Apple beat Wall Street’s fiscal second-quarter targets, but the headline comes with a footnote. CoinDesk coverage of Apple’s results says the company posted $111.18 billion in revenue and $2.01 in diluted earnings per share, versus LSEG analyst expectations of $109.66 billion and $1.95 in EPS.
The iPhone story was mixed. CoinDesk notes iPhone sales came in at $56.99 billion, missing the $57.21 billion forecast. It also says this was the second iPhone revenue miss in three quarters.
Services carried the quarter
Apple’s cleaner win came from Services. CoinDesk reports Services revenue rose to $30.98 billion from $26.65 billion a year earlier. The source also frames Services as an “all-time record” during the quarter, and it contrasts this with iPhone’s underperformance versus analyst expectations.
Apple’s executives pointed to demand and product timing. CoinDesk attributes comments to CEO Tim Cook, including that Apple reported “our best March quarter ever” with $111.2 billion revenue and double-digit growth across geographic segments. It also says Cook linked iPhone March-quarter revenue to demand for the iPhone 17 lineup and called Services another all-time record.
Cash flow and regional momentum
CFO Kevan Parekh, per CoinDesk, said Apple’s March-quarter performance generated over $28 billion in operating cash flow and produced new March-quarter records for operating cash flow and EPS. The same source also says Apple pushed its active device base to a new all-time high across major product categories and regions.
The financials in the coverage include product revenue of $80.21 billion for the three months ended March 28, versus $68.71 billion a year earlier, alongside Services revenue of $30.98 billion versus $26.65 billion. CoinDesk also reports net sales of $111.18 billion, and net income of $29.58 billion, compared with $24.78 billion a year earlier.
On the cost side, CoinDesk lists product costs of $49.18 billion and Services costs of $7.22 billion, and it reports gross margin of $54.78 billion. For operating income, the coverage cites $35.89 billion, up from $29.59 billion last year.