Apple Reports Record Revenue Despite Slower iPhone Sales Growth

CEO Tim Cook highlights record iPhone upgrades and expanding AI features as analysts adjust stock price targets.

Apple achieved its highest-ever quarterly revenue of $124.3 billion, driven primarily by its growing services business.
iPhone sales reached $69.14 billion, a 15% year-over-year increase, but fell short of Wall Street expectations for growth.
The rollout of Apple Intelligence AI features has been slower than anticipated, with limited availability and mixed user feedback on functionality.
CEO Tim Cook emphasized record iPhone upgrade levels and noted stronger iPhone 16 sales in regions where Apple Intelligence is available.
Analysts offered mixed outlooks on Apple stock, with some raising price targets while others cited risks tied to competition and uneven product performance.