Jul 28, 2022

Apple and Amazon sales up despite rising prices

Amazon forecast in a trading update that higher fees for its Prime membership would boost its bottom line, while Apple said demand for its all important iPhone remained strong. "Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment," said Apple's chief operating officer Luca Maestri, adding the company expected growth to pick up again in the months ahead.Overall, Apple sales rose 2% year-on-year between April and June period to $83bn. Sales of iPhones continued to power the company's gains, as supply constraints held back sales of other products. Its services business, which includes Apple Pay and its streaming music and television services, also grew 12%.Meanwhile, Amazon said its revenues were up 7% to $121.2bn, despite its e-commerce business being hit in recent months. The company continues to be shielded by the strength of its clouding computing division, AWS, which saw sales soar by 33%.Amazon this spring spooked investors, as its online sales softened and it warned it had spent too heavily to hire and add warehouses in a bet that pandemic-era shopping patterns would continue.

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