Apple’s Paying Subscribers Rise to 860 Million as Company Beats Estimates on Strong iPhone, iPad Demand

Apple's loyal and relatively affluent customer base has enabled it to weather consumer spending dips better than other brands in the past.

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Apple on Thursday said parts shortages are easing and that demand for iPhones is unceasing despite consumers tightening other spending, helping it top Wall Street expectations and forecast faster sales growth ahead.

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The Silicon Valley giant's shares rose 3.5 percent after hours following the release of the results.

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Though macroeconomic indicators around the world are turning negative, Chief Financial Officer Luca Maestri told Reuters there had been no slowdown in demand for iPhones, the company's biggest source of revenue.

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Phone sales in the fiscal third quarter rose 3 percent to $40.7 billion (roughly Rs. 3,20,000 crore), when Wall Street had braced for a 3 percent decline.

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By contrast, the overall global smartphone market dropped 9 percent during the just-ended quarter, according to Canalys data.

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Apple's loyal and relatively affluent customer base has enabled it to weather consumer spending dips better than other brands in the past, and the company's latest quarterly results suggest a similar pattern emerging.

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