Apple reported better-than-expected Q3 2024 earnings despite a decline in iPhone sales. The company saw strong performance in China, services, iPad, and Mac segments.
Apple unveiled its new AI platform, 'Apple Intelligence', and is planning to launch the iPhone 16 with AI features. Although wearables sales were down and the new software is only compatible with the latest iPhones, analysts are divided on the impact of AI on future iPhone sales.
Overall, Apple's stock is up 18.6% year-to-date. In other news, Apple is developing a foldable iPhone with AI-powered tasks and a major reboot of Siri, aiming to begin an AI replacement cycle in fiscal 2025. Analysts have adjusted Apple's stock price targets ahead of earnings, with increased targets from JPMorgan and Barclays.
Additionally, iPad sales rebounded, offsetting declining iPhone revenue. Apple's Q3 financials surpassed expectations, with a 5% revenue increase.
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