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Apple's quarterly iPhone sales rise 6% as AI helps end slump
Apple snapped out of a recent iPhone sales slump during its summertime quarter. That's an early sign its recent efforts to revive demand for its marquee product with an infusion of artificial intelligence are paying off.
The iPhone boost helped Apple deliver total quarterly revenue and profit that exceeded the analyst projections that sway investors, excluding a one-time charge of $10.2 billion to account for a recent European Union court decision that lumped the Cupertino, California, company with a huge bill for back taxes. Investors are betting that as Apple’s AI becomes more broadly available, it will prompt the hundreds of millions of consumers who are using older iPhones to upgrade to newer models in order to get their hands on the latest technology. But Investing.com analyst Thomas Monteiro believes iPhone sales would already be accelerating at a faster pace if consumers were blown away by Apple’s AI technology, increasing the pressure on the company “to do an overall better job to impress the public.”
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