Apple tops estimates slightly as iPhone fares better than feared

iPhones on display at the new Apple Inc. store, due to open to the public on Thursday, in the Knightsbridge district of London, UK, on Tuesday, July 26, 2022. Apple is set to report earnings this week against the backdrop of an economic downturn and a plan to slow hiring. Photographer: Hollie Adams/Bloomberg

WITH investors on edge about an economic slowdown, Apple Inc offered just enough good news Thursday to calm fears – and bought itself some time to ready a wave of new products.

The company’s fiscal third-quarter revenue and profit narrowly topped analysts’ estimates, with iPhone sales holding up better than expected. Though chief executive officer Tim Cook decried a “cocktail of headwinds” hampering Apple’s business, he predicted that sales would begin to pick up in the coming months.