Apple posts record June quarter revenue of nearly $110B
What's the story
Apple has reported a record revenue for the June quarter, driven by robust iPhone and Mac sales. The tech giant's third-quarter revenue stood at $109.4 billion, a 16% year-on-year increase. The diluted earnings per share also rose by 29% to $2.02. The company's outgoing CEO Tim Cook highlighted India as one of its fastest-growing markets. During the earnings call, he said Apple achieved revenue records across all geographic segments, including India.
Product performance
iPhone revenue jumped 22% to $54.3 billion
Apple's global iPhone revenue jumped 22% to $54.3 billion as customers upgraded to the latest models.
Meanwhile, Mac revenue rose 29% to $10.4 billion, setting a new June quarter record for the company.
Apple's services business, which includes the App Store, iCloud, Apple Music, and advertising, grew 12% to $30.7 billion but slightly missed Wall Street expectations during this period.
Market challenge
First quarterly iPhone shipment decline in India in 4 years
Apple's iPhone shipments in India fell 3% year-on-year during the April-June quarter.
This was the first quarterly decline in nearly four years as the broader smartphone market contracted by 10%.
However, Apple seems to have compensated for this decline through strong performance across its broader product portfolio, particularly with Macs.
Product success
Apple sees strong demand for Mac products in India
Apple's Chief Financial Officer Kevan Parekh revealed that the company's Mac revenue was driven by strong demand for the MacBook Neo and MacBook Pro lineup.
He said, "We grew in both developed and emerging markets, with strong double-digit growth in markets like Latin America, India, and Southeast Asia."
Parekh also noted that customer response to the MacBook Neo had been "incredible," helping Apple attract first-time Mac buyers globally.