FILE PHOTO: Apple CEO Tim Cook attends the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023.Apple’s , opens new tab quarterly results and forecast beat modest expectations on Thursday, as the iPhone maker unveiled a record share buyback program, sending its stock up 6% in extended trade.
For Apple’s current quarter, which ends in June, Cook told Reuters the iPhone maker expects “to grow low-single digits” in overall revenue. Wall Street expected 1.33% revenue growth to $82.89 billion, according to LSEG data. On the regulatory front, Apple’s services business, which contains its lucrative App Store and was one of the few areas of growth in the fiscal second quarter, is under pressure from a new law in Europe.
Apple has said little about its product plans for artificial intelligence, the technology on which rivals Microsoft , opens new tab and Alphabet’s , opens new tab Google are placing huge bets. The company started ramping up research and development spending last year, and Cook said the company has spent more than $100 billion on R&D in the past five years.