On Thursday, Apple CEO Tim Cook heralded a new dawn at the Cupertino, California-based firm following this week’s launch of its suite of generative AI tools embedded in its flagship products.

“This is just the beginning of what we believe generative AI can do, and I couldn’t be more excited for what’s to come,” Cook said during the call. Investors, however, were not convinced.

Apple stock fell 1.8% to $225.91 by the closing bell. The stock has since slumped a further 1.8% to $221.90 in after-hours trading, data from Google Finance shows. That came as results showed modest increases in company sales for the year.

Apple reported $94.9 billion in sales for the quarter, up 6% year-over-year, including $46.2 billion in iPhone sales. 

Company profits dropped 35.9% from the same time last year to $14.7 billion, mainly due to a $14 billion headwind in income back taxes in Ireland following a court ruling in September. 

Included in Monday’s iOS 18.1 update, Apple Intelligence allows users to summarize and rewrite text, search their photo library using descriptions of photos, and transcribe and summarize pho

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Author: Peter Saalfield