Apple iPhone revenue strong, European Union fines dragged down net profit performance

On November 1st, Apple (AAPL. O) reported solid revenue growth in its fiscal fourth quarter. The company is optimistic that new artificial intelligence features will drive hardware sales to grow ahead of the holiday sales season. Fourth-quarter revenue rose 6% year-on-year to $94.90 billion, slightly higher than the consensus estimate of $94.40 billion. Diluted earnings per share were $0.97 after the company took on a one-time tax charge of $10.20 billion due to a European Union ruling earlier this year. Apple said earnings per share, excluding the charge, were $1.64, higher than the consensus estimate of $1.60. iPhone total sales for the fiscal fourth quarter were $46.20 billion, compared with $43.80 billion last year. Apple's chief financial officer said sales of the iPhone 16 "exceeded iPhone 15" in its first eight days on the market.