Apple Reports Record Revenue Despite Slower iPhone Sales Growth

Overview

• 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.