Apple Inc. projected revenue growth of up to 16% for the current quarter, signalling to Wall Street that demand for its new iPhone 17 range remains strong.
The forecast for the period ending in March exceeded analyst expectations of around 10%, lifting shares nearly 3% in after-hours trading. The outlook indicates Apple expects momentum from its record-breaking holiday season to continue into 2026.
For the fiscal first quarter ending December 27, Apple reported revenue of $143.8 bn, a 16% rise from the previous year, surpassing the $138.5 bn consensus estimate. Earnings per share reached $2.84, beating forecasts of $2.67.
CEO Tim Cook told Reuters that demand for the latest iPhones was unprecedented. iPhone revenue jumped 23% to $85.27 bn, hitting records in every region and dispelling concerns that hardware sales were plateauing.
Sales in Greater China surged 38% to $25.53 bn, driven by record numbers of upgraders and users switching from Android. The services division, including the App Store, Apple Pay and iCloud, also posted a record, with revenue rising 14% to $30 bn. Apple’s active device base has now reached 2.5 bn.
Despite the strong outlook, executives cautioned that supply constraints for the iPhone 17 could affect availability in the short term. The company is also managing rising memory chip costs and increased spending on AI infrastructure.
Kursiv also reports Samsung is preparing to unveil the Galaxy S26 Ultra in late February.
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