Apple has reported a record-breaking first quarter, with revenue surging 16% year-on-year to $143.8bn, far exceeding analyst expectations of $138.4bn. The tech giant attributed much of its success to strong demand for the iPhone 17, particularly in China, where sales climbed 38%.
CEO Tim Cook hailed the results as 'remarkable', noting that iPhone revenue jumped 23% compared to the same period last year. 'It was the best iPhone quarter in history in greater China,' Cook said, adding that the company's active device base now stands at 2.5bn globally.
The strong performance comes despite Apple's ongoing ban on sales in Russia, which was imposed in 2022 following the invasion of Ukraine. Reports indicate that the iPhone 17 is still being sold in Moscow through parallel imports, though Apple does not officially recognise these sales.
Analysts have praised Apple's ability to maintain growth without relying heavily on artificial intelligence, an area where the company is perceived to be lagging. 'The unseen iPhone 17 demand shows that the actual consumer market is prioritising execution and ecosystem reliability over headline AI features,' said Thomas Monteiro of Investing.com.
Apple's stock rose over 1% in extended trading following the earnings release. The company also confirmed that a more personalised version of Siri, powered by Google's Gemini AI models, is expected to launch later this year.
