Apple's Q3 earnings report or market analysis reports

Apple Beats China Revenue Forecasts with $90.75B, Plans AI Enhancements

May 2, 2024, 09:09 PM

Apple Inc. reported a decrease in revenue in China by 8% for the quarter, despite surpassing analyst expectations with earnings of $16.4 billion against a forecast of $15.9 billion. Overall, Apple's earnings exceeded predictions with a revenue of $90.75 billion compared to the expected $90.01 billion, and an EPS of $1.53 versus the estimated $1.50. Tim Cook, Apple's CEO, highlighted growth in iPhone sales in Mainland China, countering reports from industry research firms such as Counterpoint, which noted a 19% decline, and IDC, which reported a 7% decline. Additionally, Apple is set to announce significant AI advancements at the upcoming Apple Event, including an enhanced iPad Pro featuring the M4 chip with advanced AI capabilities.