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Apple surpasses sales and profit targets
Apple announced that it exceeded Wall Street's expectations in its third-quarter sales and profits for its fiscal year, achieving $109.42 billion in revenue and earnings per share of $2.02. This strong performance was supported by a significant increase in iPhone and Mac sales, as well as rising demand in Greater China. iPhone sales rose by 21.7% to $54.25 billion, far surpassing expectations, while Mac sales increased by 28.7% to $10.35 billion. This growth is attributed to higher prices following the chip supply shortage, with further price increases expected for iPhone products in September. Apple's robust sales were also driven by the reactivation of AI features and a shift among consumers toward using Mac products for AI-related tasks on their devices.
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