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To: Johnny Canuck who wrote (67397)	10/31/2025 2:36:26 AM
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Apple predicts holiday boom in iPhone sales Tech giant reports record annual profits as smartphone demand and services income pick up Apple has been boosted by a stronger than expected launch of its iPhone 17 line-up in September © CFOTO/Future Publishing/Getty Images Apple predicts holiday boom in iPhone sales on x (opens in a new window) Apple predicts holiday boom in iPhone sales on facebook (opens in a new window) Apple predicts holiday boom in iPhone sales on linkedin (opens in a new window) Share Save Pro Features Configuration current progress 100% Michael Acton in San Francisco Publishedyesterday \|Updated23:26 63Print this page Apple predicted the holiday season would bring its best-ever quarter for sales, powered by strong demand for its latest iPhone 17, as it posted record annual profit on Thursday. The tech giant said it expected total revenue growth of 10 to 12 per cent year-on-year in the three months to December, with iPhone revenue growing by double digits. The forecast is higher than Wall Street estimates of 6 per cent revenue growth, which Apple chief financial officer Kevan Parekh attributed to a “great start” for the iPhone 17 after its September launch. The optimistic prediction suggests a fresh round of consumers upgrading their devices could be under way. The iPhone accounts for about half of Apple’s revenue, making its upgrade cycle a big driver of its business. Apple reported a record $112bn in net income for the year to September 27, the end of its fiscal year, up by a fifth from the year before. Revenue for the quarter was $102.5bn, up 8 per cent year on year and above Wall Street expectations of $101.6bn, according to Visible Alpha. Apple shares rose 2.3 per cent in after-hours trading. The iPhone 17 has proved an early success after Apple chose to hold down prices of the new model, despite the burden of US tariffs, and added more features to the base models. Early data from Counterpoint Research showed sales of the latest models outpacing last year’s iPhone 16 by 14 per cent in the US and China. Apple has seen slower device upgrades in recent years after a sales boom during the Covid-19 pandemic. The Cupertino, California-based group expects it can maintain gross margins of 47 to 48 per cent through to the end of the year, in spite of $1.4bn of tariff-related costs. It confirmed a $1.1bn hit from tariffs in the last quarter, as it had predicted. Net income in the quarter to September was better than forecast at $27.5bn, and earnings per share were $1.85. iPhone sales grew 6 per cent in the quarter from a year before. Apple said deliveries of last year’s iPhone 16 and the new iPhone 17 have been held up supply chain constraints, which it blamed for narrowly missing last quarter’s sales expectations. Revenue from China, a key market for Apple, fell 4 per cent, as it struggled with competition from local brands such as Huawei and regulatory issues. But chief executive Tim Cook, who visited China earlier this month, told analysts he expected sales in the country to return to growth in the December quarter, with traffic to Apple’s stores up “significantly” year over year. Apple’s full-year revenue from services surpassed $100bn for the first time in its fiscal year. The high-margin division, which includes the App Store, iCloud and Apple Pay, continued strong growth despite global regulatory scrutiny over Apple’s tight control of its ecosystem. The iPhone maker’s market capitalisation hit $4tn earlier this week. Its share price is up more than 30 per cent since August, after recovering from a knock in April when President Donald Trump launched a global trade war that threatened Apple’s vast supply chain. Recommended Apple Inc Apple’s biggest iPhone overhaul in years ignites upgrade frenzy Thursday’s results will help overcome the concern of some analysts that a boost in device sales earlier this year was a temporary blip driven by consumers trying to shop before the US and China imposed tariffs on each other. Cook said he was “very encouraged” that the US had agreed to cut its 20 per cent “fentanyl” tariff on Chinese imports, which hit Apple earlier this year, to 10 per cent following Trump’s meeting with China’s leader Xi Jinping earlier on Thursday. Apple has struggled to compete with Big Tech rivals in the race to offer sophisticated artificial intelligence products, with planned updates to its voice assistant Siri delayed and bugs forcing it to roll back a news summary feature. Parekh said the company was investing in research and development around AI, driving up its operating expenses by 11 per cent in the last quarter. Copyright The Financial Times Limited 2025. All rights reserved. Reuse this content(opens in new window) CommentsJump to comments section Latest on Apple Inc