Apple has presented the results of its first fiscal semester, with a profit of 71,675 million dollars (about 66,000 million euros at the current exchange rate), which represents an increase of 17% compared to the same period of the previous year. The Cupertino-based company has announced a 4% increase in the quarterly dividend, which will stand 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 of this in a context marked by the growing competitive pressure in artificial intelligence, the great battlefield of the technology sector.
In terms of income, Apple reached a turnover of 254,940 million dollars in the entire semester, 16% more than the 219,659 million in the same period of the previous year. Growth was once again supported by the services business, which brought in 60,989 million (+15%), consolidating itself as one of the company’s pillars due to its recurring nature and higher margins. For its part, the products division generated 193,951 million (+16%), in a more demanding environment for hardware.
By business lines, the company, with revenues of 142,263 million dollars, compared to 115,979 million the previous year (+23%). The Mac business contributed 16,785 million (-1%), while the iPad reached 15,509 million (+7%). The accessories division recorded 19,394 million (+1%), reflecting the maturity of this segment within the group’s ecosystem.
Beyond the figures, the market focus is on the change in the company’s management, 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 take over on September 1, in a move that opens a new era after more than a decade under Cook’s leadership. Investors are now looking for signs about the new executive’s strategic priorities, with Apple maintaining a more cautious approach than other technology giants.
“Investors have reason 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 focused on the impact of costs and the company’s ability to protect its margins.
Analysts are also monitoring the evolution of the group’s costs and profitability. The increase in the cost of key components, especially in the memory area, could have a significant impact on margins. In this sense, the gross margin amounted to 124,012 million dollars, compared to 103,142 million in the same period of the previous year (+20%).
The presentation of results occurs just one day after Amazon, Microsoft and Meta Platforms, which have demonstrated the strong push for artificial intelligence in their businesses, but also the significant increase in the investments necessary to compete in this area. The market has reacted unevenly: while Alphabet has been rewarded for the growth of its cloud business, Meta has suffered on the stock market after raising its spending forecasts, and Microsoft has accused cost pressure.
In this context, Apple maintains a differentiated position within the sector due to its high cash generation and lower investment intensity in artificial intelligence infrastructures. That caution, however, also explains some of investors’ skepticism. So far this year, the company’s price has barely risen around 1%, well below other technology values, after the 2025 results left a bittersweet feeling in the market. In off-market trading, Apple shares fell about 1%.
