Apple boosted its sales and profit during a summer quarter that depressed the fortunes of other tech companies but that doesn't mean the iPhone maker will be immune to a recession.
CUPERTINO -- Apple managed to boost both its sales and profit during a summertime quarter that depressed the fortunes of most other major tech companies but that doesn't necessarily mean the iPhone maker will be immune to a potential recession.
The Cupertino company's profit for the most recent quarter totaled $20.72 billion, or $1.29 per share, up by less than 1% from the same time last year. Those challenges are one of the reasons Apple expects its revenue growth to decelerate during the current October-December period, even though this year's quarter will include one more week than last year's, Apple's Chief Financial Officer Luca Maestri warned during conference call. The strong U.S. dollar, which has lowered Apple's reported sales internationally, is also contributing to the anticipated slowdown.
But industry analysts are starting to fret over how much longer consumers will splurge on new phones as they feel the pinch of the past year's stubbornly high inflation rates. If those financial pressures persist, it could cause more households to curtail their spending during the holiday shopping season, especially on the kind of pricey gadgets that are Apple's cornerstone.
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