Apple Delivers Better-Than-Expected iPhone Sales, Announces $100B Buyback

Apple (AAPL) reported fiscal second-quarter revenue and earnings that surpassed analysts’ expectations, with higher-than-expected iPhone sales.

The iPhone maker reported revenue of $95.4 billion, up 5% year-over-year and above the analyst consensus from Visible Alpha. Net income of $24.78 billion, or $1.65 per share, compared to $23.64 billion, or $1.53 per share, a year earlier, topping Wall Street’s estimates. 

The gains came as Apple’s iPhone sales climbed 2% to $46.84 billion, ahead of projections, while Mac sales rose 7% to $7.95 billion, and iPad sales jumped 15% to $6.4 billion. The company’s services revenue improved 12% to $26.65, just under expectations of $26.71 billion.

Apple also said its board authorized a $100 billion share repurchase program and increased its dividend by 4% to 26 cents per share.

However, shares slipped in extended trading Thursday as CEO Tim Cook told investors during the company’s earnings call that tariffs, if kept at their current levels, would increase Apple’s costs by about $900 million in the current quarter running through June. 

Cook said the company is “uncertain of potential future actions” regarding tariff changes. The majority of iPhones sold in the U.S. this quarter will come from India rather than China, Cook said, with iPad, Mac, Apple Watch, and other products coming mostly from Vietnam. 

The results come as several analysts have warned the company could be hurt by a trade war with China, where Apple manufactures an estimated 90% of its products. President Donald Trump has said he expects tariffs on China “will come down substantially” but not drop to zero. To help mitigate some risk, Apple is reportedly planning to move the assembly of all iPhones it sells in the U.S. to India by the end of 2026. 

Apple shares slid about 3% in after-hours trading. The stock was down 15% for 2025 through Thursday’s close.

This article has been updated since it was first published to include additional information and reflect more recent share price values.