Apple Reports Record Quarterly Revenue Amid Lower AI Spending
Apple beat analyst estimates with $114 billion in revenue for the September quarter, demonstrating strong sales growth across its core hardware and services segments.
Apple posted record revenue of over $114 billion for the September quarter, surpassing market expectations of $113.4 billion. The company reported earnings of $2.10 per share, outperforming the projected $1.99. This marks the first quarterly report published under new CEO John Ternus, who assumed the role on September 1.
Financial gains were driven by a 17 percent increase in iPhone sales and an all-time high of $31 billion in services revenue. Additionally, the company saw a 21 percent rise in sales within the Greater China region.
Apple’s performance remains distinct among the 'Magnificent 7' tech stocks, as it has achieved these results while maintaining significantly lower spending on artificial intelligence compared to its peers. The company's stock has risen over 24 percent year-to-date, more than doubling the performance of the S&P 500.