Apple Surges Despite iPhone Price Hikes
Apple's fiscal third quarter results showed strong iPhone sales growth of 22% year-over-year to $54.3 billion, beating analyst estimates.
The company also saw robust Mac revenue, with sales surging 29% to $10.4 billion due in part to the success of the new MacBook Neo and MacBook Pro.
However, Apple's other product sales were mixed, with iPad sales falling 6% and wearable revenue rising by 6%. China sales also came up short of analyst expectations, growing only 22% to $18.82 billion.
The company's services segment saw revenue grow 12% to $30.74 billion, but this was a significant deceleration from the 16% growth seen in the previous quarter and fell short of analyst estimates.
Apple faces headwinds due to rising memory prices and currency fluctuations, which impacted its service growth by 2.5 percentage points.
The company's revenue rose 16% to $109.42 billion, with earnings per share (EPS) climbing 29% to $2.02. Excluding a tariff rebate boost, adjusted EPS would have been $1.89.