Apple. Foto FAREEZ FADZIL, 22 JUN 2024.

SAN FRANCISCO – Apple’s quarterly profit rose from a year ago, the company said Thursday, besting analyst forecasts and giving its shares a boost in after-hours trading.

The iPhone maker reported a $21.4 billion profit in the three months ending in June, on $85.8 billion in revenue over the period.The revenue is a new record for the June quarter, and a five percent jump from a year ago, CEO Tim Cook said in a statement.Cook added that the company looks forward to sharing new tools involving Apple Intelligence with users — referring to its suite of AI features.Apple has been under pressure to win over doubters on its artificial intelligence strategy after Microsoft and Google rolled out products in swift succession. The Cupertino-based company unveiled Apple Intelligence in June.

“For better or worse, Apple has married its AI efforts to other key parts of its core business, particularly the iPhone,” said Emarketer analyst Jacob Bourne.

He added that the effectiveness of its AI investments will mainly be evaluated through device sales and potential growth in subscription revenue.

On Thursday, Apple reported iPhone revenue of $39.3 billion for the quarter, slightly below the same period a year ago.

It logged solid growth in the iPad segment, with $7.2 billion in revenue.

Apple added in a statement that it hit a new high in active devices across geographic segments, without giving specific figures.

The company’s shares edged up 0.5 percent in after-hours trading. – AFP

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