What Happened: On Thursday, Apple’s CEO addressed questions about the demand and supply balance for the iPhone 16, which was launched in September earlier this year.
During the conversation, Cook refuted the idea that Apple has consistently ended the December quarter with iPhone demand surpassing supply for the past four years.
See Also: Apple Refreshes Mac Mini: Smaller Form Factor, M4 Chip Power, Carbon Neutral
Cook acknowledged pandemic disruptions but assured that the supply constraints for the iPhone 16 Pro and iPhone 16 Pro Max models would be resolved soon.
Cook attributed the high adoption rate of iOS 18.1 to strong interest in the iPhone 16, which was launched just three days before the earnings call. He suggested that the new Apple Intelligence feature is a significant incentive for users to upgrade.
“If you just look at the first three days, which is all we have obviously from Monday, the 18.1 adoption is twice as fast as the 17.1 adoption was in the year-ago quarter. And so, there’s definitely interest out there for Apple Intelligence,” he stated.
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Why It Matters: Apple announced a fiscal fourth-quarter revenue of $94.9 billion, surpassing analyst projections of $94.56 billion. The company reported adjusted earnings of $1.64 per share for the quarter, exceeding expectations of $1.60 per share.
This marked the seventh consecutive quarter that Apple has outperformed analyst estimates in both revenue and earnings, according to Benzinga Pro.
Earlier in October it was reported that the iPhone 16 saw a 20% sales surge in China, a crucial market for Apple, despite early price cuts due to the absence of AI.
Apple also set a new sales record for its iPhone during the third quarter of 2024, capturing an 18% market share, just behind Samsung.
However, Apple faced a setback when the Indonesian government banned the sale of the iPhone 16 due to the company’s failure to meet its investment commitments in the country.
Price Action: At the time of writing, Apple shares fell 1.86% to $221.71 in after-hours trading, following a 1.82% decline to $225.91 during the regular trading session, according to Benzinga Pro data.
Image via Shutterstock
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