Apple Inc on Thursday said parts shortages are easing and that demand for iPhones is unceasing despite consumers tightening other spending, helping it top Wall Street expectations and forecast faster sales growth ahead, Trend reports citing Reuters.
The Silicon Valley giant's shares rose 3.5% after hours following the release of the results.
Though macroeconomic indicators around the world are turning negative, Chief Financial Officer Luca Maestri told Reuters there had been no slowdown in demand for iPhones, the company's biggest source of revenue.
Phone sales in the fiscal third quarter rose 3% to $40.7 billion, when Wall Street had braced for a 3% decline. By contrast, the overall global smartphone market dropped 9% during the just-ended quarter, according to Canalys data.