Apple achieved record revenue in its year-end holiday quarter, driven by strong growth in its services business. However, iPhone sales fell short of expectations, particularly in China. The company also faces criticism over its rollout of AI features, which generated inaccurate news headlines and summaries.
Apple reported a record $124.3 billion in revenue for its year-end holiday quarter, fueled by strong performance in its services and digital content unit. While the company achieved its 'best quarter ever' with $36.3 billion in profit, iPhone sales fell short of market expectations, particularly in China, where revenue reached $18.5 billion. Overall iPhone sales for the quarter amounted to $69.1 billion, a decline from the previous year.
CEO Tim Cook attributed the revenue growth to the company's expanding services segment, which includes Apple Music, iCloud, the App Store, and Apple TV+. This segment generated $26.3 billion in revenue, a significant increase from the previous year. Apple's installed base of active devices also reached a new all-time high across all product categories and geographic regions.Despite the strong performance in services, Apple faces challenges in the smartphone market, particularly in China. Intense competition from local rivals has resulted in a decline in iPhone sales. Apple is also facing scrutiny over its approach to artificial intelligence (AI). The company recently rolled out a suite of AI-powered features called Apple Intelligence, but faced criticism for inaccuracies in news headlines and summaries generated using AI. Apple temporarily disabled the AI feature and is working to improve its accuracy. The company hopes to attract customers to its latest iPhone models with its new AI capabilities. Meanwhile, Apple continues to invest in expanding its ecosystem and exploring new areas like smart glasses development to maintain its innovative edge
APPLE REVENUE IPHONE SERVICES CHINA COMPETITION AI SMARTGLASSES
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