Apple Earnings Rise as Economic Gloom Hits Tech
Apple Inc. on Thursday reported revenue and profit that topped Wall Street targets, one of the few bright spots in a tech sector battered by spending cutbacks due to inflation.
The forecast for the holiday quarter was more grim. While not providing specific numbers, Apple said revenue growth would fall below 8 percent in the December quarter but did not go as far as Amazon.com, whose dire holiday outlook sent its shares down 14 percent.
Apple shares initially dipped in after-hours trading but recovered in positive territory.
The Cupertino, California-based tech giant was saved by its oldest technology, its laptop computers, while its star, the iPhone, stumbled….