In fiscal fourth quarter, Apple revenue grew to 6% as sales of iPhones revive and the company seen growth in all its business units save for the category that includes wearable devices.
Apple CEO Tim Cook mentioned in a conference call that iPhone sales set a revenue record in September, with growth in every geographic segment.
Apple Gain this Quarter
After two consecutive quarters of declining sales, Sales of Apple’s all-important iPhone grew by 5.4 percent to $46.2 billion. Recently Apple has released its new iPhone 16 in September month, which shows only about one week’s worth of sales were included in the fourth quarter’s results. and also total sales in the three months ended September 28, increased year over year to $94.9 billion.
Apple shares initially rebound between positive and negative state after the earnings report’s release, but then settled with decline trend between 1 and 2 percent, to roughly value $224 per share.
As per Apple’s quarterly results, Mac computers made a 1.3% increase in sales to $7.7 billion, while iPad sales grew by 7.8% to $6.9 billion. However, categories like wearables, home, and accessory group, which includes the Apple Watch, AirPods, and the costly Apple VisionPro headset seen decline sales trend in the quarter. Net sales for the unit fell 3% year over year to $9 billion.
“This is just the beginning of what we believe generative AI can do” – Apple CEO Tim Cook in conference call.
All About Apple AI
As per the results, first few days that consumers were able to buy a new iPhone 16 which included four different models designed to handle a variety of AI wizardry that the company is marketing as “Apple Intelligence“. The branding is part of Apple’s attempt to distinguish its approach to AI from rivals such as Samsung and Google that got a head start on bringing the technology to smartphones.
Apple also planning to expand the Apple AI into other countries in the months ahead, as well as roll out other software updates that will inject even more of the technology in the iPhone 16 and two high-end iPhone 15 models. Investors are betting that as Apple’s AI becomes more broadly available, it will prompt a rush of upgrades among the hundreds of millions of consumers who are using older iPhones that will seem sadly outdated because they can’t handle the latest technology.
