Apple Reports Record March Quarter Revenue Driven by Services Growth

Apple Inc. surpassed analyst expectations with $111.18 billion in revenue and $2.01 diluted EPS, outperforming LSEG consensus estimates of $109.66 billion and $1.95 respectively. The market response remained muted in extended trading as results showed strength with minor imperfections.

Services emerged as the standout segment, climbing to $30.98 billion from $26.65 billion year-over-year. While iPhone revenue grew to $56.99 billion from $46.84 billion, it narrowly missed the $57.21 billion projection—marking the second shortfall in three quarters for Apple's flagship product.

CEO Tim Cook highlighted double-digit growth across all geographic segments, attributing iPhone's March-quarter record to strong demand for the iPhone 17 series. CFO Kevan Parekh noted $28 billion in operating cash flow, underscoring robust product and service demand.