Apple (AAPL) reported third quarter earnings on Thursday, August 1 that beat expectations on both the top and bottom lines. Goldman Sachs Senior Equity Research Analyst Michael Ng joins Yahoo Finance to break down Apple's recent earnings results, as well as the potential impact of the company's AI features.

"Apple ultimately had a very good quarter," Ng notes. Apple's recent results "keeps the bull thesis alive and well, which is really about an earnings acceleration and a step up in normalized earnings power, really supported by the upgrade cycle for the iPhone."

Watch the video above to hear what sort of iPhones Ng thinks will be hitting the markets next.

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This post was written by Mariela Rosales.