Apple Tops Expectations with Strong iPhone 16 Launch

Apple surpassed Wall Street expectations in its fiscal fourth quarter, thanks to strong initial sales of iPhone 16, designed for AI features. Despite other product lines underperforming, iPhone sales rose 5.5%, steadying overall sales. The company emphasizes data center spending to enhance AI capabilities.

Apple Inc. outperformed Wall Street forecasts in its fiscal fourth quarter, driven by robust early sales of its iPhone 16, which boasts advanced AI features.

The tech giant reported sales of $94.93 billion, exceeding predictions of $94.58 billion, according to LSEG. Earnings per share reached $1.64, surpassing expectations of $1.60.

iPhone sales, the company's core product, grew 5.5% to $46.22 billion, above analyst projections of $45.47 billion. CEO Tim Cook highlighted faster growth in iPhone 16 sales compared to its predecessor, with Apple's AI-driven operating system seeing double the downloads from the previous year.

(With inputs from agencies.)