Apple announced its quarterly results and reported that iPhone revenue was $56.99 billion. This figure is slightly below the average analyst expectations prior to earnings, but Tim Cook stated in an interview with Reuters that Apple could sell more.

Cook said that the demand for the iPhone 17 is "extraordinary." He expressed that the supply of advanced processor nodes is constrained and that "there is currently less flexibility in the supply chain."

All iPhone processors are produced by TSMC, and this company is experiencing an increase in chip demand thanks to the recent AI boom. Looking back a few years, Apple was TSMC's largest customer... but this is not currently the case, which gives the company less bargaining power.

While the availability of chips is a bottleneck, Apple continues to navigate skillfully in an environment of higher component prices for memory and other parts.

Apple reported a gross profit margin of 49.2% for the quarter, which is above estimates. However, it should be noted that the overall gross profit margin figure includes a contribution from services, which have higher margins than hardware.

Apple does not disclose unit sales for its hardware business segments and does not provide official information on which models are performing better. However, it is not difficult to assume that the iPhone 17 Pro and Pro Max, with their sleek orange color option and redesigned aluminum casing, are driving sales.

The base iPhone 17 has also become an attractive option this year; it offers the same display technology (including ProMotion and always-on display features) as the Pro models for the first time. Apple also introduced the lower-priced iPhone 17e in the March quarter.

In addition to the strong performance of the iPhone, the Mac division also performed well; this is likely due to the popularity of the MacBook Neo. Overall, the company reported $111 billion in revenue and $29.58 billion in net profit, which is a record for the March quarter.