Apple earnings beat expectations, company forecasts double-digit iPhone growth while China sales disappoint

Core Insights - Apple reported fourth quarter earnings that exceeded expectations on both earnings per share (EPS) and revenue, but iPhone sales and revenue from China fell short of analyst forecasts [1][3] - CEO Tim Cook expressed optimism about future performance, highlighting supply constraints for the new iPhone 17 due to high demand and projecting revenue growth in China for Q1 [1][5] Financial Performance - For the fourth quarter, Apple achieved an EPS of $1.85 and revenue of $102.5 billion, surpassing analyst expectations of $1.77 EPS and $102.2 billion in revenue [3] - The iPhone business generated $49.03 billion in revenue, slightly below the anticipated $49.3 billion [3] - Apple's total revenue for the fiscal year reached $416 billion, with double-digit EPS growth reported [3] Product Developments - The iPhone 17 lineup features significant improvements over the previous model, including design enhancements for the iPhone 17 Pro and Pro Max, and the introduction of the iPhone Air, which replaces the iPhone Plus model [4] - The fourth quarter results reflect only a limited sales period for the iPhone 17, as the devices were available for only a few weeks before the financial period ended [5] Market Position - Following the earnings announcement, Apple's stock remained relatively stable, and the company recently crossed a market capitalization of $4 trillion, joining Microsoft and Nvidia in this elite category [2]