Apple Inc.

Strong Q3/June quarter results with broad-based records (good) - Revenue: $109.4B, +16% YoY, June quarter record - iPhone: $54.3B, +22% YoY, June quarter record, driven by iPhone 17 family; IDC: share gained globally - Mac: $10.4B, +29% YoY, June quarter record; supply constraints still existed but demand outperformed - Services: $30.7B, +12% YoY, June quarter record - Gross margin: 50.1%, +80 bps sequentially, helped by tariff refunds (~2 pts); products GM up too; services GM down sequentially due to mix (-110 bps sequentially)

What’s driving the positive story: AI + ecosystem + installed base (opportunity) - Siri AI: Apple rolled out “all-new Siri AI” at WWDC with early developer/public beta feedback described as phenomenal - Positioning: AI “private” and “personal context,” using on-device + private cloud compute - Installed base: over 2.5B active devices (all-time high), supporting long-run Services growth - Services momentum: company says it has 1.5B+ paid subscriptions; records across categories (cloud and payments called out)

Outlook for September quarter: growth still expected, but deceleration mainly from FX + rising supply constraints (forecast + challenge) - Total revenue growth (YoY) for Sept Q: 9%–11% - Two named headwinds from June → September: - FX: sequential headwind ~2.5 percentage points - Supply constraints: expected to increase significantly sequentially - Supply constraint scope: expected to affect iPhone, Mac, and iPad (not just one product line) - iPhone Sept growth: expected mid-teens YoY (reported) given FX + supply constraints - Gross margin guidance: 47%–48%, includes ~1 point benefit from tariff refunds - Opex: $19.1B–$19.4B (R&D-driven), tax rate ~16.5%