Apple Beats Q2 Estimates as iPhone Sales, China Demand Surge

Apple has reported second-quarter earnings, beating analysts’ expectations on both revenue and profit, driven by strong iPhone sales and demand in China, Daniel Howley reported for Yahoo Finance.

Customers browse the latest iPhone models at an Apple Store in China as demand drives strong quarterly earnings. (Photo: Apple)

Apple stock rose roughly 1% following the announcement. The company posted earnings per share (EPS) of $2.01 on revenue of $111.2 billion, surpassing analysts’ expectations of $1.96 EPS and $109.66 billion in revenue, according to Bloomberg consensus estimates.

This compares with EPS of $1.65 and revenue of $95.35 billion in the same quarter last year.

iPhone revenue reached $56.99 billion, slightly ahead of Wall Street projections, marking the second consecutive quarter of more than 20% growth in the segment.

Apple CEO Tim Cook cited “extraordinary” demand for the iPhone 17 lineup.

Apple’s Services segment, its second-largest business, generated $30.97 billion in revenue, exceeding expectations of $30.37 billion. This is up from $26.64 billion in the same quarter last year.