iPhone sales rebound

 

What happened: On Thursday, Apple released its earnings report for the first three months of the year, surpassing Wall Street's forecasts in part thanks to better-than-expected iPhone sales. What the numbers say: iPhone revenue, Apple's biggest money maker, grew 2% to $51.3B even as the broader smartphone industry suffered a contraction of nearly 15%, according to an estimate by IDC. Apple CEO Tim Cook told Reuters that the company achieved a fiscal second-quarter record for iPhone sales, partly due to new customers in emerging markets like India. The bigger picture: Cook highlighted the sales growth for new customers in Brazil, India, and Mexico, and confirmed that there were no significant supply chain issues during the quarter across all products. The supply chain issues and parts shortages that have impacted the iPhone in recent years are finally letting up, which should bode well when Apple releases its iPhone 15 lineup in the fall.

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