Key facts
- Apple reported record quarterly revenue of $109.42 billion, up 16% year-over-year.
- iPhone sales rose 21.7% to a quarterly record of $54.25 billion.
- Mac revenue climbed 28.7% to $10.35 billion.
- Profit per share was $2.02, including 11 cents from tariff refunds.
- Apple forecast revenue growth of 9-11% for the current quarter, below analyst expectations of 12%.
- Apple shares fell as much as 8% in after-hours trading.
Apple Inc. reported record fiscal third-quarter revenue and profits, surpassing market expectations driven by strong sales of its iPhones and Mac computers. The company announced revenue of $109.42 billion, a 16% increase year-over-year, and earnings per share of $2.02, which included 11 cents from U.S. government tariff refunds. iPhone sales saw a significant jump of 21.7% to $54.25 billion, reaching a quarterly record, while Mac revenue climbed 28.7% to $10.35 billion.
Despite the strong quarterly performance, investors reacted negatively to Apple's forecast for the current quarter, which projected revenue growth of 9% to 11%, falling short of analysts' expectations of around 12%. The company also cited rising memory-chip costs and shortages in advanced chipmaking capacity as challenges.
Tim Cook, in his final earnings report as CEO before stepping down on September 1, expressed confidence in the company's performance and leadership transition. Analysts noted Apple's resilience as a "safe haven" amid broader Big Tech concerns about artificial intelligence spending and free cash flow, though rising memory costs were flagged as a potential headwind.