Apple reported fiscal second-quarter revenue that slightly surpassed analyst expectations, driven by strong iPhone and Mac sales, though the results fell short of the blockbuster performance some investors had hoped for.
Revenue rose 17% to $111.2 billion for the quarter ended March 28, the company announced Thursday. Analysts had projected average revenue of approximately $110.8 billion.
The Cupertino, California-based tech giant saw particular strength in its iPhone segment, which continued to benefit from the latest model cycle, and Mac sales, which were buoyed by new releases. However, the company did not provide a specific breakdown for each product category in its preliminary release.
Investors had been anticipating a potential blowout quarter given strong consumer demand and the company's expanding services business. Yet, the results, while solid, did not exceed expectations by the wide margin that some on Wall Street were betting on.
Apple's stock showed modest movement in after-hours trading following the announcement, reflecting the mixed sentiment.
The company's performance underscores its resilience in a challenging macroeconomic environment, but also highlights the high bar set by previous quarters and market expectations. Analysts will be watching for guidance on the current quarter and updates on Apple's AI initiatives, which have been a growing focus for investors.
This earnings report comes as Apple continues to navigate supply chain dynamics and shifting consumer preferences in the competitive tech landscape.