Apple reported better-than-expected results on Thursday, helped by strong iPhone sales and notable gains in India and other newer markets, supporting a gain of about 2% for technology stocks.
In its fiscal second quarter, Apple’s sales fell 2.5%, better than analysts’ expectations, who had expected a 4.4% decline.
Apple’s 1.5% revenue increase from the iPhone contrasts with the broader consumer electronics industry, which is grappling with declining sales of smartphones, tablets and personal computers, as consumers and Businesses that bought electronics during the pandemic cut spending amid rising interest rates and economic uncertainty.