Apple Revenue Rises on Back of iPhone, Mac, Services Sales
Apple reported better than expected results for the quarter ended June on Thursday. The company beat analyst expectations on the top and bottom line, as revenue grew 14 percent to $96.4 billion - the biggest increase since December 2021 - and net income reached $18.2 billion.
iPhone sales, still at the heart of Apple's business, grew 13.5 percent to $44.6 billion, as observers and Apple itself chalked up at least some of the success to customers trying to get ahead of feared tariff price hikes by upgrading their phones early.
Besides the good iPhone results, the company's services business continued its strong growth at 13.3 percent year-over-year. Considering that Apple now boasts an installed base of more than 2.3 billion active devices and more than a billion paid subscription across its services, the segment looks like a cash cow for years to come for the company. The release of new models of the popular MacBook Air just before the start of the quarter also boosted growth in the smaller Mac segment.