Apple Q3 Earnings Beat Expectations, AI Drives Growth

Apple reported a record revenue of $85.8 billion for Q3 2024, a 5% increase year-over-year, surpassing Wall Street expectations. Key growth drivers included strong performances in emerging markets like India, where Mac sales saw a notable boost, and the Services division, which hit an all-time high of $24.2 billion. Despite a slight dip in iPhone sales, the company saw significant growth in iPad sales, which surged by 23.7% to $7.2 billion. CEO Tim Cook expressed long-term confidence in the Chinese market, despite a 6.5% decline in Greater China revenue. Apple's upcoming AI initiatives, particularly the new features branded as 'Apple Intelligence,' are anticipated to spur further growth and device upgrades. The company's robust financial performance allowed it to return over $32 billion to shareholders.