Apple has presented the results of its first fiscal semester, with a profit of 71.675 billion dollars (about 66 billion euros at the current exchange rate), representing a 17% increase compared to the same period last year. The Cupertino-based company has announced a 4% increase in the quarterly dividend, which will be set at $0.27 per share, as well as the approval of a new share buyback program for up to $100 billion, one of the largest in its recent history. All this in a context marked by the transition in the executive leadership and the growing competitive pressure in artificial intelligence, the great battlefield of the technology sector.
In terms of revenue, Apple reached a turnover of 254.940 billion dollars for the semester, 16% more than the 219.659 billion of the same period last year. Growth was again supported by the services business, which generated 60.989 billion (+15%), consolidating itself as one of the company’s pillars due to its recurring nature and higher margins. Meanwhile, the products division generated 193.951 billion (+16%), in a more demanding environment for hardware.
By business lines, the iPhone remained the company’s main driver, with revenues of 142.263 billion dollars, compared to 115.979 billion the previous year (+23%). The Mac business contributed 16.785 billion (-1%), while the iPad reached 15.509 billion (+7%). The accessories division recorded 19.394 billion (+1%), reflecting the maturity of this segment within the group’s ecosystem.
Beyond the figures, the market’s focus is on the change in the company’s leadership, with the upcoming arrival of John Ternus as CEO replacing Tim Cook. The iPhone maker announced last week that Ternus, current head of hardware infrastructure, will assume the position on September 1, in a move that opens a new chapter after more than a decade under Cook’s leadership. Investors are now looking for signals about the new executive’s strategic priorities, especially in artificial intelligence, where Apple maintains a more cautious approach than other tech giants.
“Investors have reasons to be excited about Ternus, as he oversaw some of Apple’s most successful recent products, but his strategy will be a long-term story,” said David Wagner, portfolio manager at Aptus Capital Advisors. In the short term, however, the market remains attentive to the impact of costs and the company’s ability to protect its margins.
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Analysts are also watching the evolution of the group’s costs and profitability. The rising cost of key components, especially in memory, could have a significant impact on margins. In this regard, the gross margin amounted to 124.012 billion dollars, compared to 103.142 billion in the same period last year (+20%).
The earnings presentation comes just one day after the reports from Alphabet, Amazon, Microsoft, and Meta Platforms, which have shown the strong momentum of artificial intelligence in their businesses, but also the significant increase in investments needed to compete in this field. The market has reacted unevenly: while Alphabet has been rewarded for the strength of its cloud business, Meta has suffered in the stock market after raising its spending forecasts, and Microsoft has felt the pressure of costs.
In this context, Apple maintains a differentiated position within the sector due to its high cash generation and lower investment intensity in artificial intelligence infrastructure. That caution, however, also explains some of the investors’ skepticism. So far this year, the company’s stock price has barely risen around 1%, well below other tech stocks, after the 2025 results left a bittersweet feeling in the market. In after-hours trading, Apple shares fall around 1%.
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