AAPL: Apple Stock Jumps on Rising Revenue in Tim Cook’s 89th Quarter as CEO

iPhone sales were near the roof, not through the roof, rising 21% from last quarter’s pace to $57 billion.

📱 Tim Cook’s 89th Quarter

• Apple AAPL delivered a blockbuster quarter in what marked Tim Cook’s second-to-last earnings report as CEO. Revenue climbed 17% year over year to $111.2 billion, comfortably ahead of Wall Street expectations.
• Investors cheered the results, sending Apple shares up about 2% after hours. Apparently, record sales plus a dramatic CEO transition is still a pretty effective combo on Wall Street.
• Cook, appearing on his 89th earnings call, officially passed the torch toward CEO-in-waiting John Ternus (stepping in September 1), saying “there’s no one I trust more to lead.” Not a bad endorsement to inherit a $4 trillion empire.

🚀 iPhone 17 in Demand

• iPhone revenue surged 21.7% to nearly $57 billion as consumers piled into the new iPhone 17 lineup. Upgrades came fast, aggressive, and very profitable — proving once again that people will absolutely finance a tiny titanium rectangle every year.
• Ironically, iPhone sales still narrowly missed analyst estimates of $57.2 billion. Yes, Apple can generate almost $57 billion from one product in three months and still technically disappoint somebody on Wall Street.
• Apple also warned that supply constraints for advanced chips limited how many devices it could ship. Translation: demand was so strong that even Apple’s famously polished supply chain got a bit sweaty.

💰 Margins, China, Guidance

• Apple posted a record gross profit margin of 49.3%, an eye-popping number for a hardware company. Gross margin measures how much money a company keeps after production costs — and Apple keeps a lot. Like, a lot a lot.
• China sales helped push Apple to the top spot in global smartphone market share during the March quarter, according to Counterpoint Research. That’s a major flex in a market where competition is usually brutal and margins are thin.
• Looking ahead, Apple forecast current-quarter revenue growth between 14% and 17%, far above analyst expectations near 10%.