Apple (AAPL) reported its second quarter earnings on Thursday, topping analysts\u2019 estimates on the top and bottom lines on strong iPhone sales.<\/p>\n
Shares in Apple rose roughly 5% in morning trade on Friday as investors assessed the results.<\/p>\n
Apple CEO Tim Cook cited \u201cextraordinary\u201d demand for the iPhone 17 lineup for the earnings beat.<\/p>\n
For the quarter, Apple saw earnings per share (EPS) of $2.01 on revenue of $111.2 billion. Analysts were anticipating EPS of $1.96 and revenue of $109.66 billion, according to Bloomberg analyst consensus estimates.<\/p>\n
That\u2019s up from the EPS of $1.65 and $95.35 billion the company saw in the same quarter last year.<\/p>\n
Apple\u2019s iPhone revenue came in at $56.99 billion, just ahead of Wall Street\u2019s projections. This marks the second consecutive quarter of more than 20% revenue growth in the segment.<\/p>\n
The company\u2019s second-largest business, Services, generated revenue of $30.97 billion versus an expected $30.37 billion. Apple saw Services revenue of $26.64 billion in Q2 last year.<\/p>\n
Mac revenue hit $8.39 billion. Apple\u2019s Mac mini has been a breakout star of the AI boom as of late, thanks to developers buying up the tiny desktop to power instances of the AI agent OpenClaw. Apple also debuted its $599 MacBook Neo in early March.<\/p>\n
The company\u2019s Greater China revenue improved to $20.49 billion. Analysts were expecting $18.9 billion.<\/p>\n
This is Apple\u2019s first quarterly report since it announced Cook will step down as CEO in September and be succeeded by senior vice president of hardware John Ternus.<\/p>\n
Apple, like the rest of the smartphone and computer industry, is dealing with the impact of the global memory shortage caused by the worldwide AI data center build-out.<\/p>\n
According to the International Data Corporation, global smartphone shipments declined 4.1% in the first quarter to 289.7 million units. That broke a 10-quarter streak of growth that began in mid-2023.<\/p>\n
The market research firm says that premium smartphones, like the iPhone, should be largely insulated from demand destruction, but Apple has also warned that increased memory prices could hurt margins.<\/p>\n Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at <\/em>@DanielHowley<\/em><\/a>.<\/em><\/p>\n For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here<\/p>\n Read the latest financial and business news from Yahoo Finance.<\/p>\n<\/p><\/div>\n![\"Sign](\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/oS1L6Wk5pcMX4CCK7ZVFUA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ4MA--\/https:\/\/d29szjachogqwa.cloudfront.net\/images\/user-uploaded\/yahoo_finance_week_in_tech.png\")
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