Apple Posts Record Q3 Revenue as iPhone and Mac Sales Surge

Apple reported record-breaking revenue for its fiscal third quarter, driven by surging demand for its iPhone and Mac product lines. The company announced on Thursday, July 30, that it earned $29.79 billion in net income on $109.42 billion in revenue for the April through June period, surpassing Wall Street expectations.

Outgoing CEO Tim Cook, presiding over his final earnings call before stepping down, described the results as the company's strongest June quarter ever. He highlighted double-digit revenue growth across iPhone, Mac, and Services in every geographic segment. iPhone sales rose 22 percent to approximately $54.25 billion, while Mac sales increased 29 percent to about $10.35 billion. Services revenue, which includes subscriptions, reached $30.74 billion, and the company reported having over 1.5 billion subscribers across its services.

The strong performance comes amid a challenging global memory chip shortage, which Cook characterized as a "100-year flood" on memory pricing driven by the high demands of artificial intelligence tools and data centers. In response to these supply chain constraints, Apple raised prices on its Mac and iPad lines in June. Cook stated the...