Apple(US:AAPL) Ge Long Hui·2025-11-03 06:32Core Viewpoint - Goldman Sachs reports that Apple's earnings per share for Q4 FY2025 exceeded expectations, driven by strong performance in the services segment, which offset weaker-than-expected iPhone sales [1] Group 1: Financial Performance - iPhone demand was very strong during the period, but revenue fell short of expectations due to supply constraints, leading to a quarterly decline in channel inventory [1] - The management guidance for Q1 FY2026 indicates a year-over-year revenue growth of 10% to 12%, with iPhone revenue expected to grow in double digits and services revenue projected to increase by approximately 14% [1] Group 2: Analyst Adjustments - Goldman Sachs believes the guidance is better than expected, supporting the notion of strong iPhone demand [1] - The firm has raised its average earnings per share forecast for FY2026 to FY2028 by 3% and increased the target price from $279 to $320, maintaining a "buy" rating [1]