Images of Apple Company
Images of Apple Company | Apple Sells iPhones Worth $46 Billion, Surpassing Projections | Image Credit: Free Malaysia Today and Freerange Stock

It appears a silver lining for Apple in the shape of a healthy recovery of iPhone sales for the summer quarter, and a good after-effect of reviving demand through AI enhancements. Apple reported iPhone sales had reached $46.22 billion for the July-September period, which is up 6% from last year during the same time frame and wipes out two straight declines in quarterly iPhone sales.

Improved iPhone sales contributed to a stronger overall financial performance, with Apple posting revenue and profit figures that exceeded analysts’ projections. Excluding a one-time charge of $10.2 billion stemming from a recent European Union court decision over back taxes, Apple earned $14.74 billion, or 97 cents per shareโ€”a 36% drop from last year. Besides that, without the tax charge, Apple’s earnings would have been $1.64 per share. That is above the expectation of analysts at $1.60. Revenue in the quarter increased by 6% to $94.93 billion, about $400 million more than that estimated by analysts.

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Even though those were strong numbers, investors were a little puzzled with Apple’s outlook for the fourth quarter, which spans October through December and the all-important holiday season, prompting Apple’s stock to decline by 2% in after-hours trading Thursday. Shares, at about $221, are still well off the October high of $237.

During this quarter, the new iPhone 16 was released, this time in four models to take care of a myriad of features enabled through AI, a term that Apple branded as “Apple Intelligence.” The uniqueness of the technology will allow it to stand at a level much above its contemporaries: Samsung and Google, for example, whose smartphones are already embedded with similar technologies.

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Sales and AI development growth also suggest that Apple has been taking on tread innovation with strength while maintaining excellent sales momentum in its competitive marketplace.

To Read More: Finance

By Haider Shah

Haider Shah is a highly experienced content writer with 6 years of experience, covering business, finance, and tech-related news. He can produce factual, well-researched articles suitable for professional readers.

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