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Apple Chief Executive Tim Cook said Thursday that the tech giant is preparing news on artificial intelligence as its stock price slumps despite revenue growth in the final three months of last year. promised.
The iPhone maker reported a slight year-over-year increase in revenue as revenue from services and digital content set new records.
However, concerns over the Chinese market are clouding the news.
The company announced that its net sales in Greater China, which includes mainland China, Hong Kong and Taiwan, fell to $20.8 billion in the latest quarter compared to the same period last year.
Shares of the iPhone maker fell more than 3% in after-hours trading.
Apple CEO Tim Cook downplayed weak sales in China, saying in an earnings conference that the iPhone remains one of the country’s most popular smartphones.
“We’ve been in China for 30 years, and we continue to be very optimistic about China in the long term,” Cook said.
– Billions of users –
Cook announced that the number of Apple devices in use around the world has reached 2.2 billion and has earned record amounts of money from services and subscriptions.
Apple posted revenue of $119.6 billion in the holiday quarter, up 2% from a year ago, helped by iPhone sales.
Earnings for the quarter totaled $33.9 billion, and diluted earnings per share came in at $2.18, beating expectations.
Sales of the iPhone, which the company had been focusing on, were $69.7 billion, an improvement from the same quarter in 2022.
Apple’s share of the smartphone market reached its highest level since late 2020 in the final three months of last year, according to data from Counterpoint Research released Thursday.
This was primarily a reaction from the previous coronavirus-related factory closures, which caused production disruptions.
Counterpoint added that the final months of the year are typically a strong time for Apple, with holiday season demand boosting iPhone sales.
– Era of spatial computing? –
Looking ahead, investors will be keeping an eye on the performance of the long-awaited Vision Pro mixed reality headset, which goes on sale in the U.S. on Friday.
Cook touted the Vision Pro as a “revolutionary device” that ushered in an era of “spatial computing.”
“I can’t wait for people to experience the magic for themselves,” Cook said of Vision Pro being available in U.S. Apple stores.
He said Vision Pro will be available in other countries later this year.
“As we look to the future, we will continue to invest in these and other technologies that will shape the future,” Cook said.
“That includes artificial intelligence (AI), which we continue to spend a tremendous amount of time and effort on.”
– Apple’s generative AI? –
Cook promised that Apple would share details about its artificial intelligence (AI) efforts later this year.
Apple’s rivals, including Google and Microsoft, are vying to become leaders in AI, a technology poised to transform work, leisure, health care and more.
Apple is expected to do the same world-changing work on AI computing as it does on smartphones and personal computers.
Apple is already using AI in things like its camera and digital assistant Siri.
Analysts say that although Apple appears to be late in the AI race, it is likely secretly designing its own computer chip for the AI Mac.
“We’re doing a lot of work internally” on AI, Cook said at an earnings conference.
“There are some things we are incredibly excited about.”
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