Apple(US:AAPL) Benzingaยท2025-10-31 08:17Core Insights - Apple Inc. reported record iPhone upgrades in September, driven by strong demand for the iPhone 17 lineup, with several models facing supply constraints [1][5][6] Product Performance - The iPhone 17 lineup is described as the strongest ever, with the iPhone 17 Pro being highlighted as the most advanced model to date, and the standard iPhone 17 now featuring previously exclusive Pro series attributes, enhancing its value proposition [2][3] - Apple is reducing production of the iPhone Air model while increasing output for other iPhone 17 variants to meet high demand, with projections for the iPhone Air's production dropping below 10% starting in November [3] Market Dynamics - In China, Apple sees a vibrant market with increased store traffic year-over-year, and anticipates returning to growth in fiscal Q1 2026, driven by strong iPhone demand [4] - The company experienced a significant surge in upgrades from existing users, setting a September record for upgraders, although it is too early to determine trends among customers switching from competitors [5] Financial Performance - For the fiscal fourth quarter, Apple reported revenue of $102.47 billion, exceeding analyst expectations, with earnings per share at $1.85, also surpassing estimates [7] - iPhone revenue increased to $49.02 billion, up from $46.22 billion year-over-year, contributing to an overall revenue growth of 8% and a 13% increase in earnings per share [8]