Strong iPhone Sales Boost Apple's Fiscal Q3 Results
Apple reported strong fiscal Q3 results on Thursday, surpassing Wall Street's expectations thanks to robust sales of iPhones and MacBook computers. The company earned $29.79 billion in revenue during the April-June period, a 16% increase from the same period last year.
The revenue growth was driven by double-digit increases across iPhone, Mac, and Services, as well as every geographic segment. CEO Tim Cook attributed the strong results to Apple's ability to generate cash without the massive artificial intelligence spending that its peers are dealing with.
Analyst Thomas Monteiro noted that while memory costs are continuing to increase, which could challenge Apple in coming quarters, the company should benefit from tariff refunds and price increases, including a recent hike on Macs and iPads. However, he cautioned that the absence of this tariff benefit will impact profit margins.