Apple’s iPhone revenue jumps to $57 billion despite chip shortages

Apple’s iPhone revenue jumped 22 percent to $57 billion over the past few months, despite supply chain issues impacting the device’s processor. In an interview with Reuters, Apple CEO Tim Cook said iPhone “demand was off the charts,” but there’s “a little less flexibility at the moment for getting more parts.” Cook added during an earnings call that supply constraints could come for Mac, too, “given the continued high levels of demand that we’re seeing.”

Apple earned $111.2 billion in revenue during the second quarter of 2026, its “best March quarter ever,” according to Cook. This latest earnings report comes a little over a week after the company announced CEO Cook’s retirement in September. John Ternus, the company’s head of hardware engineering, will take Cook’s place as he transitions into the role of executive chairman.

Even with Cook’s departure just months away, he’ll still have to lead Apple through the 2026 Worldwide Developers’ Conference (WWDC) in June, where Apple’s expected to take the wraps off a bunch of new features, including a more personalized Siri powered by Google’s Gemini AI model.

Apple had an announcement-filled March, revealing a budget-friendly MacBook Neo that caused a stir in the laptop space for its speedy performance and aluminium chassis. The device starts at $599, featuring a 13-inch display, an A18 Pro iPhone chip, and 8GB of RAM. Apple also announced a new iPhone 17E, an M4-equipped iPad Air, along with new MacBook Air and MacBook Pro models.

The new devices helped boost Mac revenue to $8.4 billion, while iPads reached $6.91 billion. Apple’s services segment, which includes subscriptions like Apple One, Apple Music, Apple TV, and others, soared to another “all-time record” at $30.98 billion.