Apple forecasts double-digit iPhone growth as earnings beat expectations and 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] - The company anticipates the December quarter to be its best ever in terms of revenue and iPhone sales [1] 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 expected $49.3 billion [3] - Apple's total revenue for the fiscal year reached $416 billion, with double-digit growth in EPS [3] Product Developments - The installed base of active devices reached an all-time high across all product categories and geographic segments, reflecting high customer satisfaction and loyalty [4] - The iPhone 17 lineup features significant improvements over the previous model, including design enhancements for the Pro and Pro Max versions, and the introduction of the iPhone Air, which replaces the iPhone Plus [4] Market Position - Following the earnings announcement, Apple's stock remained relatively stable, and the company recently crossed the $4 trillion market capitalization mark, joining Microsoft and Nvidia in this elite category [2]