Core Insights - Apple reported Q3 FY2025 revenue of $94.036 billion, a 10% year-over-year increase, and net profit of $23.434 billion, up 9% [1] - Despite macroeconomic uncertainties, Apple's overall performance exceeded market expectations, with core product lines showing steady growth [1] - Revenue from Greater China reached $15.369 billion, growing 4% year-over-year, indicating a recovery in the Chinese market [1] Product Performance - iPhone sales, as the main revenue driver, reached $44.58 billion, a 13.5% year-over-year increase, with the iPhone 16 series showing double-digit growth compared to the iPhone 15 series [2] - The Mac product line saw a strong rebound with net sales of $8.05 billion, up 14.8% year-over-year, driven by the adoption of self-developed chips [2] - iPad and wearables experienced declines, with iPad sales down 8.1% to $6.58 billion and wearables, home, and accessories revenue down 8.6% to $7.4 billion [2] - Service revenue continued to be a stable growth driver, reaching $27.42 billion, a 13.3% year-over-year increase [2] Market Challenges - Apple's AI strategy has been perceived as slow, contributing to a 17% decline in stock price year-to-date, while competitors like Nvidia and Microsoft have seen stock increases [3] - In China, Apple faced competitive pressure, with a market share of 15% in Q2 2025, down 1 percentage point year-over-year, ranking fifth behind Huawei, Vivo, OPPO, and Xiaomi [4][5] - The U.S. imposed a 25% tariff on goods from India, impacting Apple's manufacturing strategy in the region, where 44% of smartphones shipped to the U.S. in Q2 were assembled in India [5]
苹果三季度营收利润双增 中国市场回暖