Apple just posted its best-ever June quarter, with revenue up 16% year-over-year to $109.4 billion – a strong note for Tim Cook to sign off on, in what’s his last earnings call before John Ternus takes over as CEO on September 1.
Profit per share came in at $2.02, up 29% year-over-year, with double-digit growth across iPhone, Mac and Services, and in every region Apple operates in. China led the way, growing 22% after a run of weaker quarters. Gross margin hit 50.1%, though some of that came from tariff refunds, with the the underlying figure is closer to 48% – roughly in line with Apple’s original guidance. Services also set a record, even as App Store growth slows and iCloud, AppleCare and advertising pick up the slack.
These results will be good reading for shareholders, but perhaps a bit sickening for everyday consumers. These record numbers come off the back of huge price rises for iPad and Mac, with more similar rises for iPhone and Apple Watch expected next month. Apple isn’t entirely to blame here, with RAM prices through the roof thanks to AI, but it will be interesting to see how September’s wave of new products perform against this backdrop.