Apple Posts Record Revenue, Shares Fall on Margin Outlook

Apple reported fiscal fourth-quarter revenue of $114.5 billion, up 12% year over year, net income of $30.7 billion and earnings per share of $2.10 in John Ternus’s first results since succeeding Tim Cook; full-year revenue reached $479 billion. iPhone revenue rose 17% to $57.6 billion, Services revenue hit a quarterly record of $31.6 billion, and Apple reported record revenue in India, while iPad sales declined and Mac revenue was flat. The foldable iPhone Duo was not included in quarterly sales and remained supply-constrained, with executives unable to say when demand would be met. Apple shares fell as investors reacted to its holiday-quarter gross-margin forecast of 45%–46%, below the September quarter’s 47.9%, amid rising memory costs and spending on Siri AI infrastructure; tariff refunds partially boosted reported margins. Apple expected the December quarter to deliver its highest revenue ever, but warned that supply constraints would persist and said its outlook depended on stable tariff policies and broader economic conditions.