Apple Reports Record Q3 Revenue of $85.8 Billion

Apple reported a record revenue of $85.8 billion for its fiscal third quarter, marking a 5% increase year-over-year, driven by strong sales in emerging markets, particularly India. Despite a slight decline in iPhone sales, they exceeded expectations, and the services segment grew significantly, with revenues hitting $24.21 billion. CEO Tim Cook highlighted the company's confidence in the long-term opportunities within China, despite a 6.5% year-over-year sales decline in that region. Apple is preparing to integrate AI features into its products, including a planned rollout of ChatGPT functionalities by the end of 2024. The company also announced a $110 billion stock buyback initiative, maintaining a dividend of 25 cents per share. Overall, these results suggest a rebound from previous sales slumps and set the stage for an anticipated strong iPhone upgrade cycle ahead of the upcoming launch of the iPhone 16 series.