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Apple’s iPhone 17 was a big seller during the holiday season, with sales for the tech giant rising by almost a quarter.
Apple generated revenue of $143.8 billion in its fiscal first quarter, up 16% from the previous year. Cook said it was a record sales quarter for North America and China, where it has lost market share to local competitors in recent years.
NEW APPLE IPHONE 17 IS ON SALE WORLDWIDE
A woman takes a selfie with iPhones at the Apple Store in Beijing’s Sanlitun district, September 19, 2025. (Reuters/Maxim Shemetov)
Apple still pays a 10% tariff on products shipped from China, and Cook said the tariff costs were largely in line with the company’s estimated costs of $1.4 billion for the quarter.
When it comes to AI spending, Cook said Apple is “open to acquisitions” and isn’t married to a company of a certain size.
APPLE SIGNS A BIG DEAL WITH GOOGLE TO POWER SIRI WITH GEMINI AI
Apple on Thursday announced the purchase of Israeli AI audio company Q.ai.
“We see many benefits in the acquisition,” Cook said. “We continue to watch the market,” meaning there may be more announcements in the future.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 258.28 | +1.84 |
+0.72% |
On the AI arms race, with both Microsoft and Meta announcing increases in AI spending of 66% and a whopping 87% respectively, Cook said Apple is “spending quite a bit of money too” but declined to give a specific figure.
The iPhone 17 series will be on display at the Apple Store in New York City on September 19, 2025. (Reuters/Shannon Stapleton)
There have been numerous reports lately that Cook may be stepping back from his leadership role and planning to hand the reins to someone else.
“I love my job, and part of my job is making sure there’s good succession within the company,” Cook said, adding that he takes that part of his job seriously.
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Cook also confirmed that Apple’s AI assistant, Siri, will be powered by Google’s Gemini and will arrive later this year. When asked if he prefers Google over OpenAI in the AI race, Cook said he “sees it differently” and sees it more as a “collaboration” that will be the “foundation of our future models.”
