Apple Tops $111.2 Billion on Iphone 17 Demand
Apple reported second-quarter results on Thursday that beat estimates, with revenue of $111.2 billion and earnings per share of $2.01 as iphone 17 demand pushed iPhone sales higher. The stock rose roughly 1% after the report, and the quarter gave investors a fresh read on whether one product cycle can still carry the rest of the company.
Tim Cook on Iphone 17 demand
Tim Cook said demand for the iphone 17 lineup was “extraordinary.”
Apple’s iPhone revenue reached $56.99 billion, just ahead of Wall Street’s projections, and the segment posted its second straight quarter of more than 20% revenue growth. For buyers, that means Apple is still moving a newer phone cycle fast enough to keep the company’s biggest business above forecasts.
Services, Mac, and China
Services revenue came in at $30.97 billion versus $30.37 billion expected, while Mac revenue hit $8.39 billion.
Greater China revenue was $20.49 billion, above the $18.9 billion analysts expected, which gave the company another lift in a market that has been closely watched by investors. The report also arrived as Apple and the wider smartphone and computer industry face a global memory shortage tied to the worldwide AI data center build-out, a supply pressure that could complicate how much hardware can be shipped next.
Apple after Cook
This was Apple’s first quarterly report since it said Cook will step down as CEO in September and John Ternus will succeed him. The handoff adds another layer to a quarter already shaped by iphone 17 demand, because investors are now reading the numbers through both current sales and the next leadership change.
The unresolved question is pricing and supply for the iphone 17 lineup as Apple enters that transition with memory shortages still hanging over the hardware market.
