Apple Beats Sales Forecasts With Big Bump in iPhones and Services

The tech giant topped its own quarterly sales forecasts for the fourth consecutive quarter on Tuesday, beating Wall Street expectations with big bumps in iPhones and services. Its iPhones are still the most popular devices in the world, and the company managed to cope with chip shortages in key markets. Even so, its iPad sales have been falling for several quarters, and the analyst’s estimates for its new watch have been mixed. But the company is still confident that it’s iPhone will remain the world’s most popular smartphone.

The company beat analysts’ expectations with a 12 percent revenue increase, beating estimates by $1.51 per share. It also increased its dividend by 5% to $0.23 per share and announced approval to buy back another $90 billion worth of stock. Meanwhile, it has boosted its subscription services, which now have 825 million paying subscribers. This is 40 million more than last quarter, while Netflix has seen subscriber losses.

Still, investors aren’t happy with the outlook for the company, which suggests it may have fewer sales than expected. The company’s stock fell nearly 2 percent after the report, and it did not provide any better guidance for its Chinese business, which could affect the company’s demand in the region. Furthermore, Apple has not forecasted when it will end its silicon shortage. It’s still too early to tell.

By Alexa Johnson

Alexa johnson works as an author who writes all the articles being published on the site for the Mobile section of Technology.

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