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

Apple’s iPhone revenue jumped 22 percent to $57 billion in the past few months, despite network problems affecting the device’s processor. In communication with ReutersApple CEO Tim Cook said the iPhone “demands have been removed,” but “there is little flexibility at this point to get more parts.” Cook added on the earnings call that restrictions could come to the Mac, too, “depending on how much volume we see.”

Apple earned $111.2 billion in the second quarter of 2026, “its best March quarter ever,” Cook says. This latest report comes a week after the company announced a new CEO Cook is retiring in September. John Ternus, the electronics company’s chief executive, will replace Cook as he transitions to executive chairman.

The new devices helped boost Mac revenue to $8.4 billion, while iPads reached $6.91 billion. Apple’s services division, which includes subscriptions such as Apple One, Apple Music, Apple TV, and others, rose to an “all-time high” at $30.98 billion.