Apple sells $46 billion worth of iPhones over the summer as AI helps end slump
Apple snapped out of a recent iPhone sales slump during its summertime quarter
SAN FRANCISCO — Apple snapped out of a recent iPhone sales slump during its summer quarter, an early sign that its recent efforts to revive demand for its marquee product with an infusion of artificial intelligence are paying off.
Sales of the iPhone totaled $46.22 billion for the July-September period, a 6% increase from the same time last year, according to Apple’s fiscal fourth-quarter report released Thursday. That improvement reversed two consecutive year-over-year declines in the iPhone’s quarterly sales.
The iPhone boost helped Apple deliver total quarterly revenue and profit that exceeded the analyst projections that sway investors, excluding a one-time charge of $10.2 billion to account for a recent European Union court decision that lumped the Cupertino, California, company with a huge bill for back taxes.
Apple earned $14.74 billion, or 97 cents per share, a 36% decrease from the same time last year. If not for the one-time tax hit, Apple said it would have earned $1.64 per share — topping the $1.60 per share predicted by analysts, according to FactSet Research. Revenue rose 6% from last year to $94.93 billion, about $400 million more than analysts forecast.
But investors evidently were hoping for an even better quarter. Apple's stock price slipped slightly in extended trading after the numbers came out.
The results captured the first few days that consumers were able to buy a new iPhone 16 line-up that included four different models designed to handle a variety of AI wizardry that the company is marketing as “Apple Intelligence.” The branding is part of Apple’s effort to distinguish its approach to AI from rivals such as Samsung
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