Apple, Amazon, and Intel earnings reveal key industry trends as growth in cloud, iPhone sales, and AI position these tech giants for 2024 competition.
Following a revenue-record in its September quarter, Apple (AAPL) shares
Apple Inc (NASDAQ:AAPL, ETR:APC) shares slipped afterhours as its fiscal fourth quarter profit took a hit from a one-time charge related to a tax decision in Europe. The iPhone maker said it paid a one-time charge of $10.2 billion to resolve a long-running tax case in Ireland.
Apple stock, which has risen 25% in 2024 to date but largely tracked the Nasdaq 100 Index, pulled back in after-hours trading after the company released solid but far-from-dazzling quarterly results. Revenue rose 6% from the year-ago period to reach $94.9 billion, nipping Wall Street analysts' estimates.
Apple reported better than expected revenue Thursday as investors eagerly await evidence of financial growth amid Apple's push to bring generative artificial intelligence to iPhones, though a major tax ruling weighed on the company's profits.
Apple reported record revenue for the September quarter, propelled by a modest rebound in iPhone sales that came ahead of its release of new AI tools.
Apple beat Wall Street sales and profit expectations on Thursday for its fiscal fourth quarter, bolstered by strong early sales of iPhone 16, a set of phones designed for new AI features that was released near the end of the quarter.
Apple (AAPL) will report fiscal fourth-quarter earnings after the market closes on Thursday, with a majority of analysts bullish on the stock going into the company's first report since the iPhone 16's release last month.
Toni Sacconaghi, Bernstein senior research analyst, joins 'Power Lunch' to discuss what to watch ahead of Apple earnings.
Apple and Amazon's upcoming Q3 2024 earnings reports are in the spotlight. Market participants are concerned about rising AI capital expenditures impacting profit margins. Can Amazon rebound from a disappointing Q2?
CNBC's Steve Kovach joins 'The Exchange' to discuss what to watch for in Apple's earnings announcement today.
Stern will step down from his role at Ford and step into the chief executive role at Peloton on Jan. 1, the company said. He will be Peloton's third CEO.