Apple has exceeded market expectations with its iPhone business in the last quarter, reporting a significant surge in smartphone revenue. The company's iPhone sales grew by 17.5% year-over-year to reach $57.56 billion, surpassing analyst estimates which had predicted approximately one billion dollars less. As the corporation's most critical product line, this performance comes just before the crucial holiday shopping period.
This financial report coincides with a major leadership transition within the company. During the quarter, John Ternus, formerly the head of hardware, succeeded long-time CEO Tim Cook. While Apple traditionally launches new iPhone models in September to align with holiday demand, Ternus noted ongoing supply constraints regarding the company's first foldable device, the iPhone Duo. Following its launch in October, delivery dates for the device, which costs over 2,000 euros, quickly slipped into January due to high demand.
Overall, Apple's total quarterly revenue rose by 12% year-over-year to $114.5 billion, with net profit increasing by a similar margin to $30.7 billion. Despite these gains, the company fell short of higher analyst expectations in its services sector and within the China region. Consequently, Apple's stock price dipped temporarily by around one percent in after-hours US trading.
Sources: Handelsblatt.