Apple reported a rebound in iPhone sales during its summer quarter, with revenue reaching $46.22 billion for the July-September period, a 6% increase from the previous year, following two consecutive quarters of decline, AP News reports.
This growth helped Apple achieve a total revenue of $94.93 billion and earnings of $14.74 billion, a 36% decrease from the same time last year, despite a significant one-time tax charge of $10.2 billion related to back taxes from a recent European Union court ruling. However, Apple’s forecast season suggested slower revenue growth than expected for the upcoming holiday season, leading to a 2% dip in Apple’s stock price.
The quarter included the launch of the new iPhone 16 lineup, which incorporates artificial intelligence features marketed as “Apple Intelligence.” However, the technology was only activated with a recent software update, and some features, including improvements to Siri, are currently only available in the US. Apple CEO Tim Cook announced plans to expand these AI features internationally by December and introduce additional updates.
