Apple sales fall less than expected, CEO sees return to growth

This is AI generated summarization, which may have errors. For context, always refer to the full article.Dado Ruvic/Reuters Apple CEO Tim Cook says they're making significant generative AI investments, and are 'looking forward to sharing some very exciting things' at their events this year

For Apple’s current quarter, which ends in June, Cook told Reuters the iPhone maker expects “to grow low-single digits” in overall revenue. Wall Street expects 1.33% revenue growth to $82.89 billion, according to LSEG data. For the fiscal second quarter, IPhone sales fell 10.5% to $45.96 billion, compared with analyst expectations of $46 billion. Apple executives said in February that the year-ago fiscal second quarter had benefited from a $5 billion surge in iPhone sales as the company caught up from supply-chain snarls during pandemic lockdowns.

“We continue to feel very bullish about our opportunity in generative AI and we’re making significant investments,” he said. “We’re looking forward to sharing some very exciting things with our customers” at events later this year, Cook said. Analysts had expected Mac sales to decline in the fiscal second quarter, but they instead grew to $7.5 billion, compared with estimates of $6.86 billion, according to LSEG data.

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