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Apple exceeds iPhone sales forecast, expects growth amid challenges in China
(MENAFN) Apple Inc. reported stronger-than-expected Iphone sales for the third quarter and projected continued growth, banking on advancements in artificial intelligence to attract consumers. The company's shares rose nearly 1 percent in after-hours trading, outperforming many other technology stocks that experienced declines. This positive performance comes as Apple prepares to launch what analysts anticipate will be the most significant software update to the iPhone, featuring new artificial intelligence capabilities, just as competitors like Samsung have been quicker to introduce similar technologies.
For the fiscal fourth quarter, Apple expects revenue growth to mirror the 4.9 percent increase reported for the April-June period, which exceeded analysts' forecasts. iPhone sales also showed improvement, declining by just 0.9 percent compared to the 2.2 percent drop anticipated by analysts. Chief Financial Officer Luca Maestri noted in an interview that the iPhone 15 series has performed better than the previous iPhone 14 cycle, indicating strong early results.
Despite these positive figures, Apple's business in China, its third-largest market, continues to struggle. Sales in China fell by 6.5 percent, which, although an improvement from the 8.1 percent decline of the previous quarter, was larger than the expected 2.4 percent drop. Excluding currency effects, Maestri reported that sales in China were down less than 3 percent and expressed satisfaction with Apple's performance in the region given the overall economic challenges.
For the fiscal fourth quarter, Apple expects revenue growth to mirror the 4.9 percent increase reported for the April-June period, which exceeded analysts' forecasts. iPhone sales also showed improvement, declining by just 0.9 percent compared to the 2.2 percent drop anticipated by analysts. Chief Financial Officer Luca Maestri noted in an interview that the iPhone 15 series has performed better than the previous iPhone 14 cycle, indicating strong early results.
Despite these positive figures, Apple's business in China, its third-largest market, continues to struggle. Sales in China fell by 6.5 percent, which, although an improvement from the 8.1 percent decline of the previous quarter, was larger than the expected 2.4 percent drop. Excluding currency effects, Maestri reported that sales in China were down less than 3 percent and expressed satisfaction with Apple's performance in the region given the overall economic challenges.
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