Apple shares rise over 3% after positive sales outlook signals iPhone recovery
1 month, 4 weeks ago

Apple shares rise over 3% after positive sales outlook signals iPhone recovery

Live Mint  

Apple executives on Thursday forecast relatively strong sales growth, a sign the company will recover from a dip in iPhone sales as it rolls out artificial intelligence features. Despite the AI rollout stumbles, Apple's overall sales and profits were boosted by stronger-than-expected sales in its fiscal first quarter of iPads and Macs, where new chips helped persuade customers to upgrade. In an interview, Apple CEO Tim Cook said AI features, called Apple Intelligence, are driving sales of the company's new devices. Overview: Apple Mac, iPad and iCloud Apple's Mac and iPad sales hit $8.99 billion and $8.09 billion respectively, above estimates of $7.96 billion and $7.32 billion, according to LSEG data. "While the company's cautious approach to AI rollout has drawn criticism, robust services growth and ecosystem expansion are providing crucial momentum to help ease its continued iPhone struggles in China," said Emarketer analyst Jacob Bourne.

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