Apple posted its best March quarter ever as iPhone and services revenue surged

For the current quarter, Apple $AAPL said revenue will grow between 14% and 17% from a year earlier. Analysts had projected growth of 9.5%, according to CNBC.

On an earnings call, Apple CEO Tim Cook described the iPhone 17 lineup as the "most popular lineup in our history" and credited the team for surpassing guidance "despite supply constraints." CFO Kevan Parekh noted that both iPhone and Mac shipments had been affected by memory shortages. Cook said the impact of memory costs will grow in coming quarters, and that Apple will "look at a range of options" in response.

Apple's board approved a new $100 billion buyback program and raised its quarterly cash dividend 4% to $0.27 per share, payable May 14 to shareholders of record as of May 11.

Shares climbed roughly 3% in after-hours trading following the report.

The earnings call was the first since Cook announced he will step down as CEO on Sept. 1, after 15 years leading the company. John Ternus, Apple's senior vice president of hardware engineering, will succeed Cook, who will become executive chairman. Ternus joined the earnings call and said the company has an "incredible roadmap ahead." Cook said the Google $GOOGL Gemini collaboration powering Siri "is going well."

Spending on research and development jumped to $11.42 billion, a 33% year-over-year increase that far exceeded the company's top-line growth rate. Cook pointed to AI as a key driver, saying Apple is "clearly investing more." Parekh echoed that sentiment, calling AI "a really important investment area for Apple."

Sales in Greater China reached $20.5 billion, a 28% gain compared with the same period last year. Globally, the number of active Apple devices in use has surpassed 2.5 billion, spanning all major product lines and regions.