Plus, Amazon records revenue and profit growth amid excitement over AI. And Intel posts a loss of more than $16 billion. Julie Chang hosts.
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[00:00:17] Here's your TNB Tech Minute for Thursday, October 31st. I'm Julie Chang for The Wall Street Journal.
[00:00:22] In earnings, Apple reported record September quarter revenue, boosted by a rebound in iPhone sales.
[00:00:29] The company's smartphone accounts for half its revenue.
[00:00:32] It saw renewed growth in phone sales ahead of the release of Apple's set of AI tools called Apple Intelligence this month.
[00:00:39] The company's total sales were nearly $95 billion, but the iPhone maker's net income fell almost a third to $14.7 billion.
[00:00:48] That's due to a ruling in Europe that will force Apple to pay more than $14 billion in taxes to Ireland.
[00:00:56] Meanwhile, Amazon recorded revenue and profit growth last quarter as demand for its cloud services and e-commerce sales rose.
[00:01:04] The company has been investing in cloud computing infrastructure in response to anticipated demand from AI.
[00:01:09] Amazon's net sales went up 11% to nearly $159 billion.
[00:01:16] Net income rose to more than $15 billion, better than Wall Street forecasted.
[00:01:21] And revenue from its cloud computing unit, Amazon Web Services, grew by 19% to roughly $27.5 billion.
[00:01:29] And Intel reported a net loss of more than $16.5 billion in the latest quarter, far exceeding the $1 billion loss analysts expected in a fact-set survey.
[00:01:41] Intel's revenue in the quarter was $13.3 billion, down 6% from the same period last year, but slightly above Wall Street forecasts.
[00:01:50] The chipmaker said the losses were largely due to ongoing restructuring efforts in addition to the accelerated depreciation on some of its manufacturing assets.
[00:02:00] Intel's valuation has more than halved this year, dropping to below $100 billion.
[00:02:05] For a deeper dive into what's happening in tech, check out Friday's Tech News Briefing Podcast.
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