Apple Reports Record Revenue Growth
Apple grew its revenue by 17% last quarter. This beat what analysts had expected. iPhone sales brought in about $58 billion.
That is a record for a March quarter. It is also up 22% from last year.
But the number of iPhones sold fell short of expectations. Apple's finance chief called the iPhone 17 lineup the most popular ever.
Chief Executive Tim Cook said demand was very high. He said supply problems limited sales rather than weak demand.
Services revenue also hit a record of about $31 billion. Apple expects 14 to 17% growth next quarter. That is also ahead of what analysts expected.
Klear Note — Apple is the world's largest company by market value. Its iPhone is the best-selling smartphone globally. Strong earnings show investor confidence in the company.
Key Terms 4
- revenue total money a company earns from sales
- analysts experts who study companies and predict their results
- supply constraints not enough products available to meet customer demand
- services revenue money Apple earns from apps, subscriptions and online services