Apple’s iPhone revenue jumps to $57 billion despite chip shortages

Apple posted its best March quarter, with total revenue rising to $111.2 billion and iPhone revenue jumping 22% to $57 billion.

Demand for iPhones remained strong, but processor supply constraints continued to limit Apple’s flexibility across the supply chain.

Services revenue also hit a record, and Apple unveiled several new devices ahead of upcoming product and software launches.

The company said Tim Cook will step down in September, with John Ternus set to take over as CEO.