In what is Tim Cook’s final earnings call as CEO, Apple has reported its higher ever quarter ending June with revenue of $109.4 billion, marking a 16% year on year increase. The tech giant has, despite headwinds including geopolitical uncertainty and supply chain cost as well as availability concerns, recorded double digit growth across iPhone, Mac and Services businesses, including India.
Apple is proud to report our strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and Services, and in every geographic segment,” Cook said during the earnings call.
India remains a key market for Apple, something Cook alluded to. “We achieved June quarter revenue records in every geographic segment. We were pleased to see strength across the board with June quarter records in the US, Latin America, Western Europe, India, China mainland, Japan, and Southeast Asia. We also achieved June quarter revenue records in both developed and emerging markets and saw double-digit growth in most emerging markets,” he said.
Kevan Parekh, Apple’s CFO, pointed out that, “Our installed base of active devices also reached a new all-time high across all major product categories and geographic segments.”
A key readout for Apple is the 50% gross profit margin, a collective of the $78.6 billion in revenue from products, and the $30.73 billion revenue from services, against cost of sales.
The iPhone raked $54.2 billion in net sales (up from $44.58 billion year on year), with the Mac growing to $10.35 billion (up from $8.04 billion) and wearables as well as home and accessories clocking $7.88 billion (up from $7.4 billion). The only category that has marginally declined is the Apple iPad, generating $6.19 billion worth of sales, and down from $6.58 billion a year ago.
“Mac revenue was $10.4 billion, up 29% year-over-year, a new June quarter record, driven by the strength of MacBook Neo and MacBook Pro. We grew in both developed and emerging markets, with strong double-digit growth in markets like Latin America, India, and Southeast Asia. The customer reception to MacBook Neo has been incredible,” Parekh said.
Key concerns, and an India outlook
In the earnings call, Apple highlighted macroeconomic as well as geopolitical instability due to military conflicts, trade disputes and shifting government policies. There are also supply chain concerns which worry Apple.
“The advanced nodes SoCs that we need is supply constrained. The root cause is not a regular supply issue. It’s not a suppler relationship issue either. Instead, our demand forecast is too high. The iPhone and Mac are doing “remarkably better” than we thought,” Cook said, noting that the supply chain has limited flexibility and predicts a tough quarter ahead.
Tarun Pathak, Research Director at Counterpoint Research, tells HT that Apple has paid more for memory sequentially over the last two quarters, but those cost were somewhat offset by carrying forward inventory and lower costs on other components. “In India, Apple has kept pricing largely stable, reflecting its ability to navigate rising memory costs while competitors increasing pricing by 15% on an avg. We expect single-digit volume but double-digit value growth in India during CY 2026, and view an iPhone price hike as highly likely,” he says.
In June, Apple had raised prices of Macs, iPads and other devices in India as well as other geographies, to factor for increasing component costs. This also included the MacBook Neo, which has now become dearer by ₹10,000.
Prabhu Ram, vice president-industry research group, CyberMedia Research (CMR), tells HT that we’ve to view both sides of the coin.
“India also stood out, posting strong double-digit growth and another June-quarter revenue record, underscoring its growing importance as both a key market and manufacturing hub. However, Apple’s ability to absorb rising memory costs is beginning to narrow, while softer-than-expected Services and Greater China performance, coupled with supply constraints and a more conservative outlook, remain near-term watchpoints,” he says.
Apple’s strong quarter for the iPhone comes at a time when India’s smartphone market is facing headwinds, including phones becoming more expensive, as well as weakening demand. Counterpoint Research’s latest India Smartphone Shipments in Q2 2026 data pegs the decline in shipments at 10% year-on-year. This follows the Q1 decline of 3%, which itself was marked as the weakest quarter in six years.
After nine quarters of growth, or at least maintaining stability, global PC shipments too witnessed a significant negative trend in Q2 2026. Research firm International Data Corporation (IDC)’s latest PC shipments data indicates a 4.9% decline, with Apple being the only computing device maker to gain market share.