Tim Cook says iPhone 17 demand is ‘off the charts’, but supply constraints impacted sales

Apple posted $111 billion in quarterly revenue, with iPhone revenue at $56.99 billion and gross margins above expectations.

Tim Cook said iPhone 17 demand was exceptionally strong, and Apple also set a record March-quarter profit.

Sales were held back by limited availability of advanced chips, reflecting tighter supply-chain flexibility.

Rising AI chip demand is adding pressure on TSMC, which is also supplying Apple’s processors.