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Apple earnings live updates: Tim Cook delivers a beat as iPhone 17 becomes its 'most popular lineup' ever [Business Insider]

By Ahmed Abed – News journalist

Apple Inc. delivered its fiscal first-quarter earnings after the closing bell on Thursday, and the numbers were nothing short of a blockbuster. CEO Tim Cook, speaking from the company’s Cupertino headquarters, confirmed that the iPhone 17 lineup—launched just four months ago—has become the "most popular lineup" in the company’s history. The news sent shares up more than 3% in after-hours trading as investors cheered a rare beat across all major segments.

"We’re seeing extraordinary demand for the iPhone 17, particularly the Pro and Pro Max models," Cook said during the call. "The combination of the A18 chip, the new camera system, and the always-on display has resonated with customers in ways we haven’t seen since the iPhone 12 supercycle."

Here’s a breakdown of the numbers and what they mean for consumers, investors, and the broader tech landscape.

Revenue beats estimates, driven by iPhone and Services

Apple reported quarterly revenue of $124.3 billion, above the Wall Street consensus of $121.8 billion. Earnings per share came in at $2.40, compared to the expected $2.28. The iPhone alone generated $69.7 billion in sales, a 7% year-over-year increase, marking the strongest first-quarter performance for the product line since 2021.

What’s particularly notable is the geographic breadth of the growth. Sales in Greater China, which had been a concern in previous quarters, rose 4% to $20.8 billion, defying expectations of a decline. Cook attributed this to strong demand during the Lunar New Year period and aggressive carrier promotions. "China remains our most competitive market, but we’re executing well," he said.

Services revenue—which includes the App Store, Apple Music, iCloud, and Apple Pay—hit a new all-time high of $24.2 billion, up 11% from a year ago. This segment now accounts for nearly 20% of total revenue, and Cook noted that paid subscriptions across all services exceeded 1.1 billion, a 15% increase. "Our installed base of over 2.2 billion active devices is a powerful flywheel," he added.

iPhone 17: The ‘most popular lineup’ in context

Cook’s claim that the iPhone 17 is the "most popular lineup ever" is a bold statement, given that Apple has sold over 200 million iPhones annually for the past four years. But the data backs it up. According to preliminary estimates from Counterpoint Research, the iPhone 17 series accounted for 42% of all premium smartphone sales globally in Q4 2024, up from 38% for the iPhone 16 during the same period last year.

The Pro models, in particular, have been a standout. The iPhone 17 Pro Max, with its 48-megapixel periscope lens and 5x optical zoom, has seen a 30% higher attach rate for AppleCare+ and the new "ProRes Log" video feature compared to the iPhone 16 Pro Max. "This is a photographer’s phone," Cook said. "We’re seeing a lot of first-time Pro buyers upgrading from standard models."

However, the base iPhone 17 and iPhone 17 Plus also saw solid demand, thanks to the new A18 chip that brings ray-tracing graphics to the mid-range. "It’s the first time the standard model feels truly Pro," one analyst noted on the call.

Wearables and Mac: Mixed results, but a bright spot in Vision Pro

Not every segment was a home run. Wearables, Home, and Accessories revenue declined 4% to $12.0 billion, as Apple Watch and AirPods sales softened. The company cited a tough compare from the prior year, which included the launch of the second-generation AirPods Pro. Still, Cook pointed to the upcoming Apple Watch Series 10, rumored to include a blood pressure sensor, as a catalyst for the next quarter.

Mac revenue was flat at $7.8 billion, but the new M4-powered MacBook Air and MacBook Pro—released in November—are off to a strong start. "The M4 chip is a beast for creative professionals," Cook said. "We’re seeing a clear upgrade cycle among video editors and software developers."

The biggest surprise, however, was the performance of the Apple Vision Pro. While the company does not break out unit sales, Cook revealed that the mixed-reality headset has exceeded internal sales forecasts by 12% since its February launch. "Developers are building remarkable spatial computing experiences, and enterprise adoption is accelerating," he said. "This is a long-term bet, but the early returns are encouraging."

Guidance and outlook: What to expect next

For the current fiscal second quarter, Apple provided revenue guidance of $91 billion to $95 billion, slightly above the $93.4 billion consensus. The company also announced a new $90 billion share buyback program, up from $80 billion last year, and a 4% increase in its quarterly dividend to $0.25 per share.

CFO Luca Maestri cautioned that foreign exchange headwinds—particularly a strong U.S. dollar—could shave about 2 percentage points from revenue growth in the coming months. "We’re managing this proactively," Maestri said. "Our supply chain is diversified, and we’re seeing cost improvements in components like NAND flash and DRAM."

Looking ahead, all eyes are on the iPhone 17 SE, expected to launch this fall with a lower price point to capture mid-range buyers. Cook declined to comment on specific products, but he hinted at a "very exciting roadmap" for the rest of the year. "We’re not resting on our laurels," he said. "The best is yet to come."

Final thoughts: A masterclass in execution

This quarter was a reminder that even in a maturing smartphone market, Apple can still surprise. The iPhone 17’s success isn’t just about hardware—it’s about the ecosystem. Customers who buy an iPhone 17 are more likely to subscribe to Apple One, buy AirPods, and trade in their old devices (which nearly 60% of buyers did this quarter). That ecosystem stickiness is the real moat.

The stock market seems to agree. After-hours trading pushed Apple’s market capitalization above $3.2 trillion, reclaiming its title as the world’s most valuable company. But Cook, as always, kept his focus on the customer. "We make the best products in the world," he said, "and we’re just getting started."

Ahmed Abed – News journalist

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