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Apple narrowly beats estimates with boost from iPhone sales

Economic Times

Economic Times · 10m ago

Apple narrowly beats estimates with boost from iPhone sales

Apple reported quarterly revenue of $94.9 billion, slightly surpassing analysts' expectations. The boost in sales came from strong iPhone sales, although there was weakness in revenue from greater China. The company also faced a back-tax charge of $10.2 billion related to a ruling by the EU Court of Justice. Apple's services segment, including Apple Music, iCloud, and the App Store, achieved a new all-time high with revenue of $25 billion. The company's shares were down two percent in after-hours trading following the announcement.

Related News

Apple’s iPhone 16 rings record-breaking expectation in India for festive quarter

Livemint

Livemint · 11m ago

Apple’s iPhone 16 rings record-breaking expectation in India for festive quarter

Apple Inc. is expected to see a boost in iPhone sales in India, with estimates suggesting up to a 20% increase in the next three months. This surge in sales is driven by discounts and product launches during the festive season, as well as growing consumer demand for Apple's latest AI-powered offerings. Analysts predict that Apple's revenue in India could reach $15 billion by 2024-25. In contrast, the company's new smartphone lineup received a lukewarm response from shareholders in the US, who were concerned about the over-reliance on AI.

Apple set for biggest revenue jump in two years

Economic Times

Economic Times · 10m ago

Apple set for biggest revenue jump in two years

Apple is set to report its biggest quarterly revenue increase in two years, buoyed by strong iPhone demand, particularly in China. The spotlight will be on the company's commentary regarding its fiscal first quarter, particularly with regards to the success of the iPhone 16 series and Apple Intelligence. Investors are concerned that the slow rollout of Apple Intelligence could delay a highly anticipated sales boost. Despite competition from Huawei and other domestic players in key markets like Europe and China, Apple is expected to announce a 3.8% increase in iPhone sales for the quarter.

Apple pins hopes on AI for iPhone upgrades as China sales falter

Economic Times

Economic Times · 1y ago

Apple pins hopes on AI for iPhone upgrades as China sales falter

Apple reported better-than-expected third-quarter iPhone sales and predicted further growth as it focuses on artificial intelligence (AI). The company's revenue forecast for its fiscal fourth quarter is in line with Q3's 4.9% increase. Although iPhone sales in China declined by 6.5%, they were better than anticipated. Apple has been offering discounts in China to compete with local rivals such as Huawei. The company is set to launch its AI-driven iPhone 16 series in September, and analysts believe it will boost sales. Apple faces three antitrust probes in the EU and a monopoly accusation from the US Department of Justice.

Apple shares rise after positive sales outlook signals iPhone recovery

Economic Times

Economic Times · 7m ago

Apple shares rise after positive sales outlook signals iPhone recovery

Apple shares rose post-market after projecting better-than-expected sales, signaling a potential iPhone recovery bolstered by new AI features. Higher-than-anticipated sales of iPads and Macs, due to innovative chips, helped offset weaker iPhone and China revenues last quarter. CEO Tim Cook highlighted that AI features enhance product appeal, noting plans for broader language support. Despite cautious AI rollouts, strong services and ecosystem growth counterbalance iPhone challenges, particularly in China. Sales across services and hardware largely surpassed Wall Street estimates.

Apple close to winning Indonesian approval to end iPhone 16 ban

Economic Times

Economic Times · 8m ago

Apple close to winning Indonesian approval to end iPhone 16 ban

Apple is close to lifting the ban on iPhone 16 sales in Indonesia after President Prabowo Subianto approved a $1 billion investment from the tech giant. Indonesia initially banned the sale of the flagship device due to noncompliance with domestic content requirements. Apple presented an expanded investment plan, including setting up a plant in Batam to produce AirTags and another plant in Bandung for accessories. The investment aims to gain access to Indonesia's large consumer base and support the government's efforts to boost local manufacturing. However, there is no official timeline for the resumption of iPhone sales.

Apple teams up with Alibaba to bring AI features for iPhones in China: Report

Economic Times

Economic Times · 6m ago

Apple teams up with Alibaba to bring AI features for iPhones in China: Report

Apple is collaborating with Alibaba to introduce artificial intelligence features for iPhone users in China, addressing market competition and previous AI strategy uncertainties. This partnership follows an unsuccessful attempt with Baidu last year. The AI tools, currently awaiting approval from China's cyberspace regulator, aim to boost iPhone sales, which dipped due to a lack of advanced features. Apple's decision is influenced by Alibaba's extensive data, aiding in creating personalized services. Stock reactions include gains for both companies.

Huawei beats Apple to reclaim ‘Top Spot’ in China's smartphone market: Report

Livemint

Livemint · 1y ago

Huawei beats Apple to reclaim ‘Top Spot’ in China's smartphone market: Report

Apple has slipped to fifth place in China's smartphone market for the first quarter of 2024, marking a significant decline for the tech giant in the region. Huawei returned to the top position, followed by Oppo, Honor, and Vivo. Apple's decline comes at a challenging time, as it faces a 25% year-on-year decrease in iPhone sales in China. Huawei's success is attributed to its Mate and nova series, with a notable increase in shipments. Apple will need to find new ways to regain its footing in the Chinese market.

Apple AI expected to star as new iPhones are unveiled

Economic Times

Economic Times · 11m ago

Apple AI expected to star as new iPhones are unveiled

Apple is set to release its new line of iPhones, featuring generative AI capabilities, hoping it will boost sales. The tech giant has been secretive about its plans for the launch event, titled "Glowtime." With iPhone sales accounting for around 60% of Apple's revenue, the company is banking on the appeal of new AI features to entice customers. Apple's new suite of software features, called Apple Intelligence, will be introduced, including AI-infused image editing, translation, and revamped Siri capabilities. This move aims to change the perception that iPhone updates are solely incremental hardware and software improvements.

Foxconn starts iPhone 17 production at $2.8B Bengaluru plant

YourStory

YourStory · 11d ago

Foxconn starts iPhone 17 production at $2.8B Bengaluru plant

Foxconn's $2.8 billion Bengaluru plant, its second-largest manufacturing unit, has commenced small-scale production of the iPhone 17. Initially disrupted by the abrupt departure of Chinese engineers, production resumed with experts from Taiwan and other locations. Apple plans to boost iPhone production significantly in the coming year. In 2025, Apple increased iPhone production in India and most iPhones sold in the US originated from there. Foxconn's additional unit complements its existing Chennai operations.

Apple adds ChatGPT to iPhone in latest iOS update

Economic Times

Economic Times · 8m ago

Apple adds ChatGPT to iPhone in latest iOS update

Apple is integrating OpenAI's ChatGPT into its devices, including iPhones, iPads, and Mac computers, as part of its AI-powered tools deployment. The ChatGPT integration allows Siri to tap into the chatbot's expertise, helping users with queries about photos, documents, and generating written content across various apps. This move aims to boost sales during the holiday shopping season and addresses investor concerns about the strength of the iPhone sales cycle. The AI features will be available on the latest iPhone and Pro models, as well as certain iPad and Mac versions.

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