Overview
- Apple reported record March-quarter revenue of $111.2 billion and net income of $29.6 billion, with operating cash flow hitting a March-quarter high of $28 billion driven by strong iPhone sales and nearly $31 billion in Services.
- Guidance pointed to 14% to 17% revenue growth next quarter with a gross margin of 47.5% to 48.5%, signaling continued momentum after the latest results.
- Apple said a global squeeze in RAM and NAND tied to AI data center demand will raise component costs and constrain supply of Mac mini and Mac Studio as Apple Silicon output faces wait times.
- Shareholder returns are rising, with a dividend of $0.27 per share and a $100 billion buyback plan, and Apple said expected U.S. tariff refunds will be invested in U.S. production.
- Incoming CEO John Ternus appeared on the investor call and said Apple has an "incredible" product roadmap, reinforcing continuity as he prepares to take over in September.