Apple dodges tech rout even after posting a lukewarm Q4 results

Apple delivered just enough good news in its quarterly report to avoid the fate of most tech giants this earning season, when its peers have seen valuations plunge by hundreds of billions of dollars. 

Though sales of iPhones and services were softer than expected last quarter, Apple’s revenue and profit both topped analysts’ estimates. The company said that growth wouldn’t be as strong during the current period.

Investors found enough optimism to send shares up about half a percentage point during pre-market trading in New York on Friday. Apple dropped 3.1 per fect to close at $144.80 in New York on Thursday.

That provided a sharp contrast with Alphabet, Amazon.com , Meta Platforms, Microsoft and others, which all delivered gloomy earnings reports in recent days, sending their shares tumbling. 

India’s all-time record

Apple chief executive Tim Cook on Thursday said the iPhone maker's record revenue in the September quarter was aided by the company’s strong double-digit growth in emerging markets like India.

“We continue to perform incredibly well in emerging markets with very strong double-digit growth in India, Southeast Asia, 

and Latin America,” 

CEO Tim Cook said in an  earnings call.

Porsche profit surges 41%, confirms outlook 

Porsche reported a 40.6 per cent leap in operating profit to more than 5 billion euros ($4.99 billion) on revenue up 15.7 per cent  in the luxury carmaker’s first results since its stock market listing in late September.

The company reported an 18.9 per cent  return on sales and confirmed its full-year guidance for a 17-18 per cent  return, with a mid-term target of 17-19 per cent  and long-term target of 20 per cent .

Deliveries were up only 2 per cent  to a little more than 221,500 vehicles.

“The third quarter of 2022 was quite volatile and challenging from a political, economic and social perspective. 

Nevertheless, we were able to successfully |list Porsche and get off to a flying start,” said finance chief Lutz Meschke.  (Reuters)

VW Q3 earnings stagnate below pre-Covid levels

Volkswagen reported Q3 earnings of $4.29 billion, behind pre-pandemic levels, following 1.6 billion in one-off effects from the suspension of Russian activities and its Porsche listing. 
 

It said it expected deliveries to be around the same as last year but that supply chain issues will continue. (Agencies)