On July 29, Apple released its financial results for the third quarter of fiscal year 2022, which ended on June 25. iPhone sales rose 2.8% to $40.7 billion, with total revenue of $83 billion and net a profit of $19.4 billion. Previously, the outside world had predicted that iPhone sales may fall by about 2.5% this quarter.

According to data from market research firm Canalys, the overall global smartphone market fell by 9% in the second quarter of this year, but iPhone users are more sticky to iPhone series and Apple are less affected by the external economic environment than other smartphone brands.

Apple CEO Tim Cook said that Apple attracted many people from Android users to iPhone users this quarter. And he also talked about the China June 18 shopping festival and the recent rare discounts on Apple's official website in China. He believes that "The day June 18th is an important shopping festival in China. Before that day, our results were very good."

According to the data of market research firm Strategy Analytics, Apple accounted for half of the 14 million smartphones sold during June 18 shopping festival. Cook said that Apple China's four-day iPhone price cut from July 29 to August 1 has nothing to do with "clearing inventory".

The results for the third fiscal quarter were generally slightly above the analysts' expectations, which in some way alleviate investors' concerns regarding to supply chain shortages and the impact of the global economic situation.

Bloomberg reported earlier this month that Apple has plans to slow hiring and spending due to concerns about the economy, and Cook said in an interview that the company would even consider various investments and spending amid a slowing economy.

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