Apple iPhone revenue hits $57 billion despite chip shortages
▼ Summary
– Apple’s iPhone revenue rose 22% to $57 billion despite supply chain issues, with CEO Tim Cook citing “off the charts” demand.
– Apple reported $111.2 billion in revenue for the second quarter of 2026, its best March quarter ever.
– CEO Tim Cook will retire in September, with hardware engineering head John Ternus succeeding him as executive chairman.
– Cook will lead Apple through WWDC in June, where new features like a more personalized Siri powered by Google’s Gemini AI are expected.
– Mac revenue hit $8.4 billion, iPads reached $6.91 billion, and Apple’s services segment set an all-time record at $30.98 billion.
Apple generated $57 billion in iPhone revenue during its fiscal second quarter, marking a significant 22 percent increase year-over-year. This growth came despite ongoing supply chain constraints that have affected the production of the device’s processor. In comments shared with Reuters, Apple CEO Tim Cook described consumer demand for the iPhone as “off the charts,” though he acknowledged the company currently faces “a little less flexibility at the moment for getting more parts.” During the earnings call, Cook also warned that Mac supply could face similar pressures due to “the continued high levels of demand that we’re seeing.”
Overall, Apple posted $111.2 billion in revenue for the quarter ending March 2026, which Cook called the company’s “best March quarter ever.” This earnings report arrives just over a week after Apple announced that Cook will retire in September. John Ternus, currently the company’s head of hardware engineering, is set to succeed Cook as CEO. Cook will transition into the role of executive chairman.
Though Cook’s departure is only months away, he will still lead Apple through the 2026 Worldwide Developers Conference (WWDC) in June. At the event, Apple is widely expected to unveil a range of new features, including a more personalized Siri powered by Google’s Gemini AI model.
Beyond the iPhone, Apple’s other hardware categories also performed well. Mac revenue climbed to $8.4 billion, while iPad sales reached $6.91 billion. The company’s services segment, which includes subscriptions such as Apple One, Apple Music, and Apple TV, set another all-time record at $30.98 billion.
(Source: The Verge)
