Apple quietens Wall Street’s fears of China struggles and slow AI progress

Apple, the tech giant, has faced several challenges this year, including concerns about its progress in artificial intelligence, a drop in its stock price, the closure of a store in China, and the threat of US tariffs on its supply chain in Beijing. However, the company's latest third-quarter earnings report has quietened Wall Street's fears. Despite the gloomy outlook, Apple reported a substantial 10% year-over-year increase in revenue to $94.04 billion, and $1.57 per share in earnings, surpassing analysts' predictions of $89.3 billion in revenue and $1.43 per share. This is the company's biggest revenue growth since 2021, and it demonstrates its resilience in the face of these challenges. The report suggests that Apple is still a formidable player in the tech industry, with a market value of over $3 trillion. The strong performance in iPhone sales and the overall revenue growth have alleviated concerns about the company's struggles in China and its progress in artificial intelligence.