Apple Inc.

Apple kicked off calendar 2025 with a solid earnings beat, posting fiscal first-quarter revenue of $124.30 billion, up 4.0% year over year, and diluted EPS of $2.40, ahead of the $2.34 consensus estimate by 2.56%. The primary engine behind the quarter was a record-setting Services segment, which climbed roughly 14% to $26.34 billion, offsetting modest pressure elsewhere, including a slight dip in iPhone revenue to $69.14 billion from $69.70 billion a year ago and continued softness in Greater China, where sales fell to $18.51 billion from $20.82 billion. Gross margin expanded to $58.27 billion and net income rose to $36.33 billion from $33.92 billion, reflecting improved cost leverage across the business. Apple returned over $30.00 billion to shareholders during the quarter through buybacks and dividends, while its installed base of active devices reached a new high across all geographies. Some analysts, however, view the stock as overvalued relative to long-term iPhone growth prospects given a maturing smartphone market and Chinese headwinds.