Shares of Apple rose around 3% in premarket trading after the company reported its strongest quarterly sales growth in more than four years, signaling solid momentum ahead of a planned leadership transition.
The growth was driven by strong demand for the latest iPhone 17 Pro lineup and the newly introduced MacBook Neo, despite broader weakness in the consumer electronics market caused by rising prices linked to a global memory chip shortage, News.Az reports, citing Reuters.
Outgoing CEO Tim Cook said that while recent margins and the company’s outlook for the current quarter exceeded expectations, increasing memory costs are likely to weigh on performance starting in June. Limited supply of advanced chips—produced by TSMC—has also constrained Apple’s ability to fully meet demand.
Analysts note that Apple’s strong relationships with suppliers may give it an advantage in securing critical components, although the company could still face pressure to raise prices later this year.
The results come ahead of a major leadership change, with John Ternus set to take over as CEO in September, while Cook will transition to the role of executive chairman.
Investors are also closely watching how Apple plans to compete with rivals such as Microsoft and Alphabet in the rapidly evolving artificial intelligence space. More details are expected at Apple’s annual developer conference in June.
Analysts say Apple’s decision to move away from a net-neutral cash position could give it greater financial flexibility, allowing the company to manage rising costs, invest in new technologies, and support share buybacks as it enters a more competitive phase in the tech industry.
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