Apple remains the FAANG’s most resilient business. While other large technology firms (like an alphabet and Microsoft and Facebook) report gloomy news, Apple managed to set new records, increased the number of switches from Android to iPhone, but still slightly exceeded expectations.

The company reported its Q4 earnings late Thursday.

Decent results in a terrible week in tech

Overall, Apple’s quarterly results were decent in an otherwise terrible tech week. Total sales reached a new record of $90.1 billion, up 8% year over year for earnings of $1.29 per share.

Wall Street consensus expectations were hovering around 88.9 billion for $1.27 a share. (It is worth noting that grades from Morgan Stanley’s new Apple analyst Eric Woodring came the closest of all). Gross profits reached 42.3%.

However, the relative weakness in some segments speaks to the challenges we all face. “We are still living in unprecedented times,” said CEO Tim Cook, citing economic challenges, the war in Ukraine, COVID-19 and climate-related crises. “The world continues to be unpredictable.

On a year-over-year basis, revenue reached a new record of $394.3 billion, up 8%.

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