-- Apple (AAPL) reported fiscal second-quarter results above Wall Street's estimates as iPhone revenue came in stronger than expected.
Per-share earnings rose to $2.01 for the quarter ended March 28 from $1.65 a year earlier, compared with the FactSet-polled consensus of $1.95. Net sales climbed 17% to $111.18 billion, ahead of the Street's $109.46 billion view.
"Continued strong customer demand for our products and services once again helped us achieve a new all-time high for our installed base of active devices across all major product categories and geographic segments," Chief Financial Officer Kevan Parekh said in a statement.
Sales for iPhone rallied to $56.99 billion from $46.84 billion in the year-earlier quarter. Analysts polled by FactSet had forecast $56.50 billion.
"IPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup," Chief Executive Tim Cook said.
Earlier this month, the technology giant announced that insider John Ternus will become CEO in September, replacing Cook, who is set to take on the executive chairman role.
Wedbush Securities expected "strong results," saying Wall Street underestimates Apple's growth potential in 2026, ahead of its key artificial intelligence strategy launch at the Worldwide Developers Conference in June.
IPad revenue rose to $6.91 billion from $6.40 billion, while Mac jumped to $8.40 billion from $7.95 billion, Apple said.
Overall product sales advanced to $80.21 billion from $68.71 billion, while services increased to $30.98 billion from $26.65 billion. Consolidated revenue gained by double digits across every geographic segment year-over-year, Cook said.
Shares edged 0.5% lower in after-hours trading.