Apple iPhone sales hit record $85B as CEO Tim Cook calls demand ‘staggering'

Core Insights - Apple exceeded Wall Street estimates for quarterly revenue, driven by strong iPhone demand and a significant recovery in China, with CEO Tim Cook describing the demand for the latest iPhones as "staggering" [1][3] Financial Performance - Quarterly revenue reached $143.8 billion, a 16% increase year-over-year, surpassing analysts' average estimate of $138.48 billion [4][10] - iPhone revenue rose to $85.27 billion in the fiscal first quarter, exceeding the expected $78.65 billion, with a year-over-year growth of 23% [3][4] - Earnings per share were reported at $2.84, above the consensus estimate of $2.67 [4] Margins and Costs - Gross margins for the fiscal first quarter were 48.2%, exceeding both the company's guidance and analyst expectations of 47.45% [5] Regional Performance - Sales in Greater China surged 38% year-on-year to $25.53 billion, significantly above the Visible Alpha estimate of $21.32 billion [8][13] - In India, while specific sales figures were not disclosed, double-digit sales growth was reported, with revenue records for iPhones and Macs [9] Product Segment Performance - The wearables, home, and accessories segment reported sales of $11.49 billion, missing expectations of $12.04 billion, attributed to supply constraints of the AirPods Pro 3 [11] - Mac revenue was $8.39 billion, slightly below the expected $8.95 billion, while iPad sales rose to $8.6 billion, exceeding estimates of $8.13 billion [12]