However, iPhone revenue came in at $56.99 billion, missing estimates of $57.21 billion. The company saw strong performance in Services, which hit $30.98 billion (vs. $30.39B est.), Mac at $8.4 billion (vs. $8.02B est.), and Other Products at $7.9 billion (vs. $7.7B est.). iPad revenue was $6.91 billion, exceeding the $6.66 billion estimate.
Apple’s board of directors declared a cash dividend of $0.27 per share of the Company’s common stock, an increase of 4 percent.
Top Line Financials
Revenue: $111.18 billion (vs. $109.66B estimated)
EPS: $2.01 (vs. $1.95 estimated)
Gross Margin: 49.3% (vs. 48.4% estimated)
Product Revenue vs. Estimates
iPhone: $56.99 billion (vs. $57.21B estimated) MISS
Services: $30.98 billion (vs. $30.39B estimated) BEAT
Wearables, Home, & Accessories: $7.9 billion (vs. $7.7B estimated) BEAT
iPad: $6.91 billion (vs. $6.66B estimated) BEAT
Mac: $8.4 billion (vs. $8.02B estimated) BEAT
“Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment,” said Tim Cook, Apple’s CEO. “iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup. During the quarter, Services achieved yet another all-time record, and we were excited to introduce remarkable new products to our strongest lineup ever. That included the addition of the iPhone 17e and the M4-powered iPad Air, along with the launch of MacBook Neo, which is captivating customers all around the world.”
“Our strong business performance during the March quarter generated over $28 billion in operating cash flow and drove new March quarter records for both operating cash flow and EPS,” said Kevan Parekh, Apple’s CFO. “Continued strong customer demand for our products and services once again helped us achieve a new all-time high for our installed base of active devices across all major product categories and geographic segments.”
