Apple has shown signs of a rebound in iPhone sales, reporting a 6% increase in sales totaling $46.22 billion for the July-September quarter. This growth marks a turnaround from two consecutive year-over-year declines in iPhone sales. The positive performance in iPhone sales contributed to Apple exceeding analyst projections for total quarterly revenue and profit, despite a one-time charge of $10.2 billion related to back taxes.
Apple's revenue for the quarter reached $94.93 billion, a 6% increase from the previous year and slightly higher than analysts' forecasts. However, the company's stock price dipped by about 2% in extended trading following a forecast for the October-December quarter that fell short of some analysts' expectations.
The latest quarterly results coincided with the launch of the new iPhone 16 lineup, featuring models designed to leverage artificial intelligence capabilities marketed as 'Apple Intelligence.' These AI features were activated through a recent software update, enhancing Siri's functionality and introducing other technological advancements.
Apple CEO Tim Cook highlighted the company's plans to expand AI features to more countries in December and introduce additional updates to enhance the AI capabilities of the iPhone 16 and high-end iPhone 15 models. The goal is to leverage generative AI technology to drive consumer interest and encourage upgrades to newer iPhone models.
Investors are optimistic about the potential of Apple's AI technology to drive sales growth, although some analysts suggest that consumer excitement around these features could be stronger. The pressure is on Apple to continue impressing the public with innovative AI offerings to accelerate iPhone sales further.
