Apple reported second-quarter revenue that slightly exceeded Wall Street expectations, driven by strong demand for iPhones and Macs, yet the results did not reach the blockbuster levels some investors had hoped for.
Revenue rose 17% to $111.2 billion for the quarter ending March 28, beating the average analyst estimate of $109.7 billion. The company had previously guided for sales growth of 13% to 16%.
A series of new products launched in March—including the MacBook Neo, iPhone 17e, updated iPad Air models, and a new MacBook Pro—fueled the uptick. The $599 MacBook Neo, Apple's first major foray into low-cost laptops, has been especially popular and remains sold out at many retailers.
Despite the top-line beat, investors appeared disappointed that the quarter wasn't a home run, suggesting that high expectations may have tempered enthusiasm for the results.