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Apple Reports 17% Revenue Growth in Fiscal Q2
Apple announced 17% revenue growth for its fiscal second quarter despite supply constraints. CEO Tim Cook warned of increasing impacts from memory costs in coming quarters. The company forecasts 14% to 17% revenue growth for the current quarter, exceeding analyst expectations.
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Apple reported 17% revenue growth for its fiscal second quarter, exceeding guidance despite facing supply constraints, the company said during its earnings call on Thursday. CEO Tim Cook stated that the company faced supply constraints in the latest quarter, with a minimal impact in the December quarter and a bit more of a hit in the March period.
He added that supply constraints will impact several Mac models in the quarter ending in June.
He also noted in a Reuters interview that Apple's iPhone faced supply constraints of advanced node chips. AI memory began selling out in January, contributing to the global memory crunch affecting tech companies. In March, Apple announced new products including the iPhone 17e, a refreshed iPad Air laptop with an M4 chip in 11-inch and 13-inch sizes, and the MacBook Neo, a low-cost laptop.
Apple forecasts revenue growth of 14% to 17% for the current quarter. 5% to $103 billion for the current quarter, according to LSEG. Micron's stock is up roughly 570% in the past year, reflecting strong demand in the memory market.
John Ternus is succeeding Tim Cook as Apple CEO in September. He reiterated that there was a bit more of a hit from supply constraints in the March period.
The earnings report highlighted Apple's performance amid broader industry challenges from soaring memory prices driven by artificial intelligence demand.
