Apple (AAPL, Financial) recently announced that its fourth fiscal quarter revenue met Wall Street expectations. The company's total sales for the quarter ending September 28 increased by 6.1%, reaching $94.9 billion, slightly above analysts' forecast of $94.4 billion.
In September, Apple introduced the iPhone 16, an updated Apple Watch, and new AirPods, which together contribute to a significant portion of Apple's total revenue. Investors have been optimistic about the potential of Apple's new AI feature, Apple Intelligence, to boost device sales.
However, the AI software was only released several weeks after the iPhone launch, and many key features are expected to roll out in the coming months. Following the earnings release, Apple's stock fell nearly 2% in after-hours trading, despite a 17% increase in the stock price since the start of the year, driven by positive sentiment around Apple's advancements in artificial intelligence.
