Apple reported second-quarter revenue that slightly surpassed analyst expectations, driven by strong sales of iPhones and Macs, though the results fell short of a blockbuster showing. Revenue rose 17% to $111.2 billion for the quarter ending March 28, the company announced Thursday. Analysts had forecast $109.7 billion on average. Apple's own guidance had projected growth between 13% and 16%. The company benefited from a wave of new product launches in March, including the MacBook Air with the M3 chip and updated iPad models. However, the lack of a dramatic earnings beat disappointed some investors who had hoped for a larger surge.
The quarter's performance underscores Apple's resilience amid broader economic uncertainties, with services revenue also contributing to growth. The results come as the tech giant prepares for its annual Worldwide Developers Conference in June, where it is expected to unveil new AI features for its operating systems.