Apple reported revenue of $90.8bn, down 4% year-over-year, but surpassing anticipated earnings of $90.1bn. iPhone revenue was $45.96bn, down 10% from last year, missing Wall Street's $46bn estimate. The company also declared a $0.25 cash dividend and authorized a $110bn stock buyback.
Forrester's Thomas Husson stated, 'Apple's shift to a service business model is a robust approach to compensate for its dependence on iPhone sales performance.' Apple unseated Samsung as the largest smartphone provider in 2023, but faces competition from Chinese brands.
Samsung reclaimed the top spot among smartphone makers in early 2024, with lighter shipment declines than Apple. Cook announced Apple's focus on generative AI investments, highlighting the MacBook Air for AI capabilities and expressing bullishness in this area.
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