Australian shares are set to follow US equities lower. Oil surges on new Middle East threat. Macquarie to report. Follow updates here.
Apple beat Wall Street sales and profit expectations for its fiscal fourth quarter, bolstered by strong early sales of iPhone 16, a set of phones designed for new AI features that was released near the end of the quarter. Apple said sales were $US94.93 billion, ahead of Wall Street targets of $US94.58 billion, according to LSEG. Earnings of $US1.64 per share, excluding a massive one-time tax charge in the European Union, topped analyst expectations of $US1.60 per share.
Other product lines missed expectations. Apple’s fourth quarter ended September 28, meaning it reflects only a few days of sales of its iPhone 16 series that went on sale September 20. Apple chief executive Tim Cook told Reuters that iPhone 16 sales grew faster than iPhone 15 sales did a year earlier, with both phones on sale for the same number of days in the fourth quarter.
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