Apple(US:AAPL) 智通财经网·2025-10-31 07:49Core Insights - Apple reported record performance in the September quarter for existing users upgrading their devices, but it is too early to discuss specifics regarding the iPhone 17 series user transition [1][7] - The company is experiencing strong demand for the iPhone 17 models, which are currently in short supply due to supply chain constraints, not production capacity issues [1][9] - Revenue in Greater China declined by 4% year-over-year, primarily due to iPhone supply chain limitations, but the company expects growth to resume in the December quarter [1][4] iPhone 17 Series Performance - The success of the iPhone 17 series is attributed to the product itself, with the iPhone 17 Pro being the most advanced model and the standard iPhone 17 offering features previously exclusive to Pro models [2] - The iPhone 17 series has received a strong initial market response, leading to increased foot traffic in retail stores [4][10] Supply Chain and Cost Management - Apple has managed to maintain a gross margin of 47.2%, exceeding expectations, and anticipates a margin of 47% to 48% for the next quarter [3][8] - The company is not currently facing significant cost pressures despite rising memory prices, thanks to effective cost management strategies [3] Service Business Growth - The service business achieved a record revenue of $28.8 billion in the quarter, with annual service revenue surpassing $100 billion, reflecting a 14% year-over-year growth [4][6] - The growth in services is driven by a broad range of offerings and is not reliant on any single factor, indicating a healthy and diverse service portfolio [6] Future Outlook - The company is optimistic about the December quarter, expecting a recovery in Greater China driven by strong sales momentum and the initial success of the iPhone 17 series [4][10] - Apple plans to continue investing in artificial intelligence and product development, which will contribute to operational expenditure growth [10][17]