Apple revenue hits record $111B

Apple has posted a record second-quarter revenue of $111.2 billion, powered by a 22% surge in iPhone sales.

The tech giant's performance significantly beat Wall Street expectations despite ongoing supply chain constraints and rising memory chip costs.

CEO Tim Cook noted that while the company is thriving, shortages of certain Mac and iPhone models may persist for several months.

The report comes as Cook prepares to transition to the role of executive chairman later this year, handing the CEO reins to John Ternus.