Apple beats forecasts with 12% revenue jump in latest quarter
Apple posted $114.5 billion in quarterly revenue and $2.10 earnings per share. This beat average analyst expectations of $1.99 per share.
Apple reported stronger-than-expected earnings under new CEO John Ternus. The company's results bucked a downturn hitting other tech giants this quarter.
Revenue rose 12 per cent to $US114.5 billion. Earnings per share reached $US2.10, beating analyst forecasts of $US1.99 per share.
Apple attributed the surge partly to price increases. Global chip shortages linked to the artificial intelligence boom drove these increases.
The latest iPhone model costs about $US100 more than earlier versions. An analyst said record iPhone revenue and strong demand in China show Apple's business strength.
Rivals are struggling with huge AI spending and uncertain returns. Apple's careful approach to AI infrastructure spending preserves cash flow.
Partnerships with companies like Alphabet could help strengthen its abilities.
Why it mattersApple's earnings beat shows tech investors prefer profitable companies spending carefully on AI. They choose these over companies betting billions with unclear returns.
AustraliaAustralian investors holding Apple shares see the stock outperforming the broader tech sector; higher prices on new iPhones and Macs will reach Australian stores soon.
Corroborated bytheguardian.com
✓ Claims checked against the source and corrected before publish. checked 6 h ago
