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Apple's Financial Performance
Apple reported a record-breaking $102.5 billion in revenue for its September quarter, up 8% year over year.
“Apple announced a record-breaking revenue of $102.5 billion for the September quarter, marking an 8% year-over-year increase.”
Earnings per share hit a September-quarter record of $1.85, and Services revenue reached an all-time high of about $28.8 billion, a 15% increase year over year.
Net profit reached $27.46 billion, and the gross margin stood at 47.2% despite $1.1 billion in tariff costs.
Apple expects to sustain margins between 47% and 48%.
The iPhone remained the flagship product with $209.6 billion in revenue, accounting for over half of the total revenue.
Services revenue reached $109 billion for the fiscal year.
China's market declined nearly 4% due to supply issues, while Europe and the U.S. each grew about 10%.
These strong fundamentals helped Apple surpass a $4 trillion market valuation.
Both Apple and Microsoft have now exceeded the $4 trillion valuation threshold.
Apple iPhone and Services Revenue
The iPhone and Services segments led Apple's revenue story.
Le Monde.fr reports that the iPhone generated $209.6 billion over the fiscal year.
Services delivered $109 billion, confirming the iPhone’s role as the core revenue engine.
For the September quarter, both 富途牛牛 and AD HOC NEWS say Services hit a record near $28.8 billion with 15% year-over-year growth.
This growth was propelled by iCloud, Apple Music, and App Store fees.
AD HOC NEWS and ts2.tech further highlight strong iPhone 17 demand, so brisk that AD HOC NEWS notes supply constraints.
Fortune India ties Apple’s latest $4 trillion valuation to strong iPhone 17 sales and a recent 6% stock jump.
Apple's Q4 Revenue Outlook
Guidance and seasonality point to more gains for Apple.
“Apple projects 10-12% revenue growth for the Christmas quarter, potentially reaching around $138 billion—well above analyst estimates of $132 billion—driven largely by double-digit growth in the iPhone division.”
AD HOC NEWS reports Apple projecting 10%–12% revenue growth for the Christmas quarter—around $138 billion—beating analyst estimates of $132 billion.
Double-digit iPhone growth is expected, while maintaining 47%–48% gross margins despite additional tariffs.
富途牛牛 echoes the optimistic tone, saying Apple expects another revenue record propelled by its best-ever iPhone performance and a robust holiday lineup.
ts2.tech also flags an expected record Q4 for Apple.
Le Monde.fr adds detail by noting that accessories revenue slid to $35.7 billion from $37 billion in the prior year—an area to watch even as core categories and Services accelerate.
Apple's $4 Trillion AI Context
The valuation milestone—Apple crossing $4 trillion—sits within a broader AI-driven market narrative.
TECHi notes Apple reached $4 trillion, with CNBC adding that both Apple and Microsoft surpassed $4 trillion as AI-linked gains pushed U.S. markets to records.
CNN and Israel Hayom temper the celebration by underscoring that Apple lags in AI compared with Nvidia, even as it maintains market confidence.
MacRumors reports Apple, now valued at $4 trillion, is shipping its own AI servers internally but is unlikely to compete directly with Nvidia in servers—suggesting Apple’s AI approach is focused on internal capabilities rather than selling AI infrastructure.
AI Market Bubble Concerns
Euronews warns of a possible AI-driven market bubble.
“However, there are growing concerns about a possible AI-driven market bubble, with the Bank of England cautioning that tech stock prices boosted by AI enthusiasm may be at risk of a sharp decline.”
The Bank of England cautions that prices boosted by AI enthusiasm may face sharp declines.
CNBC echoes similar concerns from the IMF and the Bank of England, even as it notes Apple and Microsoft are valued above $4 trillion.
The Star also cites warnings of an AI bubble and overvaluation.
Spectrum News adds that the Bank of England warned of potential tech stock price collapses, while recounting how the AI boom recently helped set valuation records.
By contrast, ts2.tech presents a more optimistic view, linking record highs and Apple’s $4 trillion market cap to strong iPhone sales and expected record Q4 revenue.