Apple's iPhone sales better than expected as demand picks up ahead of AI launch

iPhone revenue exceeded expectations, cushioning sales decline in China. Discounts offered in China to compete with local brands. Strong anticipation for iPhone 16 series launch in September.

Chief Financial Officer Luca Maestri noted better-than-expected iPhone results, outperforming the previous cycle. AI features driving demand, expecting a strong upgrade cycle for iPhone 16 series.

Despite a decline in Greater China sales, Maestri mentioned that China sales fell less than 3% when excluding foreign exchange impacts. Apple unveiled Apple Intelligence, driving potential device upgrades.

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