posted strong results for its quarterly earnings on Thursday, but investors鈥� attention is also focused on the upcoming CEO change and the tech firm’s artificial intelligence strategy.
Apple CEO Tim Cook announced earlier this month he will be with Apple鈥檚 head of hardware engineering, John Ternus, assuming the role later this year.
The January-March results announced Thursday reflect the continued momentum of iPhone sales. Cook said in a statement that it was the company’s best March quarter ever, with “double-digit growth across every geographic segment.”
The company earned $29.58 billion, or $2.01 per share, in the January-March period, up about 22% from the same period a year earlier.
Revenue rose about 17% to $111.18 billion from $95.36 billion a year earlier. iPhone sales made up the bulk of revenue, bringing in $56.99 billion.
The Cupertino, California company beat analyst expectations this quarter. Analysts surveyed by FactSet Research forecast earnings of $1.95 per share on revenue of $109.46 billion.
In the previous quarter that ended in December, the company said it reached record-high iPhone sales, even though it still hasn鈥檛 delivered on its of Siri assistance with AI. iPhone achieved a March quarter revenue record, fueled by 鈥渟uch extraordinary demand” for the iPhone 17 lineup, Cook said in a statement.
This March, Apple introduced the new , an entry-level laptop, products that represent the company鈥檚 most aggressive attempt at moving into the affordable market.
Cook has helmed Apple for 15 years, inheriting the CEO role from the late Steve Jobs. During his tenure at the head of the company, the company鈥檚 market value soared by more than $3.6 trillion during an iPhone-fueled era of prosperity.
Ternus will start as CEO on Sept. 1, and Cook will remain involved with the Cupertino, California company as executive chairman.
Ternus briefly joined a call with analysts after the results were posted Thursday, with Cook introducing him and emphasizing the confidence he has in his successor. Cook said he and Ternus will be working together closely over the next few months to make the transition as smooth as possible.
鈥淭his is the most exciting time in my 25 year career at Apple to be building products and services,鈥� Ternus said. 鈥淭here are so many opportunities before us, and I couldn鈥檛 be more optimistic about what鈥檚 to come.鈥�
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