Apple Earnings Recap: 'Staggering' iPhone Demand and China Rebound
Business Insider • • business
Key Points:
- Apple reported strong revenue growth in Greater China, with $25.53 billion in sales, a 38% increase year over year that surpassed the consensus estimate of $21.82 billion.
- CEO Tim Cook emphasized the collaborative nature of Apple's partnership with Google on AI, highlighting that Google's technology will support Apple's AI initiatives, including a major Siri update expected this year.
- Cook expressed satisfaction with the Google collaboration and reassured investors about the positive trajectory of Apple's AI efforts.
- Apple is facing challenges due to rising memory prices driven by the AI boom, and Cook indicated that memory costs are expected to continue increasing, though he refrained from commenting on potential price adjustments for Apple products.
- Following the earnings report, Apple’s stock