Apple saw revenue jump 16% to pass $109 billion for its fiscal third quarter ended in June. EPS of $2.02 included a tariff refund of 11 cents a share. It’s a momentous quarter beyond the numbers as it is CEO Tim Cook’s last presiding as chief executive. His successor John Ternus takes the reins Sept. 1.
Revenue at Services (of $30.7 billion), which houses Apple TV+, came in a bit shy of Wall Street forecasts, knocking Apple’s highflying stock down 4% after hours, and after a major runup this year. IPhone sales continued to rise, jumping to $54.3 billion from $44.6 billion the year earlier.
“Today, Apple is proud to report our strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and Services, and in every geographic segment,” said Cook said.
The numbers top off an eventful week as the company briefly hit a market cap of $5 trillion.
On Tuesday, it introduced a leasing program called Apple Upgrade for its iPhones and other devices after raising the prices of key products in June. The consumer electronics business is being squeezed by a shortage of memory and storage chips, which are being gobbled up in the AI arms race.
Cook and Ternus – a 25-year Apple veteran and current head of hardware –also hit the gala premiere of Ted Lasso Season 4.
Apple’s stock price has been on a roll (up 24% year to date) unlike some other tech giants as the industry invests heavily in data centers and chips as an AI arms race unfolds. Apple has announced a redesigned Siri (using Google technology) and other AI features.
Investors will be looking for more commentary around product demand and tariffs as well as AI on a call set for 5 pm ET. It will be Cook’s 90th and last earnings call after 15 years as CEO, and 28 years at the company.
Get our Breaking News Alerts and Keep your inbox happy.
Comments On Deadline Hollywood are monitored. So don't go off topic, don't impersonate anyone, and don't get your facts wrong.
Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );