Apple beat Wall Street sales expectations in its fiscal fourth quarter, thanks to early sales of the iPhone 16, a set of phones designed for new Artificial Intelligence (AI) features that went on sale near the end of the quarter.
Apple said sales were $94.93 billion, exceeding Wall Street targets of $94.58 billion.
Net profit amounted to $14.7 billion, a drop of 36 percent compared to the same quarter last year due to a fine in Europe of $13 billion.
Sales of the iPhone – the company’s main product – increased 5.5 percent to 46.22 billion dollars, compared to the 45.47 billion expected by analysts.
Apple’s fourth quarter ended on September 28, meaning it reflects only a few days of sales of its iPhone 16 series that went on sale on September 20.
Apple Chief Executive Tim Cook told Reuters that sales of the iPhone 16 grew faster than those of the iPhone 15 a year earlier, with both phones on sale for the same number of days in the fourth quarter.
Rather than introducing AI into a standalone app or service, Apple has spread it across its latest operating systems in the form of new features, such as the ability to help rewrite an email in a more professional tone.
The features will be available primarily on the iPhone 16 models, which have more powerful computing chips, although the pro versions of the iPhone 15 are powered by Apple Intelligence.
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