"Apple delivered the goods in its holiday quarter, ringing up billions more than expected in global iPhone sales and in its China business, while beefing up its already impressive profit margins and boasting more than 2.5 billion active Apple devices in the wild. It was a reminder of CEO Tim Cook's unparalleled mastery of the controls that keep the $3.8 trillion company humming. But it was also a reminder of the challenges Apple faces, and the limits of the company's leadership in a changing market."
"The launch of the iPhone 17 family of phones has clearly energized a business that had started to slow. iPhone sales growth had averaged just 4.2% over the previous six quarters. But now so strong is the demand, Cook said, that Apple is constrained in its ability to get enough of the advanced 3-nanometer chips that power the phones. Tim Cook, of course, is a master of supply chains."
Apple reported fiscal first-quarter revenue of $143.8 billion, up 16% year-over-year and above analyst expectations. Net income rose 16% to $42.1 billion, or $2.84 per share. iPhone sales increased 23% year-on-year driven by the iPhone 17 launch. Greater China revenue jumped 38% to $25.5 billion with retail traffic and iPhone sales reaching record levels. Active Apple devices exceeded 2.5 billion globally. Profit margins expanded further. Strong hardware execution and supply-chain management enabled outperformance, but Apple provided little detail about an AI strategy. Despite the blowout quarter, the stock barely moved, gaining 0.2% after hours.
Read at Fortune
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