SAN FRANCISCO (AP) - Apple snapped out of a recent iPhone sales slump during its summertime quarter, an early sign that its recent efforts to revive demand for its marquee product with an infusion of artificial intelligence are paying off.
Apple’s iPhone sales bounce back from recent slump amid AI expansion, but stock still dips
SAN FRANCISCO (AP) - Apple snapped out of a recent iPhone sales slump during its summertime quarter, an early sign that its recent efforts to revive demand for its marquee product with an infusion of artificial intelligence are paying off.
Sales of the iPhone totaled $46.22 billion for the July-September period, a 6% increase from the same time last year, according to Apple's fiscal fourth-quarter report released Thursday. That improvement reversed two consecutive year-over-year declines in the iPhone's quarterly sales.
The iPhone boost helped Apple deliver total quarterly revenue and profit that exceeded the analyst projections that sway investors, excluding a one-time charge of $10.2 billion to account for a recent European Union court decision that lumped the Cupertino, California, company with a huge bill for back taxes.
Apple earned $14.74 billion, or 97 cents per share, a 36% decrease from the same time last year. If not for the one-time tax hit, Apple said it would have earned $1.64 per share - topping the $1.60 per share predicted by analysts, according to FactSet Research. Revenue rose 6% from last year to $94.93 billion, about $400 million more than analysts forecast.