Day: August 3, 2023

Apple posted its third quarter in a row of its net sales going down as it released its financial results for its Q3 2023 on Thursday afternoon.

The tech giant, led by CEO Tim Cook, said its products and services brought in a total of $81.8 billion in net sales in the third quarter, falling 1.4% compared to the $82.96 billion in the same three-month period in 2022. Refinitiv analysts had projected $81.69 billion.

Apple’s first and second quarters, released in February and May, respectively, previously showed year-over-year declines in overall net sales. For the first quarter, it was a 5.5% decrease while the second’s was 2.5%.

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For the third-quarter, iPhones generated net sales of $39.67 billion, somewhat below Refinitiv estimates of $39.91 billion. On an annual basis, they fell 2.4%, according to Apple.

Cook noted in a statement that the tech giant “saw continued strength in emerging markets thanks to robust sales of iPhone.”

Two of its other product-related categories – iPad and Wearables, Home and Accessories – also did not surpass analyst expectations, with the former generating $5.79 billion in net sales and the latter doing $8.28 billion. Mac’s $6.84 billion in quarterly net sales, however, did.

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Apple “had an all-time revenue record” for its Services segment, according to Cook. It previously said that about the first and second quarters.

Net sales for the segment rose 8.2% from last year’s third quarter, hitting $21.21 billion. The tech giant’s CEO said that feat was “driven by over 1 billion paid subscriptions.”

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Refinitiv analysts had estimated the segment would generate $20.76 billion.

Diluted earnings per share for the third quarter, at $1.26, rose six cents from the same time frame last year. That, too, was above the $1.19 that analysts had anticipated.

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NASA announced Thursday that it signed a mission order with Axiom Space for a fourth crew to visit the International Space Station, with no specific launch date. 

Axiom Mission 4 (Ax-4) is expected to spend up to 14 days docked to the space station. A launch date for the fourth private astronaut mission is expected to occur no earlier than August 2024, NASA said. 

The crew will depart for space from the Kennedy Space Center in Cape Canaveral, Florida.

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“I am pleased to see another milestone in our efforts to transition low Earth orbit from primarily a government-sponsored activity to one where NASA is one of many customers,” said Phil McAlister, director of commercial space at NASA Headquarters in Washington. 

“NASA has been directed to develop commercial platforms to sustain a continuous United States presence in low Earth orbit and to transition beyond International Space Station operations,” he added. “These private astronaut missions are helping to pave the way for that transition.”

The Axiom crew members will train with NASA and SpaceX for their flight. Axiom said it has contacted SpaceX as the launch provider to and from the space station. 

“Our Axiom Space team is looking forward to a fourth mission to the ISS,” said company President and CEO, Michael Suffredini. “Each mission allows us to build on the foundation we have set for the world’s first commercial space station, Axiom Station, preparing our teams and orbital platform to succeed ISS operations in low-Earth orbit (LEO).

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NASA and Axiom first signed a mission order in 2021. A second mission was launched on May 21, which included the first Saudi astronauts, including the first Saudi female to go to space, to live and work at the space station. 

A third is set to launch no earlier than January 2024. 

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Copper Beech Farm, with 50 acres of waterfront property in the tony New York suburb of Greenwich, has sold for just under $139 million, believed to be a record home sale in Connecticut, Sotheby’s International Realty said Thursday

The estate, once owned by a family that helped start what is now U.S. Steel, dates back to the late 19th century. The main house is a 13,500-square-foot mansion with eight bedrooms and eight bathrooms. There also is a three-bedroom gatehouse and a two-bedroom carriage house with a clock tower.

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The estate includes a swimming pool, a grass tennis court, an apple orchard and two private beaches along Long Island Sound.

“We always have significant demand for Greenwich waterfront,” listing agent Leslie McElwreath of Sotheby’s International Realty said. “This is the ultimate in Greenwich waterfront in terms of the overall acreage size and the unprecedented amount of shoreline associated with it.”

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McElwreath said the property, which last sold in 2014 for about $120 million, was listed in February at $150 million and ultimately sold for $138,830,000. She would not disclose the buyer or seller.

The Wall Street Journal reported the seller is a limited liability company tied to Bridgewater Associates, the hedge fund founded by billionaire Ray Dalio.

It is the most expensive home ever sold in Connecticut, McElwreath said.

“It was when it was last sold and I can tell you we have not had a sale to exceed it since then,” she said. “I cannot tell you where it stands in terms of sales in the United States. … I’d say it’s in the top 20, but it’s almost impossible to verify that particular number.”

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