Apple reported a 17% increase in quarterly revenue to $111.2 billion, exceeding analyst expectations due to strong demand for the iPhone 17 and Mac. The company also announced a $100 billion share buyback program and a dividend increase.
Key points
- Revenue in China grew by 28% year-over-year, reaching $20.5 billion.
- The company's board authorized a $100 billion share repurchase plan and raised the dividend by 4% to $0.27 per share.
- CEO Tim Cook is set to step down in September, with hardware engineering head John Ternus named as his successor.
- Apple's services segment continued to report record-breaking margins.
Why it matters
The financial results highlight Apple's continued market strength and successful product cycle, even as the company prepares for a significant leadership transition.
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