 were $83.0 billion and $1.20 per share, above estimates of $82.8 billion and $1.16 per share, according to Refinitiv data.

Apple is expected to give a forecast for the current fiscal fourth quarter during an investor call, but Chief Financial Officer Luca Maestri told Reuters there had been no slowdown in demand for iPhones.