Apple reports record fiscal year as AI demand supports growth

Apple reported its best fiscal year ever for revenue and earnings per share, while continuing to benefit from the artificial intelligence boom. The company is pursuing opportunities linked to AI without matching the infrastructure spending that is weighing on some competitors, according to the report.

Sales of the iPhone and Mac remained strong in the fourth quarter. iPhone revenue increased 17.5 percent from a year earlier, reaching a September-quarter record of $57.6 billion. Mac revenue grew 24 percent to $10.8 billion, its highest level in four years.

Despite the results, Apple shares declined in premarket trading on Tuesday. The company warned that higher memory costs would put pressure on profit margins during the holiday quarter. The warning came as Apple reported broad gains in its main hardware businesses.