Apple Tops Q1 Estimates on Record iPhone Sales, Shares Rise 2.8%

Apple (AAPL) beat Q1 revenue and earnings forecasts as “staggering” iPhone demand drove record sales across all regions, including a 38% surge in Greater China. CEO Tim Cook credited the iPhone 17 lineup for reversing hardware slowdown fears. Revenue hit $143.8B (+16% YoY), above $138.48B estimates; EPS was $2.84 vs. $2.67 expected. iPhone sales soared 23% to $85.27B, crushing the $78.65B forecast. Gross margin came in at 48.2%, exceeding guidance. Services revenue set a record at $30.01B. Wearables missed ($11.49B vs. $12.04B) due to AirPods Pro 3 supply constraints; Mac sales dipped slightly. India saw double-digit growth, with a Mumbai store planned.