Apple Inc. reported second-quarter revenue that surpassed Wall Street expectations, driven by strong demand for iPhones and Macs, yet the results fell short of the blockbuster figures some investors had hoped for.
Revenue rose 17% to $111.2 billion for the quarter ending March 28, the company announced Thursday. Analysts had projected $109.7 billion on average, while Apple had guided for sales growth between 13% and 16%.
The tech giant benefited from a wave of new product launches in March, including the MacBook Neo, iPhone 17e, updated iPad Air models, and a refreshed MacBook Pro. The $599 MacBook Neo marks Apple's first significant push into the low-cost laptop segment, helping to fuel sales.
Despite the top-line beat, some investors were expecting a more dramatic outperformance given Apple's recent product cycle and market position. The stock wavered in after-hours trading as the market digested the results.
Apple's services segment also continued to show strength, though the company did not break out specific services revenue in the preliminary statement. The full earnings report and conference call are expected later Thursday.