Apple reported earnings that narrowly missed analysts' expectations, causing shares to fall in aftermarket trading despite enjoying a boost from iPhone sales.
The company reported quarterly revenue of $94.9 billion for the three months ended Sept. 28, up from the same period last year, a report closely watched as investors try to gauge demand for its latest iPhones.
Revenue in Greater China, however, showed weakness, falling slightly year-on-year to $15 billion.
Apple's iPhone sales totaled $46.2 billion, compared with expectations of $45.2 billion for the company's key product.
"Today, Apple reported a new revenue record for the September quarter," Chief Executive Tim Cook said in a statement, adding that the quarter included the company's launch of its new iPhone 16 line.
Investors have been watching demand for new iPhones with artificial intelligence features, and Apple released its iPhone 16 in September.
Since then, the company has released its first set of artificial intelligence features, dubbed "Apple Intelligence," in its premium iPhone, iPad and Mac devices - marking its major push into the field of generative artificial intelligence.
In addition to Apple, other tech giants like Google, Microsoft and Amazon are convinced that generative artificial intelligence capabilities are the next chapter of computing - and they're ramping up spending to make sure they don't get left behind.| BGNES
