Apple reports record March quarter revenue of 111 billion dollars

Apple has delivered a record-breaking performance for its fiscal 2026 second quarter, reporting revenue of $111.2 billion, a 17 per cent increase year-over-year.

The results, released on Thursday evening, significantly surpassed market expectations of $109.7 billion. Earnings per share also saw a substantial rise, jumping 22 per cent to $2.01.

This financial success was mirrored in after-hours trading, where Apple stock climbed 4 per cent to approximately $282, approaching its previous record high.

The quarter was bolstered by the iPhone 17 lineup, which CEO Tim Cook described as the most popular in the company’s history.

Amidst these robust figures, Tim Cook announced his intention to step down as CEO, moving into the role of executive chairman on 1 September.

Cook named John Ternus as his successor, expressing immense confidence in his leadership. "There is no one on this planet I trust more to lead Apple into the future than John Ternus," Cook stated during the earnings call.

Ternus, a 25-year veteran of the firm, noted that he intends to maintain the financial discipline and "deep thoughtfulness" that defined Cook’s tenure.

The company further rewarded shareholders by authorising a new $100 billion share buyback program and a 4 per cent increase in the cash dividend.

Despite concerns over rising memory costs, Apple expanded profit margins across both its hardware and high-margin services divisions.

While Cook prepares for his transition, the company remains focused on its "incredible roadmap," which includes the highly anticipated Siri AI initiative and the continued expansion of its active device base, which now exceeds 2.5 billion units globally.