CEO Tim Cook says increased R&D spending is in part driven by work on generative artificial intelligence
Apple boss Tim Cook announced the company was investing heavily in artificial intelligence (AI) on Thursday as the company announced its third consecutive quarter of declining revenues, the company’s most prolonged sales slump since 2016.
Apple’s sales for the fiscal third quarter ending 1 July fell 1.4% to $81.8bn. Over the quarter the company made a profit of $19.9bn, higher than analysts had expected.
Reuters contributed to this story
