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9to5Mac Daily: May 3, 2024 – AAPL Q2 earnings and AI promises

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Here’s everything to expect from Apple’s iPad-focused ‘Let loose’ event

Apple Let Loose Event Dark Lead Image

The first Apple event of 2024 is almost here. Set for May 7, the “Let loose” event is expected to focus entirely on the iPad. This should come as no surprise, considering the device was Apple’s only major product line to not receive any hardware updates in the entirety of 2023. iPad sales, as a result, keep dropping. But Apple is prepared to reverse that trend with its May 7 lineup.

Here is a roundup of everything you can expect to see when the event arrives.

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Spotify lossless audio said to be close to launch, with third branding

Spotify lossless audio | Turntable close-up

More than three years after Spotify lossless audio was first promised by the company, it still hasn’t launched. There have been multiple reports since, and the latest of these claims that the service is now very close to launching.

We’ve also heard three different brand names suggested. The company originally announced it as Spotify HiFi, then we heard Music Pro, and today’s report says it will be called Spotify Lossless …

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Apple working hard on one iPad it won’t launch next week

New entry-level iPad not launching next week | 10th-gen model shown

Next week’s Let Loose event will see the unveiling of new iPad Pro and iPad Air models, alongside a new Apple Pencil and an updated Magic Keyboard which will give the iPad Pro a more MacBook-like look and feel.

But there is one key iPad which won’t get an update next week, and that’s the entry-level model. Apple is said to be working hard on an updated version of this …

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What did we learn from Tim Cook’s comments yesterday?

Tim Cook's comments | Woman taking notes

There were no surprises in Apple’s earnings report yesterday, with the company reporting close to the $5B year-on-year fall in revenue it had warned us to expect.

Analysts got their usual chance to question CEO Tim Cook and chief financial officer Luca Maestri directly after the announcement. The pair always remain tight-lipped about specific plans, but there are a few things worth noting …

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Tim Cook: Apple has advantages that will set its generative AI apart from the competition

Apple AI features iOS 18

Following on from the announcement of Apple’s second quarter fiscal 2024 results, Apple CEO Tim Cook joined the company’s chief financial officer Luca Maestri on a call with investors. During this call, Cook again teased Apple’s upcoming generative AI and said that the company has advantages over its competitors.

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Apple not making major AI news at upcoming product event, WWDC still expected venue [Updated]

Update: It turns out Tim Cook was misunderstood in the CNBC story. The full quote in context does not imply an AI software announcement at next week’s hardware event, although Apple does infuse its silicon with AI readiness. Here’s the full quote in context:



”Looking ahead, we’re getting ready for an exciting product announcement next week that we think our customers will love. And next month, we have our Worldwide Developers Conference, which has generated enormous enthusiasm from our developers. We can’t wait to reveal what we have in store.

”

Additionally, with a pause inserted to explain what happened:

“And we’re getting into a period of time here where we’re extremely excited like I’m in the edge of my seat literally because next week, we’ve got a product event that we’re excited about. And then just a few weeks thereafter, we’ve got the developers Worldwide Developers Conference coming up and we’ve got some big plans to announce in in both of these events. [pause] From an AI point of view…”

Apple is still expected to unveil its AI software innovations in June during its Worldwide Developers Conference.

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Apple announces Q2 2024 earnings, slightly beating expectations with $90.75 billion revenue

Apple has disclosed its fiscal year 2024 Q2 earnings results. The company reports $90.75 billion in revenue during the three-month period, dropping 4.31% year over year. Analysts expected revenue around $90.33 billion. Apple netted $23.64 billion in profit, 2.15% decline.

Apple reported revenue of $94.8 billion for the same quarter a year ago. Apple argues that last year’s results included around $5 billion in revenue from “pent-up demand from the constraints” of Covid-19 factory shutdowns.

Other numbers from Apple’s quarterly results:

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