Apple Hits Record with iPhone 17 Sales

Apple delivered its first quarterly earnings report since launching its newest iPhone lineup, decisively beating Wall Street projections. The company demonstrated steady financial growth and a powerful bottom line. This feat occurred despite its slower pace in developing public-facing artificial intelligence products.

The impressive report landed just days after Apple achieved a significant milestone: hitting a $4 trillion market value for the first time.

CEO Tim Cook celebrated the financial strength. “Today, Apple is very proud to report a September quarter revenue record of $102.5 billion, including a September quarter revenue record for iPhone and an all-time revenue record for Services,” Cook said in a statement. While overall iPhone sales were high, the smartphone's revenue in China fell slightly below expectations.

Cook further projected revenue growth of 10% to 12% in the December quarter, traditionally the company's most important sales period.

New Lineup Revives Demand

The fresh lineup of iPhones, especially the iPhone 17 and 17 Pro, successfully reignited consumer demand for Apple’s hardware. This resurgence was particularly crucial in China, a market where recent sales had fallen short of forecasts.

Speculation surrounds the ultra-thin iPhone Air. Some analysts suggest the company reduced production of the device, while others assert that production levels remain unchanged.

Thomas Monteiro, a senior analyst at Investing.com, captured the market insight perfectly: “While the market remains fixated on AI adoption and monetisation, Apple proves that the old recipe still works, at least for another quarter, with solid sales growth in its legacy products and services, supported by a better-than-feared global economy, driving solid revenue expansion.”

Beating the Numbers, Ignoring the AI Noise

Apple reported $102.47 billion in total revenue, marking an 8% increase year over year. This figure edged out analyst estimates of $102.24 billion. The company also surpassed expectations for its "other products" and Services revenue. For iPhone revenue specifically, Apple posted $49.03 billion, slightly missing estimates of $50.19 billion. The stock responded positively, rising slightly in after-hours trading.

These strong revenue figures arrived even as Apple trails competitors in the AI race. The company has yet to fully deploy an AI product capable of competing directly with offerings from Meta, Google, and Microsoft. Apple also continues to navigate the unpredictable tariffs imposed by Donald Trump on China and India, the primary locations of its manufacturing.

Despite these challenges and the slower AI pace, Apple’s stock has appreciated over recent weeks, inflating its market capitalisation. This rise places it among only three companies worldwide, alongside Nvidia and Microsoft, that have reached the $4 trillion valuation milestone.