Overview
- Apple’s Q2 revenue rose 10% year-on-year to $94 billion, marking its largest quarterly gain since December 2021, while net profit climbed 8.5% to $23.43 billion.
- iPhone revenue jumped 13% to $44.6 billion, outperforming analyst estimates and driving the bulk of the company’s growth.
- The company incurred $800 million in Trump-era tariff costs—$100 million below its forecast—and attributes about one percentage point of revenue growth to customers advancing purchases.
- Approximately half of the iPhones sold in the US during the quarter were manufactured in India as Apple accelerates supply chain diversification to curb tariff exposure.
- Tim Cook announced a significant ramp-up in AI investment and confirmed Apple’s openness to acquisitions of any size to accelerate its AI development.