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Apple reported Q4 2024 revenues of $95 billion, surpassing predictions, aided by a 5.5% rise in iPhone sales year-on-year. Earnings per share also grew to $1.64, surpassing Wall Street’s estimate by 10%. However, their shares fell due to a lukewarm revenue growth forecast for the next quarter. Apple’s AI-enriched iPhones have so far only given users summarized notifications and are only available on recent handsets. The AI only supports English in the US presently, with more languages promised to come in December. Furthermore, Apple’s sales in China saw a shortfall, reaching only just over $15 billion against a predicted $16.34 billion.

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Apple’s AI-enhanced iPhones helped the company surpass Wall Street’s earnings expectations. However, their share price took a dip after Apple’s lukewarm forecast for this quarter. On October 31, Apple reported revenues of just under $95 billion for 2024’s fourth quarter. This is an increase of 6.1% from last year, narrowly beating analyst predictions of $94.56 billion.

Their earnings per share also rose, from $1.46 last year to $1.64 this year, which was 10% above Wall Street’s estimate. Apple’s iconic iPhone had a sales boost of 5.5% from the previous year, reaching $46.22 billion, higher than the predicted $45.47 billion.

Apple has been fitting their new iPhones and other devices like iPads and Macs with AI features to stay ahead of consumer demands and all those competitors out there who are also jumping on the AI bandwagon. But the much-promoted “Apple Intelligence” hasn’t totally lived up to the hype, only really giving us the handy feature of summarizing notifications.

Right now, it’s still being tested, it only supports English language in the US, and there’s a waitlist. But Apple claims there will be more features and languages coming in December. The AI is also only available on the newest iPhone 16 and the Pro versions of the iPhone 15 range, which means if you want all this cool AI tech, you’re going to have to upgrade.

On an earnings call, Apple’s money guy, Luca Maestri, stated that they’re expecting total revenues to grow a small amount in the next quarter, not pumped up numbers as Wall Street was hoping for. The bosses at Apple, including the big man Tim Cook, avoided questions about how they think iPhone sales will go this quarter, and didn’t offer any info on the release date of AI features in China, one of their biggest markets.

After a 1.82% dip on October 31 to $225.91, Apple’s shares continued to fall after hours to $221.71, according to Google Finance. Even though it’s seen a rise of about 21.7% this year. To add insult to injury, Apple’s sales in China were just over $15 billion, under the $16.34 billion prediction by analysts, which could have been the cause of the slump in post-market hours share price.

Source: Cointelegraph