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Apple Beats Expectations With Record $97.3 Billion in Q2 Revenues

Tech giant’s stock climbs 4.5% in after-hours trading

Apple beat expectations with a record $97.3 billion in revenues for the quarter ending in March, the company announced on Thursday. That’s an impressive 9% increase over the similar quarter last year, and beat analyst estimates with $1.52 in diluted earnings per share (forecasters had estimated $1.42).

The results also outpaced Apple’s own forecasts, as CEO Tim Cook trumpeted in the day’s earnings call with analysts, investors and media, during which he called the Q2 metrics “better than we anticipated.”

The Cupertino giant bucked the downward trend in the tech space with a 5.5% bump in iPhone sales for its Q2, to $50.6 billion. In addition, Apple posted a 17.3% climb in revenue from services such subscriptions, licensing fees and extended warranties, to $19.8 billion.

Though the company does not break down revenues from this category, Cook acknowledged the success of Apple TV+ hits like “Ted Lasso” and Oscar Best Picture winner “CODA” in his call Thursday.

Share price ticked up 2%, to $267.50, in after-hours trading.

Apple’s board also announced a cash dividend of $0.23 per share, a 5% increase, as well as an increase of $90 billion to the existing share repurchase program.

“This quarter’s record results are a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world,” Cook said in a statement. “We are delighted to see the strong customer response to our new products, as well as the progress we’re making to become carbon neutral across our supply chain and our products by 2030. We are committed, as ever, to being a force for good in the world — both in what we create and what we leave behind.”

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