<div id="readability-page-1"><p>Here's our initial take on <strong>Apple</strong>'s <span>(AAPL<span> -0.68%</span>)</span> fiscal 2025 third-quarter financial report.</p> <h2>Key Metrics</h2> <div><table> <thead> <tr> <th>Metric</th> <th>Q3 FY24</th> <th>Q3 FY25</th> <th>Change</th> <th>vs. Expectations</th> </tr> </thead> <tbody> <tr> <td>Revenue</td> <td>$85.8 billion</td> <td>$94.0 billion</td> <td>10%</td> <td><span>Beat</span></td> </tr> <tr> <td>Earnings per share</td> <td>$1.40</td> <td>$1.57</td> <td>12%</td> <td><span>Beat</span></td> </tr> <tr> <td>iPhone revenue</td> <td>$39.3 billion</td> <td>$44.6 billion</td> <td>13%</td> <td><span>Beat</span></td> </tr> <tr> <td>Services revenue</td> <td>$24.2 billion</td> <td>$27.4 billion</td> <td>13%</td> <td><span>Beat</span></td> </tr> </tbody> </table></div> <h2>Apple Posts Strong Growth Despite Macro Headwinds</h2> <p>Investors came into earnings season with questions about Apple's ability to weather the impact of tariffs, and the company answered by reporting robust growth. Apple said revenue grew by 10% and earnings per share by 12%, boosted by stronger-than-expected iPhone growth in the quarter.</p> <p>The sales growth, in a quarter marred by tariff talk, is a reminder of the enduring popularity of the iPhone and the success of a new, more affordable model released earlier this year. Apple has responded to the tariff concerns by shifting shipping patterns, with a majority of iPhones sold in the U.S. now reportedly assembled in India and not China.</p> <p>Apple had forecast low- to mid-single-digit growth in the quarter, predicting a $900 million headwind from tariffs in the period.</p> <p>Apple also returned to growth in China, posting sales of $15.4 billion for the quarter compared to $14.7 billion in the same three months of 2024.</p> <p>The company did not provide a Q4 forecast in the earnings report, but is likely to give some guidance about what it expects in the second half of calendar year 2025 during its call with investors.</p>  <h2>Immediate Market Reaction</h2> <p>Investors were happy with the results. Apple stock was up 2% in aftermarket trading immediately following the release but ahead of the company's call with investors.</p> <h2>What to Watch</h2> <p>Apple's numbers were strong, but that was expected. The big question with Apple is not about the numbers, but about what comes next. Apple's AI efforts have floundered so far, and top execs have fled to rivals. There have been reports that Apple could find a partner to bring AI to its devices instead of continuing to develop in-house.</p> <p>Expect a lot of investor questions about AI on the call, as well as a focus on future devices that Apple can add to its offering along with phones, computers, iPads, and wearables. There is also still a looming uncertainty about tariffs, with tariff exemptions on smartphones expected to lapse and talk of new India tariffs that could further complicate supply chains.</p> <p>Apple is yet to answer the question about the &#34;next big thing,&#34; be it AI or a new device, but the company's core franchises remain massively profitable and show no signs of sputtering from here.</p> <h2>Helpful Resources</h2> <ul> <li>Full earnings report</li> <li>Investor relations page</li> <li>Additional coverage</li> </ul>                                                                            </div>

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<p>Apple reported strong growth in its fiscal 2025 Q3 earnings, with revenue reaching $94 billion and earnings per share at $1.57, both exceeding expectations. Despite tariff concerns, iPhone revenue grew by 13%, and the company returned to growth in China. Apple has adjusted its supply chain, with more iPhones now assembled in India. Investors reacted positively, with a 2% rise in stock after the earnings release. Future investor calls are expected to focus on AI developments and potential new devices amid ongoing tariff uncertainties.</p>

- Apple's fiscal 2025 third-quarter report showed revenue of $94.0 billion and earnings per share of $1.57, both exceeding expectations.  
- The company experienced a 10% revenue growth, driven by a 13% increase in iPhone and services revenue, despite concerns over tariffs.  
- Investors are keen to hear about Apple's future plans, particularly regarding AI developments and potential new devices, amid ongoing tariff uncertainties.  

Apple: Growth Despite Tariff Headwinds