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iPhone Revenue Soars Despite Chip Shortage
1 May
Summary
- iPhone revenue grew 22% to $57 billion despite supply chain issues.
- Apple reported its best March quarter ever with $111.2 billion revenue.
- Tim Cook will retire in September, succeeded by John Ternus.
Apple reported a remarkable second quarter of 2026, with total revenue reaching $111.2 billion, marking its "best March quarter ever." The tech giant's iPhone revenue alone saw a substantial 22 percent increase, hitting $57 billion despite ongoing supply chain challenges affecting processor availability. CEO Tim Cook noted that iPhone demand was "off the charts" but acknowledged limitations in sourcing parts.
This period of strong financial performance is set against a backdrop of significant leadership transition. CEO Tim Cook is set to retire in September 2026, after leading the company through the upcoming Worldwide Developers' Conference (WWDC) in June. John Ternus, head of hardware engineering, is slated to succeed Cook, who will move into the role of executive chairman.
In addition to strong iPhone sales, Apple's other product lines and services also contributed to its record earnings. Mac revenue climbed to $8.4 billion, fueled by new models like the MacBook Neo, while iPad revenue reached $6.91 billion. The services segment, encompassing subscriptions such as Apple Music and Apple TV, achieved another all-time record, generating $30.98 billion.
