Apple reported strong quarterly earnings on Thursday, but investor attention is increasingly focused on the company’s upcoming leadership transition and its future direction in artificial intelligence.
CEO Tim Cook recently announced he will step down later this year, with John Ternus, the company’s head of hardware engineering, set to succeed him.
The results for the January to March period highlighted continued momentum in iPhone sales. Cook described it as Apple’s best-ever March quarter, citing double-digit growth across all geographic segments.
Apple posted a profit of $29.6 billion, or $2.01 per share, marking a roughly 22 percent increase compared to the same period last year. Revenue rose about 17 percent to $111.18 billion, up from $95.36 billion a year earlier.
iPhone sales remained the largest contributor, generating around $57 billion in revenue, slightly below analyst expectations of $57.21 billion. The performance follows the company’s most significant product lineup refresh since the launch of the iPhone X in 2017.
Despite the strong results, Apple shares slipped about 1 percent in after-hours trading.
Cook noted that iPhone sales were impacted by supply constraints, particularly shortages in advanced processor chips. “Demand was unprecedented, but supply chain flexibility remains limited,” he said.
The Cupertino-based company still exceeded analyst forecasts, which had projected earnings of $1.95 per share on revenue of $109.46 billion.
As Apple prepares for a leadership change, markets are closely watching how the next phase under Ternus could shape the company’s innovation strategy, especially in the fast-evolving field of artificial intelligence.
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