Apple's results beat Wall Street expectations

On Thursday, Apple Inc announced revenue and profit that exceeded expectations of Wall Street, thereby becoming one of the few positive news in the IT sector, which has been hit by inflation-driven spending cuts, according to Reuters.

The outlook for the holiday quarter turned out to be more negative. Without giving further details, Apple announced that revenue growth will fall below 8% in the fourth quarter.

Apple's figures have demonstrated a certain stability in the conditions of a weak economic situation and a stronger US currency that has entailed failed reports from many companies in the technology sector.

According to CFO Luca Maestri, the company was able to exceed expectations, even despite the foreign exchange rate, which turned out to be a significant drawback.

For many companies generating significant revenues abroad and losing funds in the conversion process, the rising US currency has been a blow. Among such companies is Apple. Buying a new gadget outside the US, the consumer will notice a higher cost of the device.