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Apple Sales Rise 16% in June Quarter to Record $109 Billion, Services Revenue Falls Short of Forecasts
Apple reported record revenue of $109.4 billion for its June 2026 quarter, beating Wall Street expectations and marking strong growth in iPhone, Mac and services sales. The result is significant because it is Tim Cook’s final quarterly earnings report before he steps down as chief executive in September, with hardware chief John Ternus set to succeed him.
Revenue rose 16% year on year, while net income increased 27% to $29.8 billion and diluted earnings per share reached $2.02, including an 11-cent boost from tariff refunds. iPhone revenue climbed 22% to $54.3 billion, while services revenue rose 12.1% to a record $30.7 billion but fell short of analysts’ $31.2 billion forecast.
In short
- Apple posted record June-quarter revenue of $109.4 billion.
- iPhone sales exceeded expectations, rising 22%.
- Services revenue reached a record but missed forecasts.
Explained simply
Apple is the world's largest technology company, best known for making iPhones, iPads and Macs. The company reports its financial results quarterly, and these earnings reports are closely watched by investors and analysts because they reveal how well the business is performing and often influence the share price.
Tim Cook has been Apple's chief executive since 2011 and is stepping down from the role in September, with John Ternus, who currently leads the company's hardware division, set to replace him. This earnings report represents Cook's final quarterly results as CEO.
Apple's revenue comes from two main sources: hardware sales, particularly iPhones, which account for roughly half of total revenue, and services such as the App Store, Apple Music and cloud storage, which have become increasingly important to the business as the hardware market has matured.
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