Apple’s services revenue rose 14% year-over-year to $26.34 billion, while Mac and iPad sales increased by double-digit percentages, but iPhone sales fell just under 1% to $69.14 billion in the company’s fiscal first-quarter earnings report.
The results come amid concerns about falling sales in China, where Chinese smartphone makers like Vivo and Huawei have expanded their market share. However, Apple CEO Tim Cook attributed the strong performance of the iPhone 16 lineup to its availability in markets with Apple Intelligence, a feature that is not yet available in all regions due to regulatory hurdles.
Cook stated that the iPhone 16 has outperformed the iPhone 15 line’s post-launch performance and noted a record number of device upgrades during the quarter, with active devices reaching an all-time high of 2.35 billion.
For Q2, Apple anticipates revenue growth in the mid-to-low single digits, roughly in line with expectations, and gross margins between 46.5% and 47.5%, above analyst consensus.
The stock jumped 3% in extended trading after the company’s earnings call, with shares gaining over 27% in the past 12 months.
Source: https://www.investopedia.com/apple-earnings-q1-fy-2025-8782696