Apple reported fiscal third-quarter earnings that beat Wall Street expectations for sales and profit

Analysts expect the company to earn $1.16 a share on sales of $82.8 billion.

That would translate to a year-over-year decline of 11% in earnings.

Apple’s revenue rose 2% during the quarter, compared to 36% growth during the same period last year and over 8% growth in the March quarter. 

Here are the key numbers compared to what Wall Street was expecting:

• EPS: $1.20 vs. $1.16 estimated, down 8% year-over-year 
• Revenue: $83 billion vs. $82.81 billion estimated, up 2% year-over-year 
• iPhone revenue: $40.67 billion vs. $38.33 billion estimated, up 3% year-over-year 
• Services revenue: $19.60 billion vs. $19.70 billion estimated, up 12% year-over-year 
• Other Products revenue: $8.08 billion vs. $8.86 billion estimated, down 8% year-over-year 
• Mac revenue: $7.38 billion vs. $8.70 billion estimated, down 10% year-over-year 
• iPad revenue: $7.22 billion vs. $6.94 billion estimated, down 2% year-over-year 
• Gross margin: 43.26% vs. 42.61% estimated 

Three months ago, Apple warned that Covid-related shutdowns in China would negatively impact its June-quarter performance. 

It also faces weakening consumer spending.

However, Apple’s stock has been rising ahead of its earnings report.

On the stock market today, Apple stock jumped 3.4% as investors waited for the earnings report.

Risks are rising for Apple but they already are reflected in AAPL stock price, Deutsche Bank analyst Sidney

Ho said in a note to clients this week. He rates AAPL stock as buy with a price target of 175.

Ho expects Apple to fare better than its peers despite a challenging environment.

“We believe the company has managed its supply chain better than it planned a quarter ago, while it continued to gain share in an otherwise difficult quarter for smartphones and PCs,” Ho said.

“Looking forward, we expect Apple’s outlook to lean more cautious to reflect the current environment.”