Apple Inc. has announced its strongest first-quarter earnings performance ever, driven by soaring iPhone sales and continued growth in its digital services business.
The tech giant posted a profit of $29.6 billion on revenue of $111.2 billion for the quarter ending in March, surpassing market expectations and setting a new company record for the period.
Chief Executive Officer Tim Cook described the results as Apple’s best March quarter performance to date, highlighting strong global demand for the iPhone and record-breaking growth in the company’s services division.
According to Cook, iPhone sales recorded double-digit growth across all major markets where Apple operates, while revenue from services reached an all-time high during the quarter.
Despite the impressive earnings, Apple shares dipped slightly as investors assessed the company’s future in the rapidly evolving artificial intelligence sector.
The company is also preparing for a major leadership transition, with Cook expected to step down as chief executive later this year after years of leading the technology giant.
Apple veteran John Ternus is set to take over as CEO in September, while Cook will remain with the company as executive chairman of the board.
Industry observers believe one of Ternus’ biggest challenges will be positioning Apple more aggressively in the AI race, especially as competitors like Google, Microsoft, and OpenAI continue to make rapid advances in generative artificial intelligence.
Apple’s delayed rollout of an upgraded Siri assistant has also raised concerns among analysts, with some viewing it as an unusual setback for the company known for innovation and product excellence.
Founded in 1976 by Steve Jobs and his partners, Apple remains one of the world’s most influential technology companies, with products such as the iPhone, Mac, iPad and Apple Watch maintaining strong global popularity.
While critics argue the company has been slower than rivals in embracing generative AI, analysts believe Apple’s focus on privacy and premium hardware could still give it an advantage in delivering personalised AI experiences to consumers.
