Apple reported a 17% rise in net profit and a 16% increase in revenues for the first quarter of its fiscal year, driven by strong iPhone sales, the company announced on 30 April. Revenue reached $111.2 billion, with iPhone sales alone generating $57 billion — more than $600 million per day. The company also announced a $100 billion share buyback programme and raised its dividend, sending its stock up roughly 4% in after-hours trading.
The results cap a remarkable period for Apple as it prepares for a leadership transition. CEO Tim Cook announced earlier this month that he will hand over the role to John Ternus, the company's current hardware chief, in September. The strong figures appear to lay the groundwork for a smooth handover, with investors expressing confidence that the company is in good shape under its incoming leadership. Apple's services division — which includes the App Store, Apple Music, and iCloud — recorded its best quarter ever, generating $31 billion in revenue, underpinned by a global installed base of more than 2.5 billion active devices.
Geographically, China stood out as a particular bright spot, posting strong growth that exceeded expectations. But it was India that drew some of Cook's most enthusiastic commentary. Speaking on the earnings call, Cook described himself as "over the moon excited" about the country, calling it "a huge opportunity." He noted that India is now the world's second-largest smartphone market and third-largest PC market — a scale that Apple believes it has only begun to tap.
Not all signals were straightforwardly positive. Cook cautioned that a global shortage of memory chips, driven largely by surging demand from artificial intelligence data centres, would have an "increasing impact" on Apple's results in the second half of the year. He declined to specify how the company plans to respond, though Apple's premium pricing model may cushion the blow compared with lower-cost rivals for whom memory represents a larger share of production costs. On the AI front, Apple is widely expected to unveil a smarter version of its Siri voice assistant at its annual developer conference in June, as it seeks to close a perceived gap with competitors in integrating AI into its products.
On the question of US trade tariffs, Cook said Apple would seek refunds through standard channels following a court ruling that struck down emergency tariff measures, but added that any reimbursements would be reinvested into Apple's US manufacturing operations — a move widely seen as a pre-emptive gesture toward the Trump administration, which has publicly praised companies that avoid reclaiming tariff payments. Apple's gross margin stood at 49.3%, a closely watched figure that signals the company's continued ability to command premium prices in a competitive global market.