Apple Earnings Rise as Economic Gloom Hits Tech

Apple Earnings Rise as Economic Gloom Hits Tech
The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max at the Apple Fifth Avenue store in Manhattan, New York, on Sept. 16, 2022. Andrew Kelly/Reuters
Reuters
Updated:

Apple Inc. on Thursday reported revenue and profit that topped Wall Street targets, one of the few bright spots in a tech sector battered by spending cutbacks due to inflation.

The forecast for the holiday quarter was more grim. While not providing specific numbers, Apple said revenue growth would fall below 8 percent in the December quarter but did not go as far as Amazon.com, whose dire holiday outlook sent its shares down 14 percent.