The Globe and Mail reports in its Friday edition that Apple executives on Thursday forecast gross margins above expectations despite predicting a slight fall in revenue in the company's current third quarter. A Reuters dispatch to The Globe says that the forecast came after Apple reported fiscal second-quarter revenue and profit above Wall Street's expectations, with iPhone sales rising and wearables sales slipping less than analysts had feared despite a continuing slump in the consumer electronics market and a cloudy economic outlook. Sales for its fiscal second quarter ended April 1 fell 2.5 per cent to $94.84-billion, better than analyst expectations of a 4.4-per-cent decline to $93-billion (all figures U.S.). Profit was flat at $1.52 a share, compared with estimates of a 5.7-per-cent fall to $1.43 a share. Chief financial officer Luca Maestri said Apple's gross margin will be between 44 per cent and 44.5 per cent, above estimates of 43.7 per cent, but he also said Apple's revenue will likely decline slightly. Apple's stock has outperformed most of Wall Street in 2023, up 28 per cent year-to-date, with investors seeing the world's most valuable company as a defensive play during a time of economic uncertainty.