Apple’s revenue for the first quarter has hit a new high in over two years, thanks mainly to customers purchasing iPhones and other products before tariffs were imposed, as well as a strong interest in the new iPhone 16e.
According to data from FactSet, Apple’s revenue for the quarter was $95.4 billion, surpassing analyst expectations of $94.4 billion; with earnings per share of $1.65 (net profit of $24.8 billion), higher than the expected $1.62 per share (net profit of $24.3 billion).
Benefiting from the launch of the new iPhone 16e and consumer decisions to avoid tariffs, iPhone sales in the first quarter exceeded expectations. iPhone revenue accounts for approximately half of Apple’s total sales.
Based on data released this month by market research firm Counterpoint Research, with the strong demand for the iPhone 16e in markets such as Japan and India, Apple secured the top spot in global smartphone sales in the first quarter of 2025, with a market share of 19%.
From the first quarter data, iPhone sales increased to $46.8 billion, surpassing the expected $46 billion; however, sales in the Greater China region declined to $16 billion, well below the expected $17 billion.
The company announced on Thursday that it will increase its quarterly cash dividend to $0.26 per share and has approved a $100 billion share buyback plan.
As most Apple devices are produced and assembled in China, the company was one of the hardest-hit US tech giants last month due to tariff expectations. The Trump administration imposed a 145% tariff on goods exported from China, and investors are closely watching the company’s actions to potentially shift production to countries like India and Vietnam.
It is reported that Apple aims to produce at least 50 million iPhones in India this year, with most of the iPhones produced in India being exported to the US.
Apple still faces a 20% tariff on imported goods from China and a 10% tariff on imports from India.
Apple’s stock price fell nearly 2% in after-hours trading. In early April, Apple’s stock plummeted due to tariff announcements, but has since recovered most of the losses as the US government temporarily suspended tariffs on smartphones.