苹果业绩，大超预期

Core Viewpoint - Apple's Q3 FY2025 earnings report exceeded Wall Street expectations, showcasing strong revenue growth driven by iPhone sales and service business, while facing challenges in iPad and wearables [2][3][4]. Revenue Performance - Total revenue for Q3 reached $94.04 billion, a 10% year-over-year increase, surpassing the expected $89.53 billion [2]. - Net profit was $24.43 billion, with earnings per share at $1.57, also exceeding the anticipated $1.43 [2]. Segment Analysis - iPhone revenue grew by 13% year-over-year to $44.58 billion, significantly above the expected $40.22 billion, driven by strong sales of the iPhone 16 [3]. - Mac revenue saw a nearly 15% increase to $8.05 billion, outperforming the expected $7.26 billion, attributed to the new MacBook Air launch [3]. - Service revenue reached $27.42 billion, a 13% increase, exceeding market expectations [4][5]. Challenges in Product Lines - iPad revenue declined by 8% to $6.58 billion, despite the launch of a new low-cost model [6]. - Revenue from wearables and other hardware, including Apple Watch and AirPods, fell by 8.6% to $7.4 billion, below market expectations [6]. Market Dynamics - Revenue from Greater China rebounded to $15.37 billion, a 4% year-over-year increase, reversing previous declines [7][8]. - The company noted that consumer subsidies in certain regions positively impacted product sales [8]. Cost and Tax Implications - The company incurred approximately $800 million in tariff expenses for Q3, with expectations of $1.1 billion in the following quarter [9]. - A portion of revenue growth was attributed to consumers purchasing products in anticipation of tariff increases [9]. AI Strategy and Investments - Apple's stock has declined about 17% year-to-date, partly due to the lack of a clear AI strategy [10]. - The company is increasing investments in AI and has acquired around seven companies this year to enhance its product roadmap [11]. Legal and Regulatory Concerns - Investors are closely monitoring the outcome of a Google antitrust case, which could impact Apple's revenue from search agreements [12]. - A separate lawsuit may require Apple to ease App Store restrictions, potentially affecting another key profit source [12].