Apple reported year-on-year revenue growth of 2% in the quarter ending June 25th to 83 billion US dollars. Services revenue was up 12% to 19.6 billion dollars.
"Our supply constraints were less than we anticipated at the beginning of the quarter, coming in slightly below the range we discussed during our last call," Tim Cook, Apple CEO, said.
"Overall, we believe our year-over-year revenue growth will accelerate during the September quarter compared to the June quarter despite approximately 600 basis points of negative year-over-year impact from foreign exchange,"added Luca Maestri, Apple’s CFO. "On the product side, we expect supply constraints to be lower than what we experienced during the June quarter. Specifically related to services, we expect revenue to grow but decelerate from the June quarter due to macroeconomic factors and foreign exchange." Source: Apple collateral