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Apple Inc. (AAPL) has unveiled its financial statement for the initial fiscal quarter, revealing outcomes that exceeded market projections with a rise in service revenue, despite iPhone sales falling short of goals.
The iPhone manufacturer announced a 4% annual revenue increase, achieving a record $124.3 billion, closely aligning with analysts’ consensus from Visible Alpha. Profits reached $36.33 billion, equating to earnings per share of $2.40, representing a record high compared to $33.92 billion and $2.28 per share during the same timeframe last year, surpassing predictions.
The more favorable results were fueled by a 14% increase in service revenue, totaling $26.34 billion. Sales of Mac and iPad rose by over 15%, hitting $8.99 billion and $8.09 billion, respectively. However, iPhone sales experienced a slight decline of less than 1%, totaling $69.14 billion, missing expectations. This marks the first complete quarter since the introduction of the iPhone 16 in September.
As the financial statement was made public, a budget-friendly AI model launched by the Chinese startup DeepSeek gained swift traction, igniting speculation that Apple’s capacity to create sufficiently robust devices for running AI models might not be as difficult or costly as previously assumed.
Following the profit announcement, Apple shares dipped roughly 1.5% in after-hours trading on Thursday. By the end of Thursday, the stock had decreased about 5% year-to-date in 2025.
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