Apple Returns to Hardware-Led Growth as iPhone Cycle Reaccelerates
Cupertino delivers a beat-and-raise quarter as the M-class Mac refresh and Vision Pro 2 add to a stronger iPhone trajectory.
Apple reported fiscal second-quarter revenue of $103 billion, up 9 percent year-on-year, with iPhone, Mac and services all growing in the high single digits and the recently launched Vision Pro 2 contributing meaningfully for the first time.
Services revenue crossed $28 billion, with operating margin in the segment now stabilised in the mid-70 percent range. Greater China returned to growth for the first time in seven quarters.
Capital return remained the headline. The board authorised an additional $115 billion of share buybacks and raised the dividend by 6 percent.
CEO Tim Cook used the earnings call to preview Apple Intelligence v2, due at WWDC in June, framing the platform as "our most consequential developer release since the original App Store."
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