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iPhone sales rise in a weak economy.

Customers queue at the Apple Fifth Avenue store for the release of the Apple iPhone 14 range in Manhattan, New York City, U.S., September 16, 2022. REUTERS/Andrew Kelly/File Photo

Thursday’s results showed Apple Inc.’s (AAPL.O) resiliency in a slowing global economy thanks to better-than-expected iPhone sales and substantial breakthroughs in India and other fresh regions.

Apple shares jumped 2% after beating Wall Street’s revenue and profit projections for the April 1 quarter. However, due to China’s delayed economic recovery, large chipmakers’ performance lagged behind the company’s.

Apple officials indicated Thursday that supply-chain concerns had improved, resulting in higher gross profit margins for the current quarter.

Refinitiv statistics showed Apple’s fiscal second quarter revenue declined 2.5% to $94.8 billion, beating predictions for a 4.4% drop. However, compared to projections of $1.43 per share, profit remained unchanged at $1.52 per share.

IPhone sales rose 1.5% to $51.3 billion, above predictions for a 3.3% dip. However, Canalys said global smartphone shipments declined 13% in the first three months of 2023. Apple gained market dominance over Android rivals.

According to CFO Luca Maestri, Apple’s gross margin will be between 44% and 44.5%, above Refinitiv’s 43.7% expectation. He said that Apple’s revenue may drop marginally. The company’s June-ending fiscal third quarter was expected to rise 2.1% to $84.7 billion.

Apple’s stock is up 28% in 2023, beating Wall Street. Investors view the firm as a defensive option during economic instability. As a result, apple upped its dividend to 24 cents from 23 cents a year earlier. In addition, like last year, the board authorized a $90 billion share repurchase program.

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