Apple results top Wall Street targets on strong iPhone sales, shares drop on outlook

Apple results top Wall Street targets on strong iPhone sales, shares drop on outlook
Apple iPhones displayed at an Apple Store at Grand Central Terminal in New York. (Reuters)
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Updated 01 November 2024
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Apple results top Wall Street targets on strong iPhone sales, shares drop on outlook

Apple results top Wall Street targets on strong iPhone sales, shares drop on outlook
  • Early iPhone 16 sales grew faster than iPhone 15 sales, says CEO Tim Cook
  • Apple’s AI strategy includes new iPhone 16 features

Apple beat Wall Street sales and profit expectations on Thursday for its fiscal fourth quarter, bolstered by strong early sales of iPhone 16, and forecast revenue growth of low to mid single digits for the current period.
“We expect our December quarter, total company revenue to grow low to mid single digits year over year,” CFO Luca Maestri said on a call with analysts. Analysts had expected revenue growth of 6.65 percent to $127.53 billion during the first quarter, according to LSEG data.
Shares dropped about 2 percent in extended trading. Apple said sales were $94.93 billion, ahead of Wall Street targets of $94.58 billion, according to LSEG. Earnings of $1.64 per share, excluding a massive one-time tax charge in the European Union, topped analyst expectations of $1.60 per share. Sales during the fourth quarter of Apple’s iPhone, the company’s main product, were up 5.5 percent to $46.22 billion, compared with analyst estimates of $45.47 billion. Other product lines missed expectations and the China sales total was less than Wall Street expected.
Apple’s fourth quarter ended Sept. 28, meaning it reflects only a few days of sales of its iPhone 16 series that went on sale Sept. 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.
Cook also said Apple customers are downloading a new version of its iPhone operating system with what it calls Apple Intelligence features at twice the rate they had the year before.
“We’ve had great feedback from customers and developers already,” Cook said. “We’re off to a good start.”
Tom Forte, an analyst at Maxim Group, attributed Apple’s slight share drop to China sales coming in below expectations.
“We see the potential for sustained weakness in China as we await additional details on the earnings call regarding the potential timing of Apple Intelligence in that important country,” Forte said.
Apple’s call with analysts began at 5 p.m. ET (2100 GMT).
The rollout of Apple’s artificial-intelligence strategy, which it revealed this year, hinges on how well its new phones sell.
Rather than introduce AI in a standalone app or service, Apple has sprinkled Apple Intelligence throughout its most recent operating systems as new features, such as the ability to help re-write an email in a more professional tone. Those features will mostly be available on iPhone 16 models, which feature more powerful computing chips, although the pro versions of the iPhone 15 both work with Apple Intelligence. While some of those Apple Intelligence features arrived this week, others have been delayed, which has led some Wall Street analysts to wonder whether consumers will be slower to upgrade their devices this year while flagship software features trickle out.
The early iPhone 16 results on Thursday could allay some of those concerns. IPhone sales helped steady Apple’s fourth-quarter sales in China, which were down less than 1 percent to $15.03 billion overall. Analysts were expecting China sales of $15.78 billion on average, according to data from Visible Alpha.
Apple’s rivals Microsoft and Meta both said this week they expect continued increases in spending to support their AI strategies. Apple said payments for property and equipment — a measure of its capital expenditures — were up $2.91 billion from the previous quarter to $9.45 billion.
Apple’s lower spending comes in part because it uses third-party data centers for some AI work. Some aspects of Apple Intelligence do rely on Apple’s own data centers, but the company is using its own in-house chips to power those features.
“There would be some (financial) benefit to us by using our own silicon, obviously, but that’s not the reason we’re doing it. We’re doing it because we can provide the same standard of privacy and security that we can provide on device,” Cook said.
Sales in Apple’s services business, which includes iCloud storage and Apple Music, were $24.97 billion, compared with analyst expectations of $25.28 billion, according to LSEG. Mac and iPad sales were $7.74 billion and $6.95 billion, respectively, compared to estimates of $7.82 billion and $7.09 billion, according to LSEG data.
Sales in Apple’s home and wearables business, which includes its Apple Watch and AirPods devices, fell to $9.04 billion, compared with estimates of $9.2 billion, according to LSEG.
Earnings per share were 97 cents including the charge related to a one-time multi-billion-euro European tax payment.


Social media fueling ‘devastating’ kids’ mental health crisis: NGO

Social media fueling ‘devastating’ kids’ mental health crisis: NGO
Updated 6 min 40 sec ago
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Social media fueling ‘devastating’ kids’ mental health crisis: NGO

Social media fueling ‘devastating’ kids’ mental health crisis: NGO
  • The KidsRights report said one in seven children and adolescents aged between 10 and 19 suffered mental health issues

AMESTERDAM: The “unchecked expansion” of social media platforms is driving an unprecedented global mental health crisis in kids and teens, a children’s NGO said Wednesday, calling for urgent coordinated action worldwide.
The KidsRights report said one in seven children and adolescents aged between 10 and 19 suffered mental health issues, with the global suicide rate at six per 100,000 for those aged 15-19.
Even these high rates represent “the tip of the iceberg” as suicide is widely under-reported due to stigma, according to the Amsterdam-based group.
“This year’s report is a wake-up call that we cannot ignore any longer” said Marc Dullaert, KidsRights chairman.
“The mental health... crisis among our children has reached a tipping point, exacerbated by the unchecked expansion of social media platforms that prioritize engagement over child safety,” he added.
The report said what it termed “problematic” social media use was on the rise, with a direct link between heavy Internet use and suicide attempts.
However, blanket bans are not the answer, the group warned.
Australia passed a law to ban social media use for under-16s.
“Such blanket bans may infringe on children’s civil and political rights,” including access to information, said the report.
The group urged “comprehensive child rights impact assessments” at a global level for social media platforms, better education for kids, and improved training for mental health professionals.
The report seized on the popularity of Netflix sensation “Adolescence,” which highlighted some of the toxic content kids view online.
The mini-series “demonstrated global awareness of these issues, but awareness alone is insufficient,” said Dullaert.
“We need concrete action to ensure that the digital revolution serves to enhance, not endanger, the wellbeing of the world’s 2.2 billion children,” he said. “The time for half-measures is over.”

(L-R) Jenelle Riley, Stephen Graham, Jack Thorne, Owen Cooper, Erin Doherty, Ashley Walters, Shaheen Baig, James Drake, Aaron May, and David Ridley are seen onstage during Netflix's FYSEE ADOLESCENCE ATAS Official at Saban Theatre on May 27, 2025 in Beverly Hills, California. (AFP)

 


Nintendo says sold record 3.5m Switch 2 consoles in first four days

Nintendo says sold record 3.5m Switch 2 consoles in first four days
Updated 11 June 2025
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Nintendo says sold record 3.5m Switch 2 consoles in first four days

Nintendo says sold record 3.5m Switch 2 consoles in first four days
  • The Switch 2 costs $449.99 in the United States, compared to a launch price of $299.99 for the original Switch

TOKYO: Nintendo said Wednesday it had sold a record 3.5 million Switch 2 units worldwide in the first four days after the console was launched.
“This is the highest global sales level for any Nintendo hardware within the first four days,” the Japanese video game giant said in a statement.
Featuring a bigger screen and more processing power, the Switch 2 is an upgrade to Nintendo’s blockbuster Switch console.
It was released last Thursday to a global swell of fan excitement that included sold-out pre-orders and midnight store openings.
Since its 2017 launch, the original Switch — which enjoyed a popularity boost during the pandemic with hit games such as “Animal Crossing” — has sold 152 million units.
That makes it the third best-selling console of all time.
Analysts predicted last week that Nintendo could score record early sales with the Switch 2 — but it remains to be seen if it can match the performance of its predecessor.
Challenges for Nintendo include uncertainty over US trade tariffs and whether it can convince enough people to pay the high price for its new device.
The Switch 2 costs $449.99 in the United States, compared to a launch price of $299.99 for the original Switch.
Both are hybrid consoles which can connect to a TV or be played on the go.
New games such as “Donkey Kong Bananza” and “Mario Kart World” — which allow players to go exploring off-grid — are also more expensive than existing Switch titles.
Nintendo forecasts it will sell 15 million Switch 2 consoles in the current financial year, roughly equal to the original in the same period after its release.
The Switch 2 “is priced relatively high” compared to its predecessor, so it “will not be easy” to keep initial momentum going, the company’s president Shuntaro Furukawa said at a financial results briefing in May.
The Switch 2 has eight times the memory of the first Switch, and its controllers, which attach with magnets, can also be used like a desktop computer mouse.
New functions allowing users to chat as they play online and temporarily share games with friends could also be a big draw for young audiences used to watching game streamers.
Success is crucial for Nintendo: while the “Super Mario” maker is diversifying into theme parks and hit movies, around 90 percent of its revenue still comes from the Switch business, analysts say.


K-pop stars Jimin and Jung Kook of BTS discharged from military service as band’s reunion nears

K-pop stars Jimin and Jung Kook of BTS discharged from military service as band’s reunion nears
Updated 11 June 2025
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K-pop stars Jimin and Jung Kook of BTS discharged from military service as band’s reunion nears

K-pop stars Jimin and Jung Kook of BTS discharged from military service as band’s reunion nears
  • BTS temporarily disbanded in 2022 for its members to render 18-21 months of military service, as required by South Korean law
  • The 7-member world-famous supergroup plan to reunite sometime in 2025 after they all finish their service

YEONCHEON, South Korea:  Two more BTS members were released from South Korean military service Wednesday, bringing the K-pop supergroup closer to a reunion as they promised fans a “better version” of themselves soon.

Jimin and Jung Kook are the latest and final members of supergroup to be discharged from South Korea’s mandatory military service.

The septuplet BTS, South Korea’s most lucrative musical act, has been on a self-described hiatus since 2022 while its members separately completed their military service, which is mandatory in the South for all men under 30.

The pair wore their military uniforms Wednesday, saluted and addressed fans who had assembled to see the pair after their discharge.
Jung Kook thanked the journalists and fans who traveled to see him and Jimin after their discharge and acknowledged how different it was to be back in the spotlight. “Actually, it’s been so long since I’ve been in front of cameras, and I didn’t even put on makeup, so I’m a bit embarrassed,” he said. “I don’t know what to say.”

They enlisted in December 2023, one day after RM and V did the same. The latter were discharged on Tuesday. They saluted upon their release Tuesday in Chuncheon City as about 200 fans, some of whom traveled from Mexico, Turkiye and Brazil, cheered.
V thanked fans Tuesday for their patience in waiting for him and RM’s return and teased the band’s reunion. “If you can just wait a little bit longer, we will return with a really amazing performance.”
The seven singers of the popular K-pop band plan to reunite as a group sometime in 2025 after they finish their service.

Six of the group’s seven members served in the army, while Suga is fulfilling his duty as a social service agent, an alternative form of military service. He will be discharged later this month.
Jin, the oldest member of K-pop supergroup BTS, was discharged in June 2024. J-Hope was discharged in October.
In South Korea, all able-bodied men aged 18 to 28 are required by law to perform 18-21 months of military service under a conscription system meant to deter aggression from rival North Korea.
The law gives special exemptions to athletes, classical and traditional musicians, and ballet and other dancers if they have obtained top prizes in certain competitions and are assessed to have enhanced national prestige. K-pop stars and other entertainers aren’t subject to such privileges.
However, in 2020, BTS postponed their service until age 30 after South Korea’s National Assembly revised its Military Service Act, allowing K-pop stars to delay their enlistment until age 30.
There was heated public debate in 2022 over whether to offer special exemptions of mandatory military service for BTS members, until the group’s management agency announced in October 2022 that all seven members would fulfill their duties.

Promise of a “better version”

More than a thousand fans gathered at the site of a press conference near the two army bases where singer Jimin — whose solo single “Who” holds the record for longest-running K-pop song on the Billboard Hot 100 — and singer Jungkook were discharged.
With so many people assembled to greet the music icons, the networks were overloaded and some broadcasters experienced satellite disruptions.

Fans of K-pop boy band BTS hold a banner while seated with other fans at an outdoor sporting facility in Chuncheon on June 10, 2025. (AFP)

When the members started to speak, their voices were often drowned out by the deafening cheers and joyful screams from the crowd.
“Thank you so much for waiting for us all this time,” Jungkook said.
“Now that we’ve been discharged, I believe it’s time for us to keep drawing the picture we’ve always envisioned. We’ll make sure to prepare well and show you an even better version of ourselves.”
Jimin said the military “wasn’t an easy place.”
“Still, I carry with me many meaningful memories, and I’ll hold on to them for a long time,” said the 29-year-old.
“After experiencing military life firsthand, I can say it truly isn’t easy... if you happen to pass by a soldier, even a small word of kindness would mean the world to them,” he added.

Streets in the area were decorated with colorful lampposts and banners.
One read, “Jungkook’s voice, back to the world,” while another read, “Jimin! Now that you’re discharged, how about a world tour?“
Giant banners floated in the sky alongside balloons, with one reading: “We missed you, Jungkook!“
 

Fans of K-pop boy band BTS wait for members Jimin and Jungkook at an outdoor sporting facility in Yeoncheon on June 11, 2025, shortly before their release from 18 months of South Korean military service. (AFP)

“Extremely positive news”

Delighted fans from around the world had gathered as early as 3 a.m., hoping to catch a glimpse of their idols.
“I think I’m gonna cry,” Anaisa Silva, 30, a hotel receptionist from Portugal, told AFP.
“I am an ARMY of nine years and this is the first time I’m seeing them,” she said, referring to BTS’s fandom by its official name.
“We couldn’t sleep!” said Rosie Tanquilut, a 64-year-old fan from the Philippines.
“We’ve been counting the days since they entered military,” she added.
All the band members signed new contracts with their agency HYBE in 2023, and once SUGA is released on June 21, analysts expect profit-driving reunion activities.
The news of the members’ discharge is “extremely positive news” for the K-pop industry, Yoo Sung-man, an analyst at Leading Investment and Securities, told AFP.
“Given the long military hiatus for the full group, this upcoming comeback is expected to have a massive global impact across all fronts — music streaming, album sales, and concerts,” Yoo added.
Prior to their mandatory military service, the boy band generated more than 5.5 trillion won ($4 billion) in yearly economic impact, according to the Korea Culture and Tourism Institute.
That accounts for roughly 0.2 percent of South Korea’s total GDP, according to official data.
HYBE has hinted at a BTS comeback this year, but has also said the members “need time for reflection and preparation.”
On Friday, the band marks the 12th anniversary of its debut, with the HYBE headquarters in Seoul wrapped with the slogan “WE ARE BACK” and thousands of fans set to descend on the city for celebrations.
Faces of the boy band were seen in giant billboards across Seoul, while numerous buses covered with their images welcomed the members back to civilian life.
 


Weinstein jury pores over accuser’s emails during deliberations

Weinstein jury pores over accuser’s emails during deliberations
Updated 11 June 2025
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Weinstein jury pores over accuser’s emails during deliberations

Weinstein jury pores over accuser’s emails during deliberations
  • Jurors deliberated through the day, winding up with a request to rehear on Wednesday a key part of Mann’s testimony

NEW YORK: Jurors in Harvey Weinstein’s sex crimes retrial appeared to be focusing on one of his three accusers as deliberations stretched into a fourth day Tuesday, with no further sign of interpersonal tensions that flared earlier.
The jury had requested to start off Tuesday with electronic copies of emails and other evidence pertaining to Jessica Mann — the accuser with arguably the most complex history with Weinstein.
Jurors deliberated through the day, winding up with a request to rehear on Wednesday a key part of Mann’s testimony. Jurors also indicated they want on Wednesday to keep reviewing the emails and some medical records concerning her reaction to news accounts of other women’s allegations against him.
During days of testimony, Mann said the Oscar-winning movie producer raped her in 2013 amid a consensual relationship that continued for years afterward. Weinstein’s lawyers emphasized that she kept seeing him, accepting invitations and sending warm messages to him. Mann said she “compartmentalized” the pain he caused her.
Weinstein, 73, has pleaded not guilty to all the charges in the case. In addition to the rape charge, he’s accused of sexually assaulting two other women, Mimi Haley and Kaja Sokola.
Weinstein didn’t testify during the current trial, but maintained through his attorneys that he had completely consensual encounters with his accusers, who wanted his help building show business careers.
Weinstein was one of the movie industry’s most powerful figures until a series of sexual misconduct allegations against him became public in 2017, fueling the #MeToo movement and eventually leading to criminal charges.
The jury is made up of seven women and five men. Their closed-door discussions began Thursday and apparently have been fractious at times.
One juror asked Friday to be excused because he felt one member of the group was being treated unfairly. Then on Monday, the foreperson complained to the judge, prosecutors and defense lawyers that some jurors were “pushing” others to change their minds, talking about Weinstein’s past and going beyond the charges.
The foreperson didn’t specify what was said. Trial evidence has included some testimony about allegations outside the scope of the current charges, such as mentions of the groundswell of claims against the ex-studio boss in 2017.
Yet another juror soon asked to speak to the court, where she opined that things were “going well.” By the end of Monday, the jury as a whole said in a note that it was “making good progress.”
There was progress Tuesday on at least one front: Jurors ultimately were given coffee, as requested, Judge Curtis Farber said. He hadn’t initially thought the state court system could provide it.
Weinstein originally was convicted in New York in 2020 of raping Mann and forcing oral sex on Haley. Sokola’s allegation was added last year, after New York state’s highest court overturned the 2020 conviction and sent the case back for retrial.
Meanwhile, Weinstein is appealing a 2022 rape conviction in Los Angeles.
The Associated Press generally does not identify people without their permission if they say they have been sexually assaulted. Sokola, Mann and Haley have agreed to be named.


Emperor penguin populations falling ‘faster than we thought’: researchers

Emperor penguin populations falling ‘faster than we thought’: researchers
Updated 10 June 2025
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Emperor penguin populations falling ‘faster than we thought’: researchers

Emperor penguin populations falling ‘faster than we thought’: researchers
  • Emperor penguin populations in Antarctica have shrunk by almost a quarter as global warming transforms their icy habitat

PARIS: Emperor penguin populations in Antarctica have shrunk by almost a quarter as global warming transforms their icy habitat, according to new research Tuesday that warned the losses were far worse than previously imagined.
“We’ve got this really depressing picture of climate change and falling populations even faster than we thought, but it’s not too late,” said Peter Fretwell, of the British Antarctic Survey (BAS), who led the study monitoring sixteen colonies, representing nearly a third of the global emperor penguin population.