Apple has reported strong March quarter growth, with total revenue rising 17 percent to $111.2 billion, setting a March record despite supply constraints in iPhone and Mac. The company also announced a major leadership transition, with Timothy D. Cook set to become executive chairman on September 1 and John Ternus taking over as CEO.
iPhone remained Apple’s largest business, generating $57 billion in revenue, up 22 percent. The iPhone 17 family became Apple’s most popular lineup since launch through March, supported by strong upgrades, first-time buyers and demand across the US, Latin America, Greater China, Western Europe, India, Japan and Southeast Asia.
Apple shipped 60.4 million iPhones, up 10 percent YoY, according to Omdia report. Growth was led by strong demand for the iPhone 17 series, especially the new iPhone 17e in telco-driven markets such as the EU and Japan. The iPhone 17 Pro and Pro Max also outperformed earlier models, with Mainland China posting a strong 42 percent YoY increase.
Apple’s Services revenue reached an all-time high of $31 billion, growing 16 percent. Apple reported double-digit growth in both developed and emerging markets, with strength across App Store, advertising, Apple TV+, payments, enterprise services and other categories.
Advertising revenue increased, helped by new App Store ad inventory, while Apple Maps will introduce ads in US and Canada search results this summer.
Apple’s Mac revenue grew 6 percent to $8.4 billion, driven by MacBook Neo demand and new customer acquisition, though supply constraints affected Mac mini, Mac Studio and MacBook Neo. iPad revenue rose 8 percent to $6.9 billion, with more than half of buyers new to iPad, especially in emerging markets such as India, Mexico and Thailand.
Wearables, Home and Accessories revenue increased 5 percent to $7.9 billion, supported by Apple Watch, AirPods Max 2 and AirPods Pro 3. Over half of Apple Watch buyers were new to the product.
Apple posted double-digit revenue growth in every geographic segment. Greater China grew 28 percent, while India delivered notable expansion across iPhone, Mac, iPad, retail and enterprise deployments. Apple also opened its sixth store in India.
The Americas remained the largest market with $45.1 billion in revenue, followed by Europe at $28.1 billion. Greater China delivered significant growth, rising to $20.5 billion from $16.0 billion, while Japan contributed $8.4 billion. Rest of Asia Pacific generated $9.1 billion, also showing steady expansion.
For the six-month period, total net sales increased to $254.9 billion from $219.7 billion, reflecting broad-based demand across regions.
Products revenue was $80.2 billion, up 17 percent. Apple’s installed base reached more than 2.5 billion active devices across all major product categories and regions.
Net income rose to $29.6 billion, while diluted EPS increased 22 percent to $2.10. Apple returned $15 billion to shareholders, including $3.8 billion in dividends and $11 billion in buybacks, and authorized a new $100 billion share repurchase program.
For the June quarter, Apple expects revenue growth of 14 percent to 17 percent, though higher memory costs and Mac supply constraints remain key risks.
BABURAJAN KIZHAKEDATH
