苹果财报棒极了，但iPhone 18涨价在所难免了

Core Viewpoint - The iPhone 17 series has achieved unprecedented sales success, significantly boosting Apple's revenue and stock price, despite challenges from rising memory costs and supply chain constraints [6][9][10]. Group 1: Financial Performance - In Q4 2025, Apple's revenue reached $143.76 billion, a 16% year-over-year increase, marking a historical high; net profit was $42.10 billion, also up 16%; gross margin rose to an unprecedented 48.2% [6]. - iPhone sales revenue surged by 23% to $85.27 billion, exceeding market expectations and setting a new quarterly record [8]. - The active iPhone user base reached a historical high of 2.5 billion units, with record numbers of users upgrading or switching to new iPhones in various regions [15]. Group 2: Challenges and Concerns - Despite strong iPhone sales, rising memory prices pose a significant challenge, leading to market pessimism and a recent decline in Apple's stock price [10][16]. - Apple's CFO indicated that memory procurement negotiations have shifted to quarterly discussions, with expected price increases of up to 100% for LPDDR memory used in iPhones [18]. - Tim Cook expressed uncertainty about potential price increases for iPhones due to rising memory costs, emphasizing the need for careful evaluation of the situation [19][21]. Group 3: Other Business Segments - Apple's services business reached $30.01 billion in revenue, growing 14% year-over-year, becoming a significant revenue pillar outside of iPhone sales [26][32]. - The Mac business saw a revenue decline of 7% to $8.39 billion, while iPad revenue increased by 6% to $8.60 billion, driven by seasonal demand [32]. - Wearables and accessories revenue fell by 2% to $11.49 billion, attributed to supply chain limitations affecting new product launches [32]. Group 4: Future Outlook and AI Developments - Apple is expected to maintain strong iPhone demand in the upcoming quarters, with potential new models like the iPhone 18 and a foldable iPhone on the horizon [44]. - The company is investing heavily in AI, including a $2 billion acquisition of Israeli AI startup Q.ai, aiming to enhance user interaction with devices [51][53]. - Apple's collaboration with Google on AI development for Siri indicates a strategic focus on integrating advanced technologies while maintaining privacy standards [37][41].