Apple Reports Record June Quarter Revenue Amid Strong iPhone Sales
Apple reported a record $109.4 billion in revenue for its June quarter, surpassing analyst expectations of $108.65 billion and marking the company's strongest performance to date before CEO Tim Cook steps down. The results were driven by a 22% increase in iPhone sales and strong Mac revenue during spring. Tariff refunds also contributed positively, boosting profits by approximately 5%. In an interview following the report, Cook discussed Apple’s pragmatic approach to open-source AI models and expressed optimism about U.S.-China relations. Cook emphasized that Apple has no negative views on open-source AI but remains focused on practicality in selecting technologies for its products. The company is preparing to launch a new AI-powered Siri using Google's Gemini later this year. Additionally, Apple’s China sales rose 22% during the quarter to $18.81 billion, though it still fell short of analyst expectations. Tariff refunds are being reinvested into U.S. manufacturing as part of an ongoing commitment to spend $600 billion in domestic economic initiatives over four years. Apple is also facing rising memory chip costs, which have increased by up to 600% over the past two years and led to price hikes on some Macs and iPads. Cook noted that these higher costs coincide with growing demand for computing power driven by AI advancements.
Tickers: $AAPL
Topics: AI Strategy Apple CEO Transition China Relations Earnings Report