Apple Reports Stellar Q1 Revenue Driven by iPhone 17 Surge

Apple's fiscal first-quarter revenue soared to $143.8 billion, marking a 16% year-over-year increase. The iPhone 17 emerged as the primary growth driver, generating $85.27 billion in sales—23% above last year's figures and significantly surpassing Wall Street's $78.65 billion expectation. CEO Tim Cook described demand as "simply… staggering," particularly in Greater China where revenue jumped 38% to $25.53 billion.

The company reported record upgrades in mainland China and double-digit growth among Android switchers. Cook noted the sales surge exceeded internal forecasts, attributing it to product appeal rather than marketing efforts. Apple's active device ecosystem expanded to 2.5 billion units, bolstering its services segment.

While Mac sales dipped 7% to $8.39 billion, iPad revenue climbed 6% to $8.6 billion, outperforming projections. The results underscore Apple's continued dominance in premium hardware, though cryptocurrency markets showed no immediate reaction to the tech giant's earnings report.