"Apple's topline and iPhone revenues last quarter were strong. Total revenue was up 8% to $102.5 billion, and per-share earnings rose 13% to $1.85. Tim Cook, Apple's CEO, said, "Today, Apple is very proud to report a September quarter revenue record of $102.5 billion, including a September quarter revenue record for iPhone and an all-time revenue record for Services." iPhone sales rose from $42.6 billion in the year-ago quarter to $49 billion. But the good news ended there."
"Apple is still, by most definitions, in last place in the AI race across America's mega-cap tech companies. It has no public-facing AI product. It does not have a cloud business on which it can use AI to capitalize. In fact, Apple is at least a year behind the industry. Apple was supposed to announce advanced AI features with the launch of the iPhone 17."
Warren Buffett sold more Apple shares in the most recently reported quarter. Apple reported total revenue of $102.5 billion, up 8%, and per-share earnings of $1.85, up 13%. iPhone sales increased to $49 billion from $42.6 billion year-over-year. Greater China revenue declined to $14.5 billion from $15.0 billion, making Greater China 14% of revenue. Year-to-date stock performance is up 14%, roughly matching the broader market. Apple has no public-facing AI product and lacks a cloud business for AI deployment, leaving it about a year behind competitors. Planned AI features tied to iPhone 17 were missed and no AI product is due until early next year.
Read at 24/7 Wall St.
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