Apple beats earnings forecast despite decline in iPhone sales

Apple reported better-than-expected earnings in the third quarter of 2024, with buzz about its new AI features offsetting a continuing decline in its key China market. Earnings exceeded analyst predictions despite a year-over-year decline in iPhone sales, with revenue rising 4.9% to 85.78bn in the three months ending 29 June, beating the average analyst estimate of 84.53bn. The company maintained its cash dividend at 25 cents for each share. The strong report represented a bright spot in the tech space after difficult earnings reports from other tech giants like Amazon, Snap and Intel. The market saw a sell-off on Thursday amid disappointing results, including from Intel – which announced plans to cut more than 15,000 jobs as it tries to cut billions of dollars in costs to turn its business around.