Tim Cook says Apple revenue will continue grow despite inflation

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Apple has posted its Q3 earnings this afternoon, just beating estimates with $83 billion in revenue for the quarter. Speaking to CNBC, CEO Tim Cook shared thoughts on doing business in the current economic conditions, expectations for growth during the September quarter, and more.

CNBC’s Steve Kovach talked with Cook just after Apple shared its Q3 earnings. On the economy, Cook said the company is seeing inflation in its “cost structure.”

Speaking further on inflation, he said “We see it in things like logistics and wages and certain silicon components and we’re still hiring, but we’re doing it on a deliberate basis.” That specific comment comes after a recent report from Bloomberg said Apple would be cutting costs with a slowdown in hiring.

Even though it was a narrow beat compared to last year’s Q3, Cook credited “a record level of switchers” and “double digit growth for customers new to iPhone” as helping create a new record with the $83 billion in revenue.

Apple’s Services also grew by 12% for the quarter, helping balance out the drop in Mac, iPad, and wearables for Q3.

Looking ahead to the company’s September quarter which will include new products like iPhone 14, Apple Watch Series 8, and more, Cook is optimistic:

“In terms of an outlook in the aggregate, we expect revenue to accelerate in the September quarter despite seeing some pockets of softness.”

Cook also spoke with Bloomberg’s Emily Chang and added that Apple has seen “significant improvement in China supply/demand” which could another bullish factor for a stronger September quarter.

Check out more details on Apple’s Q3 results in our full coverage:

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