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Apple Beats Q3 Expectations Despite iPhone Sales Decline
2024-08-01 23:55:08
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Technology
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Apple Beats Q3 Expectations Despite iPhone Sales Decline

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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Analysts Revise Price Targets for Intel, AMD, Seagate, Apple, and ... Arm Stocks

Intel shares have plummeted 40% YTD, prompting analysts to revise price targets and express skepticism about restoring confidence and margins. CEO Gelsinger is leading a turnaround, investing in chip-foundry and cutting jobs, while launching new chips to compete with AMD. Seagate, on the other hand, reported strong earnings and received positive price target revisions due to its technology leadership. Apple is developing a foldable iPhone and plans to integrate AI-powered tasks into its ecosystem. Analysts have adjusted Apple's stock price targets ahead of earnings. Arm Holdings reported solid earnings, but its stock price fell as guidance fell short of expectations. Overall, analysts are closely monitoring these stocks and adjusting their price targets based on company performance and market dynamics.

Apple Reports Record Revenue Driven by iPads and AI Features

Apple has announced its record-breaking revenue for the June quarter, primarily due to strong sales of iPads and the success of AI features. However, China sales remain weak, impacting the overall iPhone business. Apple's upcoming release of Apple Intelligence in October aims to boost iPhone sales with improved AI capabilities. Additionally, the App Store is facing regulatory pressure. Meanwhile, Amazon also reported increased sales and profits for the second quarter, but fell short of market expectations. In international news, Russia and the West have conducted a major prisoner exchange, with Russia releasing IT criminals in return for prisoners held by the West. Lastly, the EU has approved Hewlett Packard Enterprise's acquisition of Juniper Networks without any conditions, potentially creating a new leading player in the networking market.

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Apple beats Q3 expectations despite iPhone sales decline; strong performance in China, Services, iPad, and Mac segments; upcoming Apple Intelligence launch, but Wearables sales down and new software only compatible with latest iPhones; analysts divided on Intelligence's effect on future iPhone sales; Apple stock up 18.6% year-to-date.
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