Apple continues to deliver growth in Q1 2025, with most of its revenue growth coming from the Services segment. A number of analysts have expressed concern about the impact of the weak macroeconomic environment and tepid consumer demand in China on the trillion-dollar company.

	Q1 2024 (US$ million)	Q1 2025 (US$ million)	Percentage change
Revenue	119,575	124,300	4.0%
Products	96,458	97,960	1.6%
Services	23,117	26,340	13.9%
Net income	33,916	36,330	7.1%
Diluted earnings per share (US$)	2.18	2.40	10.1%

Revenue reached an all-time high across most developed and emerging markets during the quarter, rising 4.0% year-on-year to US$124.3 billion in Q1 2025. The holiday season surge in services revenue was a key driver of this growth. Services revenue jumped 13.9% year-on-year to a record US$26.3 billion. Enterprise adoption of Apple’s products and services continues to expand, as evidenced by growing partnerships and increased usage among companies such as Deutsche Bank, SAP, Zomato, and Cisco. Apple distributed US$3.9 billion in dividends to shareholders and spent US$23.3 billion to repurchase 100 million...