Apple revenue hits record $111B

CEO Tim Cook, who announced he will transition to executive chairman in September, warned that a global chip shortage could impact supply for several months.

The company's strong performance was bolstered by a massive push into AI-integrated hardware, which has seen high demand among enterprise clients.

Apple's influence over its supply chain has allowed it to secure components more effectively than its rivals, though costs are expected to rise in the coming quarter.

Investors responded positively to the results, sending shares up nearly 4% in after-hours trading.