Apple FYQ4 Revenue Tops Forecasts On iPhone Sales As New CEO John Ternus Steps Up

Apple revenue beat Wall Street forecasts rising 12% for the fiscal fourth quarter ended in September, led by strong iPhone sales.

Mac sales boomed. The giant services sector, home of Apple TV, was a hair soft, numbers for iPad and Wearables were below estimates.

Earnings per shares were boosted by a hefty tariff refund.

“Today, Apple is proud to report a September quarter revenue … with iPhone reaching a September quarter record and Services reaching an all-time high, capping off our best fiscal year ever,” said John Ternus, Apple’s new CEO.

“We’re closing the year with our most ambitious lineup yet. That includes the iPhone Duo, the most transformational iPhone since the original, alongside iPhone 18 Pro and iPhone 18 Pro Max, our most powerful iPhones yet. We also just introduced a whole new generation of hardware for the home and brought Touch to Mac for the first time. Together with the all-new Siri AI, it’s an incredible lineup to carry us into the holiday season.”

Apple’s iPhone sales hit $57.58 billion. Wall Street – as always – is laser focused on those numbers. Q4 includes eight days of new iPhone 18 Pro sales. Apple’s buzzy and foldable flagship iPhone Duo didn’t hit stores until after the quarter was over. The company raised prices on iPhones by $100.

Services, the company’s second-largest segment came in a $31.57 billion in revenue, its slowest growth in years. Apple TV had a record Emmy haul this year (28 wins) and in late September claimed its biggest weekly viewership ever with Mayday, Ted Lasso and post-Emmys bumps for Pluribus and Widow’s Bay.

Mac sales jumped to $10.8 billion.

The numbers are falling into a noisy quarter with AI-focused tech stocks (not Apple) emerging Monday from a weeklong bloodbath on spending jitters. Apple is seen as a safe haven as so called AI “hyper-scalers” from Alphabet to Microsoft to Amazon to Meta have lost massive market value in the past week.

Apple (shares up 25% year to date) has touched the $5 trillion market cap on and off, a feat achieved only by one other company, Nvidia.

“They don’t need to spend [as much] on capex but will let everyone else spend, on frontier models and compute, and we will all use our iPhones to get to it,” Gil Luria from D.A. Davidson. told Bloomberg TV. “Siri will be our personal assistant. And the companies behind Siri, we don’t care.”

Apple is impacted, however, by global shortages of memory and flash storage that’s a complicated byproduct of the AI boom.

“In our view, the September numbers are the appetizer, and the December quarter numbers are the main course as it covers the first full period of iPhone 18 demand and the iPhone Duo launch (Oct. 23),” said analyst Dan Ives, ahead of the numbers. The stock will trade on how Ternus frames supply, memory costs and the holiday quarter. Just as important is how he frames himself: this is the Street’s first chance to hear Ternus set priorities on AI, product cadence and capital allocation, and we expect him to lean into the product roadmap as the core of the Apple story.”

There have been some reports that the Duo can crack with normal use. Apple acknowledged the issue last month, saying it affected a small number of devices.

The new CEO will take questions on his first quarterly analysts call set for 5 pm PT.