Apple Inc. announced a revenue of $94.9 billion for its fourth quarter, surpassing Wall Street expectations of $94.4 billion. The company reported earnings per share (EPS) of $1.64, exceeding the forecast of $1.60.
iPhone sales contributed $46.2 billion, a rise from $43.8 billion year-over-year. Revenue from Apple's services division also increased from $22.31 billion to $24.97 billion.
Despite strong iPhone 16 demand, sales in China experienced a slight decline. CEO Tim Cook emphasized the launch of the iPhone 16 and the introduction of Apple Intelligence, an AI feature aimed at enhancing user experience.
However, Apple has faced challenges, including a ban on iPhone 16 sales in Indonesia due to unmet investment promises. Additionally, the company continues to navigate competition from Huawei and Xiaomi in the smartphone market.
Investors are keenly observing updates regarding the rollout of Apple Intelligence, which aims to compete with existing AI technologies from Google and OpenAI.