Apple revenues fall for third straight quarter as company invests heavily in AI

News Snapshot:

Apple boss Tim Cook announced the company was investing heavily in artificial intelligence (AI) on Thursday as the company announced its third consecutive quarter of declining revenues, the company’s most prolonged sales slump since 2016. Apple’s sales for the fiscal third quarter ending 1 July fell 1.4% to $81.8bn. Over the quarter the company made a profit of $19.9bn, higher than analysts had expected. IPhone sales slightly missed analyst estimates, but were made up for by strong sales in the services segment that contains Apple TV+ and by sales in China that grew 8% year over year. Apple shares were...