Apple sales have continued to fall as the economy slows and shoppers, squeezed by rising prices, put off buying computers and iPads.
The tech giant said revenue fell 3% to $94.8 billion (£75.4 billion) in the first three months of the year compared to the same period in 2022.
That was the second straight quarter of revenue declines for the company.
But the decline wasn’t as bad as feared as demand for iPhones continued and the company gained new customers overseas.
In remarks with analysts, Apple CEO Tim Cook highlighted growth in India, where the company is investing heavily and which he visited last month to open the company’s first two official stores in the country.
“Overall, I couldn’t be happier and more excited about the excitement I’m seeing there for the brand,” he said.
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Apple is one of the most valuable companies in the world and its sales are being closely watched as a sign of retail strength.
The company said it faces a “challenging macroeconomic environment” and echoed comments from other companies who have warned that customers affected by rising living costs and economic uncertainty are pulling away.
Apple had warned investors that January-March sales could fall as much as 5% year over year.
But the results were bolstered by a 1.5% year-over-year increase in iPhone sales, which hit $51.3 billion — a record for the quarter. The company said this was boosted by strong demand in South Asia and Latin America.
In India, where the company’s overall sales grew at double-digit rates, Mr Cook said he sees major growth opportunities as the country’s middle class expands and said the country is at a “tipping point”.
Apple’s services unit, which includes Apple Music, Apple News, and Apple Pay, saw revenue rise 5% year over year to more than $20 billion.
In Europe, where many other companies have reported weakness, sales rose more than 2%.
However, in the Americas, the largest market, sales fell by more than 7%.
Earnings also fell more than 3% year over year to about $24.2 billion. But that was better than expected as supply chain issues eased.
Apple’s report follows a slew of updates from other tech giants, including Facebook-owner Meta and Google’s parent Alphabet, which were also better-than-expected.
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