Apple surpasses expectations as tech companies struggle in slow economy

The tech firm reported sales and profit of $83bn, in a positive sign for the company which lost its most valuable status earlier

Apple reported higher-than-expected profit and sales as demand for iPhones holds steady even amid inflation and the challenges of an economic slowdown.

Sales and profit for the quarter were $83bn and $1.20 a share, according to Apple, surpassing Wall Street expectations. The report is a positive sign for the company, which earlier this year lost its status as the most valuable company in the world to the oil giant Saudi Aramco. The company's shares rose by 2.6% after hours in response to the news.