Apple on Thursday announced record earnings for its March quarter, with revenue up 17%. Sales of iPhones continue to boom, with revenue from handsets — Apple’s most important product — up 22% year over year.
“Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment,” said Tim Cook, Apple CEO, in a statement. “iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup.”
Apple revenue climbs on robust iPhone demand
Before this announcement, Wall Street predicted Apple would bring in $109.7 billion, with earnings per share at $1.95. As noted, actual revenue hit $111.2 and EPS hit $2.01.
“We were excited to introduce remarkable new products to our strongest lineup ever,” said Cook. “That included the addition of the iPhone 17e and the M4-powered iPad Air, along with the launch of MacBook Neo, which is captivating customers all around the world.”
The Apple CEO called out strong demand for iPhones. During the last quarter, revenue from iOS handsets reached $57 billion, an eye-opening 22% annual increase.
Growth for Services, Mac, and iPad, too
Revenue during the March quarter from services — the App Store, iCloud, etc. — also grew strongly, up 16% year over year. Services revenue is considered critical to the company’s long-term health because it doesn’t depend on new hardware sales, which can be cyclical.
Revenue for desktop Macs and MacBook went up 6% year over year to $8.4 billion. iPad revenue rose 8% YOY to $6.9 billion.
With the company solidly beating analysts’ expectations, the share price can be expected to rise — or at least not fall too far. It’s always challenging to guess what traders will do. The AAPL share price shot up over 7% in April, pushing the company to a market capitalization of just above $4 trillion.
Ed Hardy has been writing full-time about tech for 25 years, and using it for much longer than that. His intro to Apple was a Macintosh SE/30 (which he still has), but now he uses a 13-inch iPad Pro as his primary computer.
That’s because he’s a “tablet first” type of guy. Rather than use a Macbook, he connects a keyboard case to the iPad. And instead of a desktop Mac, he connects his tablet to a 27-inch display and full-size keyboard. (So don’t try to tell him that everyone has to use a Mac to be productive.)
Before coming to Cult of Mac, Ed wrote for NotebookReview, TabletPCReview and Brighthand, as well as other sites.
