APPLE BREAKS OUT OF RECENT SALES SLUMP AS IT GEARS UP TO MAKE ITS LEAP INTO THE AI CRAZE

Apple snapped out of a prolonged sales slump during its most recent quarter as the trendsetting company prepares to launch into the artificial intelligence craze with an arsenal of new technology that's expected to juice demand for its next iPhone.

The fiscal third-quarter results announced last week covered an April-June period that's typically a sluggish stretch for Apple as its loyal customer bases awaits the next version of the iPhone that's traditionally unveiled shortly after Labor Day.

Even so, Apple boosted its sales from a year ago — a welcome reversal of fortune on the heels of five consecutive quarters of year-over-year revenue declines.

This time around, Apple’s revenue rose 5% from a year to $85.78 billion — a figure that exceeded analysts’ projections. The Cupertino, California, company earned $21.45 billion, or $1.40 per share, an 8% increase from the same time last year. The profit also topped analyst forecasts.

Apple’s shares swung between slight increases and modest declines after the announcement as investors assessed the results.

Sales of the iPhone — Apple’s marquee product — remained on a downward slope though, dipping 1% from last year to $39.3 billon. That decrease wasn’t as bad as the January-March period when iPhone sales plummeted 10% from last year, and now the product appears headed toward a major upswing.