Apple beat Wall Street forecasts on the top and bottom lines for the three months ended in March despite a slight miss on iPhone sales, which were still extremely robust. Services, where Apple TV lives, had its best quarter ever.

It’s the first earnings report since Tim Cook announced he’s stepping down as CEO with John Ternus, currently head of hardware engineering, set to take the reins Sept. 1. Cook will segue to executive chairman.

The tech giant posted quarterly revenue of $111.2 billion, up 17% year over year for its fiscal second quarter. Diluted earnings per share of$2.01 rose 22%.

IPhone sales rose 20% to 56.7 billion, driven by the iPhone 17 introduced last year. Total Products sales hit $82 billion. In March, Apple unveiled the iPhone 17e, an updated iPad Air laptop and a lower-cost laptop, the MacBook Neo, going for $599.

Services revenue jumped to $30.9 billion from $26.6 billion. The sweeping division houses Apple TV, Apple Pay, the Apple App Store, Apple Music and a growing number of platforms, none of which are broken out. But the video business has been active. Ten-part series Widow’s Bay debuted Wednesday. Ted Lasso will officially return on August 5 with Season 4. Severance was a breakout. The streamer just greenlit a comedy series from creators Liz Heldens and Matt Ward with Elizabeth Banks  set to star and executive produce. Other series include Pluribus, Margo’s Got Money Troubles, The Morning Show, Shrinking, Your Friends & Neighbors, Imperfect Women, Slow Horses and Stick.

The company’s theatrical ambitions are hazier despite its massive 2025 box office hit F1. Apple’s new rights deal with Formula One kicks off this Sunday with the Miami Grand Prix.

Racing joins MLS and Friday Night Baseball in Apple TV’s sports lineup.

“Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment,” said Cook in a statement. “iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup. During the quarter, Services achieved yet another all-time record, and we were excited to introduce remarkable new products to our strongest lineup ever. That included the addition of the iPhone 17e and the M4-powered iPad Air, along with the launch of MacBook Neo, which is captivating customers all around the world.”

“Our strong business performance during the March quarter generated over $28 billion in operating cash flow and drove new March quarter records for both operating cash flow and EPS,” said Kevan Parekh, Apple’s CFO. “Continued strong customer demand for our products and services once again helped us achieve a new all-time high for our installed base of active devices across all major product categories and geographic segments.”

Executives will host a call at 5 pm ET.

More to come