Core Viewpoint - Apple is focusing on the production and shipment of its three highest-end iPhone models for 2026 while delaying the standard model due to a shift in marketing strategy and supply chain constraints [1] Group 1 - The company is prioritizing its premium iPhone models, indicating a strategic shift towards higher-end products [1] - The rollout of the standard iPhone model has been delayed, reflecting changes in market demand and supply chain issues [1] - This decision may impact the overall sales strategy and revenue projections for the upcoming fiscal periods [1]

Summary of Apple Inc. (AAPL) Conference Call Company Overview - **Company**: Apple Inc. (AAPL) - **Market Cap**: $3.8 trillion - **Current Price**: $258.28 - **Target Price**: $330.00 - **Upside Potential**: 27.8% [1][24] Key Financial Highlights - **F1Q26 EPS**: $2.84, beating GS/consensus estimates of $2.66/$2.67 [1][17] - **Total Revenue**: $143.8 billion, exceeding GS/consensus of $137.4 billion/$138.4 billion [1][22] - **iPhone Revenue**: $85.3 billion, a 23% year-over-year increase, surpassing GS/consensus of $78.0 billion/$78.2 billion [1][22] - **Services Revenue**: $30.0 billion, a 14% year-over-year growth, in line with expectations [1][22] - **Gross Margin**: Achieved record gross margins of 48.2%, above consensus of 47.4% [1][18] - **Operating Expenses (opex)**: Expected to be $18.4-$18.7 billion, marking the first quarter-over-quarter increase in opex [1][19] Growth and Demand Insights - **iPhone Demand**: Strong global demand, particularly in China with a 38% year-over-year revenue increase [1][16] - **Product Mix**: Favorable revenue mix with higher contributions from Services and iPhone [1][18] - **Supply Constraints**: Advanced 3nm SOC constraints may delay the launch of iPhone 18 and iPhone Air 2 to Spring 2027 [1][16] Future Guidance - **F2Q26 Revenue Growth**: Expected between 13-16% year-over-year, beating consensus of 10% [1][19] - **Gross Margin Outlook**: Anticipated to be between 48-49%, reflecting the impact of rising memory costs [1][19] - **Services Growth**: Expected to maintain a growth rate similar to F1Q26 at 14% year-over-year [1][19] Risks and Challenges - **Consumer Demand**: Potential weakening due to macroeconomic conditions, impacting iPhone upgrade cycles [1][25] - **Supply Chain Disruption**: Risks associated with geopolitical tensions affecting global trade [1][26] - **Intensifying Competition**: Competing in various sectors with significant investment from rivals [1][27] - **Regulatory Risks**: Increased scrutiny in major markets could impact competitive advantages [1][28] Investment Thesis - **Buy Rating**: AAPL is rated as a Buy, with a focus on the strength of the Apple ecosystem and revenue visibility [1][32] - **Services Growth**: Expected to drive gross profit growth over the next five years, supporting a premium valuation [1][32] - **Recurring Revenue Opportunity**: The durability of Apple's installed base is expected to enhance revenue growth through increased service and product attachments [1][32] Conclusion Apple Inc. continues to demonstrate strong financial performance with robust iPhone demand and record gross margins. The company is well-positioned for future growth, although it faces risks related to consumer demand and supply chain challenges. The investment thesis remains positive, emphasizing the strength of the Apple ecosystem and the potential for service-driven revenue growth.

January 29, 2026 02:39 PM GMT Foundation 2 Investor Presentation | Asia Pacific AI Semi: Further Strength in TPU, GPU and Memory | Downloaded by Neil.Wang@troweprice.com M | Not for redistribution without written consent of Morgan Stanley Charlie Chan | | | --- | --- | --- | | | | Foundation | | January 29, 2026 02:39 PM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Taiwan Limited+ | | | | Equity Analyst | | | AI Semi: Further Strength in TPU, GPU and | Charlie.Chan@morganstanley.com | +88 ...

苹果公司在假日季度的营收大幅超出华尔街预期，主要受新款iPhone 17的强劲需求、服务业务增长以 及中国市场回暖推动。 苹果在1月29日发布的声明中表示，截至12月27日的季度，公司营收增长16%至1438亿美元，再创新 高。彭博汇编的数据显示，分析师此前平均预期为1384亿美元。苹果自身的预期为增长10%至12%。 苹果首席执行官蒂姆·库克在声明中表示："空前的需求推动iPhone创下史上最佳季度表现，所有地区市 场都创下历史新高。" 在中国，苹果报告营收255亿美元，同比大增38%，远超华尔街平均预期的218亿美元，也远远超过了整 体销售额的增速。 苹果公司假日季在中国市场强劲反弹，得益于新机型iPhone 17的畅销。这是该公司自2021年底以来首 次在该地区实现了250亿美元级的季度销售额。 这些数字呈现出苹果公司的意外复苏景象。此前，该公司一直难以重振中国业务这个旧日的强劲引擎。 苹果当季实现了大中华区史上第二高营收，接近四年前创下的假日季纪录258亿美元。 首席执行官蒂姆·库克将这一表现归功于智能手机升级换代用户激增。他还表示，从其他平台转到苹果 手机的用户数量也实现了两位数百分比的增长。这使得 ...

Core Insights - Apple reported a record-breaking quarter, with significant growth in revenue and earnings, highlighting the importance of Apple Intelligence as a business lever and its partnership with Google for AI development [1][7] Group 1: Financial Performance - Apple achieved quarterly revenue of $143.8 billion, representing a 16% year-over-year increase, with diluted EPS of $2.84 [7] - iPhone revenue reached $85.3 billion, up 23% year-over-year, while Services revenue hit an all-time high of approximately $30 billion, increasing by 14% [7] - Sales in greater China surged to $25.5 billion, marking a 38% year-over-year growth, primarily driven by iPhone sales [7] Group 2: Apple Intelligence and AI Strategy - Apple Intelligence is framed as an operating-system-level capability rather than a standalone product, aimed at enhancing the overall ecosystem and monetization opportunities across hardware and services [3][4] - CEO Tim Cook emphasized that the integration of AI features is designed to be personal and private, enhancing user experience without necessarily being tied to a direct revenue model [4] - The potential for revenue growth from AI is linked to improvements in discovery, shopping, customer service, and in-app conversions, which could lead to increased device upgrades and service engagement [4] Group 3: Partnership with Google - Apple announced a partnership with Google, selecting it for its AI technology capabilities while ensuring privacy standards are maintained [5] - Cook stated that Google's AI technology provides a strong foundation for Apple's future developments, although specific deal terms were not disclosed [5] Group 4: Payment Security - Apple Pay reportedly eliminated over $1 billion in fraud for partners in the previous year, with plans to expand the service into more markets [6] - The company is focusing on device-centric security and network tokenization to reduce fraud, indicating ongoing investment in payment security measures [6]

Core Insights - Global smartphone shipments reached 1.26 billion units in 2025, representing a year-over-year growth of 2.6% [1] - Apple emerged as the largest smartphone vendor by shipment volume in 2025, with 242.8 million units shipped, marking a 9.9% increase year over year [1] - Apple's global market share increased to 19.3% in 2025, up from 18.1% in 2024 [1]

新华社旧金山1月29日电（记者吴晓凌）苹果公司29日发布财报显示，2026财年第一季度（截至2025年 12月27日），该公司营业收入达1438亿美元，同比增长约16%。当季净利润从上一财年同期的363.3亿 美元增至421亿美元。 苹果公司首席执行官蒂姆·库克表示，公司该财季表现远超预期。受益于苹果手机销售在各区域市场的 强劲增长，手机销售及服务业务收入均创下历史新高。目前，苹果活跃设备安装数量已超过25亿台。 （完） 财报显示，当季苹果手机销售额为852.7亿美元，同比增长约23%；服务收入从上一财年同期的263.4亿 美元增至300亿美元，同比增长约14%。此外，电脑销售额从上一财年同期的89.9亿美元降至83.9亿美 元；可穿戴、家用及配件产品销售额从117.5亿美元降至114.9亿美元。 ...

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"Microsoft disappointed and there are some ‌genuine concerns that AI investments will eat the software companies' lunches," said John Praveen, managing director & Co-CIO, Paleo Leon in Princeton, New Jersey. Investors are trying to "reduce exposure to stocks and play it safe" against a backdrop of broader uncertainties including who the Federal Reserve's next chair will be and how many interest rate cuts it will make, according to Praveen who also cited political uncertainties around Washington's stance in ...

Group 1: Apple Inc. - Apple reported a 16% year-on-year increase in fiscal first-quarter revenue, driven by strong iPhone demand, exceeding market estimates [2] - The company forecasted current-quarter revenue above Wall Street expectations, indicating continued growth potential [2] - Despite positive financial results, investor response was muted, with Apple shares rising only about 0.5% in extended trading, possibly due to concerns over its position in artificial intelligence [2] Group 2: Meta Platforms and Microsoft - Meta Platforms saw its shares increase by more than 10% as the company demonstrated that its AI investments were positively impacting its financial performance [3] - In contrast, Microsoft faced a significant decline in its stock, dropping 10% due to its spending plans and a slowdown in cloud growth, resulting in a loss of $357 billion in market capitalization [3] Group 3: Cryptocurrency and Commodities - Cryptocurrencies experienced a decline, with Bitcoin falling over 5% to its lowest level in nearly two months [4] - Gold prices rebounded after a midday dip, reaching an all-time high of $5,626.8 earlier in the day [4] - Oil prices increased by more than 3% amid geopolitical tensions, particularly regarding potential strikes on Iran [4]