Apple Shatters Q1 Earnings Expectations with a 16% Revenue Boost
Apple Inc. has outperformed in its fiscal first quarter, exceeding Wall Street forecasts with a 16% annual revenue increase, hitting a staggering $143.76 billion. The tech behemoth posted earnings per share of $2.84, surpassing the projected $2.67, thanks to an extraordinary demand for iPhones.
“The demand for iPhones is simply staggering,” stated the company’s CEO, Tim Cook. iPhone sales skyrocketed by 23%, reaching $85.27 billion. Particularly impressive results were seen in China, where sales spiked by 38% to $25.53 billion, setting an unprecedented record for iPhone upgrades in mainland China.
Apple’s active global device base now stands at 2.5 billion, a significant increase from 2.35 billion the previous year. Despite allocating considerably less to AI infrastructure compared to rivals such as Microsoft and Meta, Cook voiced confidence in Apple’s AI strategy, declaring, “We have absolutely the best platforms in the world for AI.” The company anticipates a revenue growth of 13-16% in the upcoming quarter.
Source: CNBC