Apple reports earnings and revenue beat, boosted by services business

apple beat earnings and revenue estimates for its fiscal second quarter, with eps of $2.01 on $111.18 billion in revenue. the stock barely moved in extended trading. iphone sales missed estimates for the second time in three quarters, coming in at $56.99 billion versus $57.21 billion expected. services revenue hit $30.98 billion, up about 16% from a year ago, and gross margin reached 49.3% — above the 48.4% analysts expected. the board authorized an additional $100 billion in stock buybacks and raised the dividend to 27 cents per share. this was apple's first report since tim cook announced he'd step down as ceo after 15 years. incoming ceo john ternus takes over sept. 1. during the quarter apple launched the iphone 17e, a refreshed ipad air, and the $599 macbook neo. greater china sales jumped 28% to $20.5 billion. r&d costs grew 33% to $11.42 billion, outpacing revenue growth.