Apple overcomes Trump’s trade war, slow start in AI to deliver surprisingly strong quarter
By MICHAEL LIEDTKE, Associated Press
SAN FRANCISCO (AP) — Apple shook off a thicket of tariffs and a botched entry into artificial intelligence to accelerate its revenue growth during its springtime quarter, but the trendsetting tech company still faces a bumpy road ahead that could lead to higher iPhone prices.
The April-June results released Thursday came against a backdrop of adversity that has been raising worries about the trajectory of a longtime tech kingpin.
Despite the doubts, Apple remains a moneymaking machine.
The Cupertino, California, company earned $23.4 billion, or $1.57 per share, during its fiscal third quarter, a 9% increase from the same time last year. Revenue climbed 10% from a year ago to $94 billion. The company’s iPhone sales surged 13% from a year ago to $44.6 billion. All those numbers were well above the analyst projections that steer investors, helping to boost Apple’s recently slumping stock price by 2% in extended trading.
But the unexpectedly solid performance doesn’t necessarily mean it’s smooth sailing ahead for Apple.