Apple shares were flat in extended trading after the company announced revenue down 1.4% to $81.8bn. However, the company did beat estimates pulling in a profit of $19.9bn bolstered by robust performance in the services segment which grew 8%.
“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” said Tim Cook, Apple’s CEO.
“From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”
Cook said that Apple is investing and innovating responsibly in artificial intelligence (AI).
“We’ve been doing research across a wide range of AI technologies, including generative AI, for years,” said Cook. “We’re going to continue investing and innovating and responsibly advancing our products with these technologies to help enrich people’s lives.”
Reuters reported that Apple’s research and development spending rose to $22.61 billion during Q3 2023 from $3.12 billion compared to the same quarter the previous year.
According to a Bloomberg earlier this month, Apple is testing a generative AI chatbot internally with employees, oftentimes referred to as AppleGPT.
