Apple has shattered records with its latest iPhone sales, defying expectations and sending the company's stock soaring. The quarterly earnings report revealed a staggering $102.5 billion in revenue, the highest on record for both the company and its individual product line.
According to Apple CEO Tim Cook, the company's success can be attributed to its new lineup of iPhones, which has rekindled demand globally. While sales in China were slower than anticipated, overall iPhone sales have been remarkably strong. The "iPhone 17" and "Pro" models, in particular, have proven highly sought-after.
Analysts attribute Apple's success to the company's ability to tap into existing customer loyalty, rather than relying on artificial intelligence (AI) adoption. Despite being a key area of focus for many tech companies, Apple has yet to release an AI product that can compete with industry leaders like Meta and Google. Instead, it seems the "old recipe" is still working for the company, driven by solid sales growth in legacy products and services.
The strong revenue figures come as no surprise, given Apple's impressive stock performance over the past few weeks. The company's market value surpassed $4 trillion for the first time, joining an exclusive club with only a handful of other companies worldwide.
While some analysts have expressed concerns about Apple's lack of progress on AI products and its struggles with tariffs, the company's focus on innovation seems to be paying off. As John Belton, a portfolio manager at Gabelli Funds, noted, "The most bullish data point coming out of Apple's last earnings report was the iPhone revenue number... The double-digit growth represented the best iPhone growth in at least three years."
With the US stock market hitting record highs and other top tech companies posting strong results, it seems Apple is well-positioned to continue its upward trajectory. As the company looks ahead to the quarter ending in December, forecasters expect 10% to 12% revenue growth β a promising outlook for investors and shareholders alike.
According to Apple CEO Tim Cook, the company's success can be attributed to its new lineup of iPhones, which has rekindled demand globally. While sales in China were slower than anticipated, overall iPhone sales have been remarkably strong. The "iPhone 17" and "Pro" models, in particular, have proven highly sought-after.
Analysts attribute Apple's success to the company's ability to tap into existing customer loyalty, rather than relying on artificial intelligence (AI) adoption. Despite being a key area of focus for many tech companies, Apple has yet to release an AI product that can compete with industry leaders like Meta and Google. Instead, it seems the "old recipe" is still working for the company, driven by solid sales growth in legacy products and services.
The strong revenue figures come as no surprise, given Apple's impressive stock performance over the past few weeks. The company's market value surpassed $4 trillion for the first time, joining an exclusive club with only a handful of other companies worldwide.
While some analysts have expressed concerns about Apple's lack of progress on AI products and its struggles with tariffs, the company's focus on innovation seems to be paying off. As John Belton, a portfolio manager at Gabelli Funds, noted, "The most bullish data point coming out of Apple's last earnings report was the iPhone revenue number... The double-digit growth represented the best iPhone growth in at least three years."
With the US stock market hitting record highs and other top tech companies posting strong results, it seems Apple is well-positioned to continue its upward trajectory. As the company looks ahead to the quarter ending in December, forecasters expect 10% to 12% revenue growth β a promising outlook for investors and shareholders alike.