Apple (AAPL, Financials) beat Wall Street estimates for the June quarter as revenue jumped 10% to $94.04 billion, its fastest growth since December 2021. Earnings rose to $1.57 a share from $1.40 a year earlier.
iPhone sales climbed 13% to $44.58 billion, driven by strong demand for the iPhone 16. Mac revenue grew nearly 15% to $8.05 billion; services revenue rose 13% to $27.42 billion; China sales gained 4% to $15.37 billion, helped by subsidies.
CEO Tim Cook said Apple will significantly grow AI investment and remains open to acquisitions. The company sees mid? to high?single?digit revenue growth in the September quarter, with gross margins of 46% to 47%.
This article first appeared on GuruFocus.