Share to ClassroomStrong iPhone 17 Sales Boost Apple Earnings
Apple has reported much better results than expected for the second quarter of 2026. The company earned $111.18billion in revenue, about 17 percent more than a year earlier. This was higher than the $109billion that financial analysts had predicted. Earnings reached $2.01per share, and net income— the profit after costs— jumped 22 percent to $29.58billion. Chief Executive Tim Cook said it was Apple's best March quarter ever, with strong growth in every region. iPhone sales alone hit a record $56.99billion for the period, while sales in greater China rose to $20.4billion.
The strong numbers came from several sources. Customers showed huge interest in the new iPhone 17, helped by the launch of the cheaper iPhone 17e and the entry-level MacBook Neo. Cook also said Apple is excited about its future in India, even though it currently has only a small market share there. The earnings report came just days after Apple confirmed that Cook will step down on 1 September. He has led Apple for fifteen years, during which the company's market value grew by about $3.6trillion. Cook will stay on as executive chairman.
John Ternus, currently the senior vice-president of hardware, will become the new chief executive. He called this the most exciting time in his 25-year career at Apple. Cook warned investors that memory chip costs will be much higher next quarter, partly because rival companies are buying chips for AI (artificial intelligence) systems. Although Apple has spent less on AI than Google and Microsoft, Cook said the company will make AI an essential, intuitive part of the experience. A new version of Siri is expected later this year.
