Apple Inc.

Record quarter / strong demand despite constraints (GOOD + SURPRISING): Apple reported $109.4B revenue (+16% YoY), a June quarter record. iPhone $54.3B (+22% YoY) (June record; IDC says share gains globally), Mac $10.4B (+29% YoY) (best June quarter ever; IDC says share gains; strong from MacBook Neo and MacBook Pro), Services $30.7B (+12% YoY) (June record; also TV, cloud, payments all hit records). This strength was achieved despite supply constraints and sequential FX headwinds—the “surprise” is how strong iPhone and Mac were vs. expectations given the supply environment.

Supply constraints are the main near-term headwind; FX adds another (CHALLENGE / RISK): Management guided that supply constraints will worsen sequentially going from June → September, primarily tied to availability of advanced nodes for Apple silicon SoCs and less supply-chain flexibility than normal. They expect this impact to affect iPhone, Mac, and iPad. Separately, FX is a sequential headwind of ~2.5 percentage points to YoY total company growth from June to September.

September quarter outlook: slower growth but still positive; margins supported by tariff refunds (FORECAST): Apple expects September quarter total revenue growth of 9%–11% YoY. iPhone is expected to be mid-teens YoY reported growth (explicitly impacted by FX + supply constraints). Services YoY growth expected to be largely similar to June *after* removing the ~2.5pp negative FX impact. Gross margin guidance: 47%–48% (includes ~1pp benefit from tariff refunds). Operating expenses: $19.1B–$19.4B; tax rate ~16.5%.