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Apple Will Be ‘Deliberate’ With Spending as It Confronts Economic Slowdown, CEO Says

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Apple Will Be ‘Deliberate’ With Spending as It Confronts Economic Slowdown, CEO Says
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(Bloomberg) -- Apple Inc. will be “deliberate” with spending decisions as it confronts an economic slowdown, Chief Executive Officer Tim Cook said in an interview with Bloomberg Television alongside third-quarter earnings results.

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“We believe in investing through downturns -- we’ve always done that. We’ve always found out that it made us stronger on the other side,” Cook said on Thursday. “That’s the frame of mind we go into with this one. Obviously we’re being deliberate in our decisions of where to invest.”

Apple Inc. reported third-quarter results that narrowly beat Wall Street estimates, lifted by better-than-expected iPhone sales. But some categories, such as the Mac and wearables, didn’t fare as well as projected.

In the interview, Cook said that he expects revenue to accelerate in the fourth quarter despite seeing “some softness in some areas.” He said that he believes “macroeconomic headwinds” affected the company in the third quarter, including in its wearables and digital advertising businesses. He said that supply constraints hit the Mac and iPad during the third quarter as well, but demand for the iPad remained strong.

In China, the company saw “significant improvement” in June for both supply and demand, Cook said.

“In the run-up to June 18, which is a key shopping holiday in China, we had some really strong results.” He also said Apple’s four-day iPhone discount sale in the region, starting Friday, has “zero to do with clearing inventory.”

Bloomberg reported earlier this month that Apple would slow spending and hiring across some of its teams in 2023.

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