Apple profit fall 11%

Tech giant company Apple has also been affected by the global economy. Recently, the company said that their profit has dropped to 11 percent in three months till June. The same thing happened last year too when China's zero covid policy caused problems in the supply chain. The company also reported that its revenue rose two percent to $83 billion compared to last year. It was the largest revenue reported in the third quarter. All in all, Apple's growth has been very slow this year.

According to CNN, sales in Greater China, Apple's most important location, fell 1 percent last quarter. However, the company still topped Wall Street's estimates in terms of sales and profits. Again the shares of the company increased by 4 percent.

CNN also reported that the company has 860 million current paid subscriptions. This number has increased by 160 million compared to last year.

Luca Maestri, the company's CFO, said 'Our results for this quarter are a testament to the fact that we have been able to continue the business in a challenging operational environment.’ He feels that their business has not suffered much in the basic economy and the Covid related situation. He said that the supply problem may also be less than before.

Meanwhile, Tim Cook said, "Our organization has plans to continue hiring and invest in certain areas. But it will be done with a lot of calculations".