Apple has reported better-than-expected quarterly revenue and earnings, driven by strong sales of iPhones. The company earned $23.4 billion in profit on $94.0 billion in revenue for the three months ended June 28, beating analyst estimates. CEO Tim Cook attributed a tenth of the revenue growth to customers pulling forward purchases due to tariffs.
The results are significant as Apple is seen as a bellwether for the tech industry. The company’s performance is closely tied to other companies, including component suppliers and wireless carriers. Tariffs have cost Apple $800 million in the June quarter and are projected to be higher this quarter.
Despite President Trump’s criticism over plans to build iPhones in India, sales rose in every geographic region, including Greater China. Apple shares rose modestly in after-hours trading, driven by the strong earnings report. CEO Cook also addressed concerns about Apple’s investments in artificial intelligence (AI), stating that the company is significantly growing its investments and embedding AI across devices and platforms.
The recent shift in Elon Musk’s stance on supporting congressional Republicans has also been noted, with Musk donating $10 million to the cause before reversing his position just weeks later. The 2026 election cycle could see numerous competitive Democratic primary battles, potentially drawing money away from the party’s efforts to retake control of Congress.
Source: https://www.axios.com/2025/07/31/apple-earnings-iphone