Apple quarterly sales and profit beat Wall Street estimates on strong iPhone demand

Apple reported fiscal Q1 revenue of US$143.8 billion and EPS of US$2.84, driven by iPhone revenue of US$85.27 billion amid rising demand and a rebound in China.

Apple reported quarterly results that topped Wall Street estimates, led by strong sales of its latest iPhone lineup and a rebound in China. The company said iPhone revenue and overall revenue grew year over year, and management highlighted broad-based demand across regions. Tim Cook noted high demand for the new handsets and described supply constraints for some products. Apple also referenced recent work to integrate outside AI models into its ecosystem. Key facts: - Apple reported fiscal first-quarter revenue of US$143.8 billion and earnings per share of US$2.84, above analyst estimates cited in the article. - iPhone revenue rose to US$85.27 billion, a year-over-year increase reported as 23%, and Apple said iPhone sales set records in every geographic segment. - Sales in Greater China were reported at US$25.53 billion, up 38% year-over-year, and the article notes double-digit growth reported in India without disclosing exact figures. - The article mentions Apple shares were up 2.8 per cent in extended trading after the results were released. - Some segments missed expectations: wearables, home and accessories were reported at US$11.49 billion versus an expectation of US$12.04 billion, and Mac revenue was US$8.39 billion versus an expectation of US$8.95 billion; iPad and services revenues were reported above or roughly in line with estimates. - Apple reported fiscal first-quarter gross margin of 48.2%, above its guidance and analyst expectations, and noted that management will address memory and commodity price questions on the company’s upcoming earnings call. Summary: The results signal stronger-than-expected demand for iPhone 17 models and a notable rebound in China, which together helped lift overall revenue and profit for the quarter. Management flagged supply constraints for some accessories and said pricing pressures for memory will be discussed on the company’s quarterly conference call with analysts. Undetermined at this time are longer-term effects of component cost changes and how supply constraints may evolve.