Apple results top estimates as iPhone escapes economic slump

The Apple Inc logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar

July 28 (Reuters) – Apple Inc (AAPL.O) on Thursday reported profit and sales that beat Wall Street expectations, navigating parts shortages better than predicted and benefiting from unceasing demand for iPhones even as inflation has consumers tightening other spending.

Shares rose 3.2% after hours following the release of the results.

Apple said sales and profit for the quarter ended June 25 were $83.0 billion and $1.20 per share, above estimates of $82.8 billion and $1.16 per share, according to Refinitiv data.

Apple is expected to give a forecast for the current fiscal fourth quarter during an investor call, but Chief Financial Officer Luca Maestri told Reuters there…