- Apple on Thursday reported a smaller than expected decline in quarterly revenue, and Chief Executive Tim Cook told Reuters the company expects a return to sales growth in the current quarter as it invests in AI features to be unveiled in the coming months.
Apple faces a raft of challenges across its business. Smartphone rivals such as Samsung Electronics have introduced competing devices aimed at hosting artificial-intelligence chatbots. Excluding that one-time phenomenon, iPhone sales were down only slightly as the Cupertino, California, company's signature product faces stiff competition. In China, Huawei Technology has gained market share.But Apple's revenue decline in China was not as steep as analysts expected, with Greater China sales of $16.37 billion for the fiscal second quarter that ended March 30, down 8.1% and above analyst expectations of $15.59 billion, according to data from Visible Alpha.
Apple's quarterly earnings per share were $1.53, above Wall Street estimates of $1.50, according to LSEG data. "They were really driven by the strength of the new MacBook Air that's powered by the M3 chip," Cook said. "About half of our MacBook Air buyers during the quarter were new to the Mac." Apple also increased its cash dividend by 4% and authorized an additional program to buy back $110 billion of its stock.
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