Apple Tops Wall Street Forecasts With Best March Quarter Ever, Services Revenue Passes $30 Billion
Apple reported its best March quarter ever with $111.2 billion in revenue, surpassing Wall Street expectations despite a slight miss on iPhone unit sales. The company's Services segment reached a record $30.9 billion in revenue, driven by growth across Apple TV, Apple Pay, and other platforms. This earnings report marks the first since Tim Cook announced his upcoming transition to executive chairman, with John Ternus set to become CEO in September.
- ▪Apple posted $111.2 billion in revenue for the March quarter, a 17% increase year over year.
- ▪Services revenue reached $30.9 billion, up from $26.6 billion in the same period last year.
- ▪iPhone sales rose 20% to $56.7 billion, fueled by demand for the iPhone 17 lineup.
- ▪Apple introduced the iPhone 17e, M4-powered iPad Air, and MacBook Neo during the quarter.
- ▪John Ternus is set to succeed Tim Cook as CEO in September, with Cook transitioning to executive chairman.
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Mechanics push the Aston Martin F1 Team AMR26 Honda through the pit lane during previews ahead of the F1 Grand Prix of Miami Chris Graythen/Getty Images Apple beat Wall Street forecasts on the top and bottom lines for the three months ended in March despite a slight miss on iPhone sales, which were still extremely robust. Services, where Apple TV lives, had its best quarter ever. It’s the first earnings report since Tim Cook announced he’s stepping down as CEO with John Ternus, currently head of hardware engineering, set to take the reins Sept. 1. Cook will segue to executive chairman. The tech giant posted quarterly revenue of $111.2 billion, up 17% year over year for its fiscal second quarter. Diluted earnings per share of$2.01 rose 22%.
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