Apple reported a 5% increase in its overall revenue, attributing the success of its sales on iPhone, iPad, and other services.
The company accumulated $85.78 billion in revenue as opposed to the LSEG consensus estimate of $84.35 by the end of June 29.
iPhone Retains Significance in Apple's Revenue
The iPhone has been the company's most important product, contributing 46% of the total revenue during the quarter. The smartphone accumulated $39.30 billion in revenue in months after the release of the iPhone 15 series.
"On a constant currency basis, we grew year on year. And so that's sort of how we look at it from an operational point of view," said Tim Cook, Apple CEO, in an interview with CNBC.
Meanwhile, the iPad sales had a great comeback after reporting a $7.16 billion revenue as opposed to the estimate of only $6.61. Apple services also contributed about $24.21 billion while the Mac and other wearables have around $7 billion to $8 billion in sales.
Apple Awaits Impact of Apple Intelligence for Next Quarters
Apple Intelligence only launched last June and is not yet expected to bear any impact on the tech giant's revenue. Cook also stated that he can't yet address the potential sales impact of the new technology as the shipping will only start this fall.
"From a data center point of view, as you know, we have a hybrid approach. So, we both have our own and we partner with people. And so that capex would be in the partners' financials, and we would be paying expense," Cook explained.
The company is committed to spending more on its AI development and Apple Intelligence. Several employees are now redeployed to focus on its AI ambition.
