全球科技业绩快报：苹果3Q25

Investment Rating - The report does not explicitly state an investment rating for the company, but it indicates strong performance and positive growth trends, suggesting a favorable outlook for investors. Core Insights - Apple reported FY3Q25 revenue of $94.0 billion, exceeding market expectations of $89.2 billion, with a year-over-year growth of 9.6% and a quarter-over-quarter decline of 1.4% [1][6] - Earnings per share (EPS) was $1.57, surpassing the consensus estimate of $1.43 [1][6] - Overall gross margin was 46.5%, at the high end of guidance but down 60 basis points quarter-over-quarter, primarily due to approximately $800 million in tariff costs [1][6] - iPhone revenue reached $44.6 billion, up 13% year-over-year, with double-digit growth in emerging markets and a healthy channel inventory [2][7] - Services revenue was $27.4 billion, also up 13% year-over-year, with strong performance across both developed and emerging markets [2][8] - Management guidance for 4Q25 indicates expected revenue growth in the mid-to-high single-digit percentage range, with gross margin projected between 46% and 47% [3][9] Summary by Sections Financial Performance - FY3Q25 revenue: $94.0 billion, YoY growth: 9.6%, QoQ decline: 1.4% [1][6] - EPS: $1.57, exceeding expectations [1][6] - Overall gross margin: 46.5%, down 60 bps QoQ due to tariffs [1][6] Product Performance - iPhone revenue: $44.6 billion, YoY growth: 13%, with double-digit growth in emerging markets [2][7] - iPhone 16 series shipments grew by double digits compared to the iPhone 15 series [2][7] - Revenue in China increased by 4% QoQ, driven by subsidy programs [2][7] Services Performance - Services revenue: $27.4 billion, YoY growth: 13%, with double-digit growth in both developed and emerging markets [2][8] - U.S. App Store achieved double-digit growth, reaching an all-time high [2][8] Future Guidance - 4Q25 revenue expected to grow in the mid-to-high single-digit percentage range [3][9] - Gross margin projected between 46% and 47%, including approximately $1.1 billion in tariff costs [3][9] - Operating expenses expected to be between $15.6 billion and $15.8 billion [3][9]