Apple has reported better-than-expected quarterly results, driven by strong iPhone sales, as the company prepares for a leadership transition. The tech giant posted earnings of $29.58bn (£23.7bn), or $2.01 per share, for the January-March period, up 22% from a year earlier, surpassing analyst forecasts of $1.95 per share.
Revenue rose 17% to $111.18bn, with iPhone sales accounting for $56.99bn of that total. Chief executive Tim Cook described it as the company's best March quarter ever, citing double-digit growth across every geographic segment. The results come ahead of Cook's planned departure later this year.
Cook announced earlier this month that he will step down as CEO, with hardware engineering head John Ternus set to take over on 1 September. Cook will remain as executive chairman. Ternus, who joined the earnings call, expressed optimism about Apple's future, saying there are 'so many opportunities before us'.
During the quarter, Apple launched the iPhone 17e and the MacBook Neo, targeting the affordable market. The company also highlighted record iPhone sales in the previous quarter, despite delays in its AI-powered Siri revamp. Analysts had anticipated the strong performance, with FactSet expecting revenue of $109.46bn.
Cook has led Apple for 15 years, during which the company's market value soared by more than $3.6tn. The transition marks a new chapter for the firm as it continues to navigate competition and innovation in the tech sector.
