Apple's fiscal fourth-quarter results beat Wall Street expectations for revenue and earnings per share but net income slumped after the company p

Apple sales rise 6%, company seeing early iPhone 16 demand

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2024-10-31 21:30:09

Apple's fiscal fourth-quarter results beat Wall Street expectations for revenue and earnings per share but net income slumped after the company paid a one-time charge as part of a tax decision in Europe.

Overall iPhone revenue grew 6% in the first sign of how the iPhone 16 is fairing in the market. Apple's newest devices came out on Sept. 20, giving Apple about a week of new product sales in the quarter. It's still Apple's most important product, accounting for nearly 49% of the company's overall sales.  

Sales of the iPhone 15 were "stronger than 14 in the year-ago quarter, and 16 was stronger than 15," Apple CEO Tim Cook told CNBC's Steve Kovach.  

Cook said that the company was looking forward to Apple Intelligence, the AI system for iPhones and Macs that started to roll out this week as part of the iOS 18.1 update.  

"We're getting great feedback from customers and developers already and a really early stat, which is only three days worth of data: Users are adopting iOS 18.1 at twice the rate that they adopted 17.1 in the year ago quarter," Cook said. 

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