Apple beats out earnings estimates with continued iPhone momentum
Apple reported strong quarterly earnings, beating analyst expectations with $2.01 per share on revenue of $111.18 billion, driven by continued iPhone momentum. The company expects 'significantly higher' memory costs moving forward and plans to introduce a more personalized Siri this year.
Apple posted strong quarterly earnings, beating analyst expectations. The company earned $29.58 billion, or $2.01 per share, on revenue of $111.18 billion, up 17% from the same period a year earlier. iPhone sales drove revenue, bringing in $56.99 billion. Apple CEO Tim Cook attributed the success to strong demand for the iPhone 17 lineup, but noted supply constraints due to advanced technology availability. The company expects 'significantly higher' memory costs moving forward. Cook will step down as CEO on September 1, with John Ternus taking over.
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