Apple Q2 Revenue Hits $111.2B Record, Cook to Step Down

Apple reported record revenue of $111.2 billion for its fiscal second quarter ending in March, marking its best March quarter in history and surpassing analyst expectations. The results, announced Thursday, showed a 17 percent increase year over year, driven by strong iPhone sales and growth across all geographic regions, including a 28 percent rise in Greater China to $20.5 billion.

iPhone revenue reached a March quarter high of about $58 billion, up 22 percent, fueled by extraordinary demand for the iPhone 17 lineup, according to CEO Tim Cook. New products contributed significantly, including the more affordable iPhone 17e, the M4-powered iPad Air, and the $599 MacBook Neo, which saw off-the-charts demand and sold out through April. Services revenue hit an all-time high of $31 billion, while Mac sales grew modestly to $8.4 billion amid supply constraints. Operating cash flow exceeded $28 billion, and the company authorized a $100 billion share buyback while raising its dividend.

The earnings call marked the first public appearance for John Ternus, Apple's senior vice president of hardware engineering, who will succeed Cook as CEO on September 1. Cook will transition to...