Apple Reports Record $111.2B Revenue as iPhone 17 Sales Surge but Warns of Rising Chip Costs

Apple Inc. reported its strongest March quarter ever, with total revenue surging 17% year-over-year to $111.2 billion, driven by blockbuster iPhone sales that jumped 22% to $57.99 billion. Despite these record results, the company warned of rising memory-chip costs and persistent shortages for Mac computers, even as it forecasted robust growth for the coming quarter that exceeded Wall Street expectations.