Apple beat earnings estimates but fell after-hours
Apple reported fiscal third-quarter results that beat Wall Street expectations for both earnings and sales, driven by stronger services sales that grew 8% on an annual basis. Overall sales still fell 1% year over year, however, and revenue in the company’s iPhone, Mac, and iPad lines were all down from a year earlier. Apple shares fell more than 2% in extended trading. $AAPL Apple Q3 FY23: • Revenue -1% Y/Y to $81.8B (in-line). 💳 Services +8% Y/Y to $21.2B. 📱 Products -4% Y/Y to $60.6B. • Operating margin 28% (flat Y/Y). • EPS $1.26 ($0.07 beat). • Over 1B paid subscriptions. Source: App Economy Insights, CNBC
Apple is developing the equivalent of “AppleGPT” and other generative AI tools to rival OpenAI and Google. Apple is testing the chat bot internally and it’s code name is “Ajax"
Apple's stock jumped after Bloomberg reported the #ai news and hit a new ATH. Apple was caught flat-footed in the past year with the introduction of OpenAI’s ChatGPT, Google Bard & Microsoft’s Bing AI. Its main AI product, the Siri voice assistant, has stagnated recently. Source: HolgerZ, Bloomberg
