Apple stock climbs as optimistic sales forecast outpaces analyst estimates

Apple shares advanced more than 4% in extended trading to USD 281.31 after the technology giant delivered a fiscal second-quarter performance that significantly surpassed market expectations.

The company reported revenue of USD 111.2 billion for the period ending March 28, representing a 17% year-over-year increase, while diluted earnings per share jumped 22% to USD 2.01.

Outgoing CEO Tim Cook described the period as the company’s "best March quarter ever," attributing the growth to massive demand for the iPhone 17 series .

iPhone sales specifically surged 22% to reach USD 57 billion, accounting for over half of the company's total hardware revenue.

The positive momentum was further bolstered by an optimistic third-quarter outlook.

Apple projected sales growth between 14% and 17% for the June quarter, far exceeding the 9.1% growth analysts had initially anticipated.

These results arrive as the company prepares for a leadership transition; John Ternus, current head of hardware engineering, is set to succeed Cook as CEO in September.

Despite facing supply constraints for Mac computers and iPhones during the quarter, Apple maintained strong growth across its services division, which generated nearly USD 31 billion in revenue.