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Apple Reports Record Revenue in Fiscal Q3
Apple Inc. (NASDAQ: AAPL) announced a record revenue of $94 billion for its fiscal third quarter ending June 28, 2023, marking nearly a 10% increase year-over-year. Notably, iPhone sales rose 13% to $44.6 billion, supported by the popularity of the iPhone 16 family. Capital expenditures reached $3.5 billion, the highest since January 2023.
Despite this uptick, Apple’s stock has only increased 30% over the past three years, underperforming both its major competitors in AI and the S&P 500. Apple is now allocating significant investments toward AI, with plans to integrate more of its offerings as it seeks to remain competitive in the tech landscape.
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