Apple delivered exceptional quarterly results with revenue reaching $111.2bn, a 17% increase that exceeded Wall Street expectations. The tech giant attributed this growth to what it called its "most popular" iPhone model ever, with iPhone sales jumping more than 20% to $57bn. CEO Tim Cook highlighted "extraordinary demand" for the iPhone 17 family as the primary driver of these record results for this period.

Sales in China reached $20.5bn, up 28% year-on-year, continuing a recent rebound. Services revenue grew to $31bn, beating analyst forecasts, while net income rose 19% to $29.6bn. Cook announced plans to hand over the reins to hardware chief John Ternus in September, following Apple's disclosure of a $100bn share buyback plan and a 4% dividend increase.

Apple maintained a gross margin of 49.3%, slightly up from last year, despite facing rising memory chip costs affecting its product margins. The company recently increased MacBook prices as these costs continue to climb. Mac revenue climbed 6% to $8.4bn following the launch of the $599 affordable MacBook Neo, even as investors remain cautious about Apple's AI capabilities after a slow start.