Apple Reports Record iPhone Sales and $111 Billion Revenue

Apple reported revenue of $111.2 billion in its fiscal second quarter, up 17 percent from the prior year. iPhone revenue rose 21.7 percent to nearly $57 billion. Sales in Greater China increased 28 percent to $20.5 billion. The company said the performance was driven by the most popular iPhone ever, along with recently released updated MacBook Pro, iPad, and iPhone 17e models.

Shares rose 4 percent after the results, which exceeded analyst expectations. Apple projected revenue growth of 14 percent to 17 percent for the current quarter, above the 9 percent consensus forecast.

Tim Cook said the earnings beat occurred despite shortages of MacBooks and iPhones. Cook noted a memory crunch that has led to significantly higher costs for key hardware components. John Ternus, Apple's hardware chief who will become CEO on September 1 with Cook moving to executive chairman, appeared on the earnings call for the first time since the leadership transition was announced.

"This is the most exciting time in my 25-year career at Apple to be building products and services," Ternus said.

The Financial Times reported that Apple credited its "most popular" ever iPhone for the booming sales. Sources described the iPhone performance and China rebound as central to the results. No details on specific AI product timelines were disclosed on the call.