Apple Sells $46 Billion Worth Of iPhones Over The Summer

Apple snapped out of a recent iPhone sales slump during its summer quarter, an early sign that its efforts to revive demand for its marquee product with an infusion of artificial intelligence (AI) are paying off, Michael Liedtke reported for the Associated Press (AP).

The iPhone boost helped Apple deliver total quarterly revenue and profit that exceeded analyst projections. I Photo: Apple

Sales of the iPhone totaled $46.22 billion for the July-September period, a 6% increase from the same time last year, according to Apple’s fiscal fourth-quarter report. The improvement reversed two consecutive year-over-year declines in iPhone quarterly sales.

The iPhone boost helped Apple deliver total quarterly revenue and profit that exceeded analyst projections, excluding a one-time charge of $10.2 billion due to a recent European Union (EU) court ruling that left the Cupertino, California, company with a substantial back-tax bill.

Apple earned $14.74 billion, or 97 cents per share, a 36% decrease from the same time last year. If not for the one-time tax hit, Apple said it would have earned $1.64 per share — topping the $1.60 per share predicted by analysts, according to FactSet Research.

Revenue rose 6% from last year to $94.93 billion, $400 million more than forecast.

Despite the positive earnings, investors were seemingly disappointed by an Apple forecast that implied its revenue for the October-December quarter might not grow as robustly as anticipated. Apple’s stock price dropped about 2% in extended trading last week, settling around $221 — below its peak of approximately $237 reached in mid-October.