Apple po zveřejnění výsledků za 3. fiskální čtvrtletí klesla asi o 5 % kvůli slabšímu výhledu na další čtvrtletí. Tržby vzrostly meziročně o 16 % na 109,4 miliardy USD a EPS činil 2,02 USD.
Apple (AAPL -0.87%) reported its financial results for the third quarter of its fiscal year 2026 -- for the period ending June 27 -- on July 30. The company delivered solid results. Apple's revenue jumped 16% year over year to $109.4 billion, while earnings per share were $2.02, up 29% from the year-ago period. However, Apple's guidance for its next quarter fell short of analysts' expectations, as the company continues to deal with supply constraints. Apple's shares dropped by about 5% following its quarterly update. What's next for the stock? Previous instances of Apple's stock dropping meaningfully post earnings may give us a clue.
Image source: The Motley Fool.
Apple tends to rebound Apple is no stranger to significant post-earnings dips. Focusing on drops of 3% or more, the company has experienced several such declines over the past five years. Let's consider three examples. First, on April 28, 2022, Apple reported its financial results for its second quarter of 2022.
Revenue and earnings were strong. Yet the stock fell by about 4% on weak guidance, as management warned of supply constraints that would affect its financial results in the subsequent quarter. About a year and three months later, Apple released results for the third quarter of its fiscal year 2023 on Aug. 3 of that year.
Weak performance in the company's iPhone segment led to an almost 5% post-earnings drop. Finally, on May 1, 2025, Apple reported its second quarter 2025 results. The company's financial results weren't particularly strong, and Apple's warning about an upcoming meaningful tariff hit led to a 4% post-earnings drop.
How has Apple performed following each of these dips? Here's how the stock did after the first.
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And the second.
AAPL data by YCharts
And the third.
AAPL data by YCharts
Notice what didn't happen on any of those occasions: Apple significantly extending its post-stock market losses for months -- or years -- after a post-earnings dip.
Should investors buy the dip? The past is no guarantee of the future. It's entirely possible that Apple will not follow these precedents and will, instead, continue moving south. There are some reasons to believe this may happen. For instance, Apple is undergoing a change in management. Tim Cook will step down as CEO and transition to executive chairman. The company's senior vice president of Hardware Engineering, John Ternus, will take over.
For many investors, this creates uncertainty about the company's future, and the stock may experience greater volatility as a result. Then there is the fact that the economy isn't exactly doing well. The most recent Jobs Report in the U.S. was disappointing, renewing fears of a potential recession, especially amid geopolitical tensions and inflation. If a recession is on the horizon, it may hit Apple hard. After all, no one needs a new iPhone. All these factors (and others) may scare investors away from Apple right now.
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However, even with some near-term uncertainty, my view is that Apple remains an excellent stock to buy for those focused on the long game. For one, Apple tends to perform surprisingly well during recessions. Even if no one needs a new iPhone, the company's customers are incredibly loyal, and many are more than happy to renew their devices, even when the economy isn't doing well.
Apple also generates significant free cash flow, enabling the business to meet its obligations while still returning substantial capital to shareholders via dividends and share buybacks, regardless of macroeconomic conditions. Further, Apple's new era under John Ternus could be successful, given the strengths the company boasts. Apple has a large base of more than 2.5 billion active devices.
The company should continue tapping into new monetization opportunities, and will likely double down on its artificial intelligence (AI)-related efforts. New AI features could help improve its devices and drive additional paid subscriptions in its high-margin services segment. Apple could also boost its installed base with new launches, including a foldable iPhone that it may introduce later this year.
Considering the success of similar devices its competitors have launched, this could be a meaningful addition to Apple's portfolio. In short, Apple's prospects remain attractive as the company leverages its large installed base to boost service revenue and expands its reach with new devices and AI-powered features. The stock may or may not extend its post-earnings losses, but over the long run, it should deliver competitive returns.
Apple Inc. (NASDAQ:AAPL), Samsung Electronics Co. Ltd. (OTC:SSNLF) and other major smartphone makers face a tougher demand environment as rising component costs push handset prices higher in the U.S. and China, according to new research from Counterpoint Research.
Counterpoint analysts said Thursday that smartphone demand weakened across both major markets, with cost inflation emerging as a key pressure point. Rising memory costs are forcing manufacturers to increase prices while consumers remain sensitive to higher costs.
U.S. Smartphone Sales Fall 5%U.S. smartphone sales fell 5% year over year in the second quarter as higher memory prices and broader macroeconomic pressures hurt consumer demand, Counterpoint analyst Blake Przesmicki said.
Sales across the four largest manufacturers — Apple, Samsung, Motorola and Alphabet Inc.’s (NASDAQ:GOOGL) Google — declined 4%. The rest of the market plunged 45% as smaller manufacturers struggled with higher component costs. Counterpoint said larger companies have used their scale to secure components at prices smaller rivals cannot justify.
The pressure was particularly severe at the low end. Sales of smartphones priced below $100 tumbled 64% as manufacturers either stopped shipping some devices or raised prices to offset higher memory costs.
Prepaid smartphone sales fell 11%, although Samsung and Motorola gained share as weaker competitors pulled back. Motorola raised prices on several Moto G models during the quarter, while Samsung increased the Galaxy A17 price by $50 in July.
Counterpoint expects smartphone average selling prices to rise again in the third quarter. Apple is expected to increase prices for its iPhone 18 lineup, while Google is launching its Pixel 11 devices at higher prices than the Pixel 10 series carried at launch.
Still, Counterpoint expects Apple to benefit from a strong upgrade cycle as users move from the iPhone 15 series. Carrier subsidies will play a major role in determining whether higher prices hurt demand.
China Smartphone Slump DeepensThe picture is also challenging in China. Smartphone sales fell 8.6% year over year during the first 30 weeks of 2026, according to Counterpoint analyst Ivan Lam. The decline returned to double digits after the 618 shopping festival as seasonal weakness combined with continued memory-cost inflation.
Huawei remained the market leader, with its weekly sales share staying above 20% since the second quarter. Demand for the Enjoy 90 Pro Max and stable pricing supported its performance. Counterpoint expects Huawei to raise prices during the second half to offset higher costs.
Apple’s demand weakened significantly after the 618 festival. Its weekly sales ranking fell as low as fifth as the company entered its typical seasonal slowdown ahead of its next iPhone launch. Counterpoint said some demand had also been pulled forward by the shopping festival.
Xiaomi Corp. (OTC:XIACY) climbed to second place in week 30 following the launch of the REDMI Note 17 series. However, higher pricing and specification cuts hurt sales compared with the previous generation. Xiaomi subsequently introduced another round of price increases ranging from 300 Chinese yuan to 500 Chinese yuan across several product lines.
Memory Inflation Threatens More Price HikesCounterpoint expects conditions to become tougher during the second half as rising memory and system-on-chip costs force smartphone manufacturers toward additional price increases.
At the same time, spending on agentic artificial intelligence is becoming a competitive necessity rather than a differentiator, adding another challenge for manufacturers already dealing with weaker demand and higher hardware costs. Counterpoint warned that companies unable to keep pace risk falling further behind.
AAPL Price Action: Apple shares were up 0.31% at $303.25 during premarket trading on Thursday, according to Benzinga Pro data.
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Tim Cook is finishing his last stint as CEO of Apple (AAPL -0.87%). John Ternus will be taking over on Sept. 1, and he'll be coming in at a challenging time for the iPhone maker. Although the company has been reporting outstanding performance, there are headwinds swirling.
Apple recently announced it will raise prices on iPhones and other devices due to skyrocketing memory costs, and while there's already been an impact, management expects costs to increase in the current quarter. Should investors be worried about Apple's margins as it absorbs the rising costs?
The hundred-year flood The advent of data centers processing massive amounts of information for artificial intelligence (AI) has led to a huge demand for various types of memory products that are in short supply globally. As the law of supply and demand dictates, this has resulted in soaring memory costs, which is why memory companies Sandisk, Micron, and SK Hynix have been hot stocks.
Image source: Apple.
"I would characterize it as a 100-year flood on the memory pricing, with exponential increases in memory prices," is the way Cook described the situation. A hundred-year flood is an expression implying a rare event with a low statistical likelihood of occurring. In this context, Cook indicates that it was unexpected, which is why management didn't account for it earlier in the planning process and why it could affect margins in the short term. Because costs are still rising, the situation is still developing.
Apple is preparing, but the short term could be pressured In the 2026 fiscal third quarter (ended June 27), Apple's gross margin was 50.1%. That included a two-percentage-point benefit from a tariff refund, without which the number would have come in at the midpoint of guidance and lower quarter over quarter. CFO Kevan Parekh said that "more than 100% of that can be explained by the memory cost change."
Management expects fourth-quarter gross margin of 47% to 48%, which includes a one percentage point tariff benefit. Parekh said that the expected lower gross margin may be offset by price reductions for other components and by current inventory. That implies that the peak of the impact might still be on the horizon, as new shipments with the higher-priced memory are still coming down the line.
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iPhone sales increased 22% year over year in the third quarter, and they've been growing at similar levels for the past three quarters. Management expects growth to decline to the mid-teens in the fourth quarter, and while it says demand remains strong, it's constrained by supply. Apple struck a celebrated, multi-year agreement with Broadcom in the third quarter that provides it with a stable supply of certain components and may account for some of the reduced costs Parekh alluded to.
Investors should definitely be prepared for margin pressure in the upcoming quarters, but they shouldn't be worried. Apple is pulling several levers to keep margins steady, and its dominant position in its categories gives it leverage with some of its suppliers. In the long term, Apple is still in great shape as a tech leader.
Apple čelí navrhované hromadné žalobě kvůli tvrzení, že iCloud+ a Private Relay nechránily IP adresy tak, jak slibovaly. Žaloba tvrdí, že weby mohly přes chyby ve WebKitu získat skutečnou IP adresu uživatelů.
A California man is suing Apple in a proposed class-action lawsuit for allegedly misleading consumers about the privacy benefits of iCloud’s paid subscription tier – saying it falsely claimed that users’ IP addresses would be hidden.
Edward Rickman said he purchased iCloud+ for access to iCloud Private Relay, a feature that Apple promises will “Hide your IP address and browsing activity in Safari and protect your unencrypted internet traffic,” according to a suit filed last week in California federal court.
Apple charges customers between $0.99 to $59.99 a month for the premium iCloud subscription, depending on how much storage they wanted, according to its website.
A California man is suing Apple in a proposed class-action lawsuit for misleading consumers about the privacy benefits of iCloud’s paid subscription tier. Rafael Henrique – stock.adobe.com But three flaws in Apple’s WebKit, which powers the Safari browser, allowed websites to access users’ real IP addresses even when the premium feature was switched on, the lawsuit alleged.
“Apple built its entire brand on the promise that it would protect its users’ privacy when no other company would,” Tim Giordano, a partner at Clarkson Law Firm, which is leading the litigation, told The Post.
“For Apple’s iCloud users to now learn that for years they were paying Apple a premium for a protection that simply didn’t work, exposing them to the very tracking, profiling, and targeting Apple warned them about, is an outrageous violation and betrayal of consumer trust and law.”
Earlier this year, Clarkson Law Firm secured a $250 million settlement from Apple over claims it misled consumers on Siri’s AI features.
The lawsuit is seeking an injunction on Apple’s alleged false marketing, along with attorneys’ fees and relief of at least $5 million for all members of the class. That includes all US citizens who paid for iCloud+ and enabled Private Relay within a certain time frame.
Apple first unveiled iCloud Private Relay at its annual Worldwide Developers Conference in June 2021, releasing it later that year as part of an iOS update.
Flaws in Apple’s WebKit allowed websites to access users’ real IP addresses even when the premium feature was switched on, the lawsuit alleged. Apple During that presentation, Apple claimed that Private Relay “ensures that the traffic leaving your device is encrypted so that no one can intercept and read it” and that “no one, including Apple, can see both who you are and what sites you’re visiting,” according to a recording.
“But in reality, Apple’s promise that Private Relay’s dual-relay design made it structurally impossible for any single party to see both a user identity and the destination of their traffic has never been true,” the lawsuit alleged.
Apple’s own operating system uses passkeys – a Touch ID or Face ID scan that replaces typed passwords – and these are never routed through the relay that Apple designed to prevent IP addresses from accessing private information, according to the suit.
Two recent Apple iOS updates in 2025 and 2026 also bypassed Private Relay, exposing the user’s IP address, the suit said.
The lawsuit is seeking an injunction on Apple’s alleged false marketing. Apple “Year after year, Plaintiff and Class Members paid subscription fees for iCloud+ in reliance on Apple’s representations that Private Relay would hide their IP addresses and browsing activity in Safari,” the complaint said.
“But instead, Apple delivered a system that recreates through its own credential service that precise harm Apple told the world it had made impossible.”
In a post on Reddit, which was cited in the lawsuit, one frustrated consumer wrote, “Don’t trust corporate when it comes to your privacy. The champion of privacy is just an empty brand.”
More than just boasting about the capabilities of its Private Relay feature, Apple also spent years positioning itself as a leading consumer tech firm for privacy compared to its rivals, the lawsuit alleged.
Apple first unveiled iCloud Private Relay at its annual Worldwide Developers Conference in June 2021. REUTERS In late 2020, Apple introduced App Tracking Transparency, a privacy feature that required apps like Facebook to ask for explicit permission before tracking users’ activity across other sites, the lawsuit noted.
Facebook responded by launching full-page ads in newspapers arguing that the new tracking rules were “about profit, not privacy” and would ultimately harm small businesses.
Apple CEO Tim Cook defended the update against Facebook’s arguments in a post on X, writing, “We believe users should have the choice over the data that is being collected about them and how it’s used.”
In the summer of 2022, Cook spoke at a global privacy summit and invoked late privacy scholar Alan Westin, saying “while the erosion of privacy was a legitimate fear, it was not an inevitable consequence of technology,” according to the lawsuit.
As of publishing, Apple’s website states: “Privacy. That’s Apple.”
“Privacy is a fundamental human right. It’s also one of our core values. Which is why we design our products and services to protect it. That’s the kind of innovation we believe in,” the company said.
Apple did not immediately respond to The Post’s request for comment.
Apple klesl za poslední měsíc o 3,22 % a obchoduje se pod konsenzuálním cílem 322,82 USD, což znamená jen 5,9% růstový potenciál. Wedbush ale vidí až 400 USD díky Siri AI a cyklu výměny zařízení.
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Apple currently trades at $304.91, while the average Wall Street price target sits at $322.82, leaving a modest 5.9% gap between the market and the consensus.
Apple (NASDAQ:AAPL | AAPL Price Prediction) is the world’s most valuable company by market cap. The consensus target implies only a small climb from here, but Wedbush Securities analyst Dan Ives has staked out a Street-high $400 price target, an Outperform-rated call that pencils out to roughly 31% upside from the current price. iPhone growth just re-accelerated, Services keeps compounding, and yet the stock has slipped over the past month while the S&P 500 has held its ground.
A Post-Earnings Fade That Nobody Expected The drop began the moment Apple reported. Shares closed at $340 the day of the July 30, 2026 release, then bled steadily lower to today’s $304.91, a 10.3% slide despite a headline beat.
The earnings report looked strong underneath. Revenue rose 16.4% year over year to $109.4 billion, iPhone revenue jumped 22%, and EPS of $2.02 topped the $1.89 estimate. But investors zeroed in on softer parts. Roughly $0.11 of that EPS came from one-time tariff refunds, and management flagged a “100-year flood” in memory pricing that will pressure gross margin into September.
Sentiment cracked from there. Supply-chain reporting around Chinese memory supplier CXMT rejecting Apple’s price cut demands, plus a rush of retail put buying, turned a modest fade into full sector-level underperformance. Since earnings, AAPL has lagged both the S&P 500 and the Nasdaq 100 by a meaningful margin.
Why Dan Ives Sees a $95 Gap to Close Analysts largely shrugged off the pullback, and the bull case has widened. Wedbush’s Dan Ives calls Apple a “sleeping tech giant” whose 2.5+ billion active device base is about to enter a multi-year AI-driven upgrade cycle, catalyzed by the newly unveiled Siri AI shown at WWDC26. His $400 target rests on two pillars: a hardware refresh wave and high-margin AI subscription monetization layered onto Services.
The setup looks credible. Services revenue reached $30.7 billion at a 75.6% gross margin, paid subscriptions crossed 1.5 billion, and Tim Cook telegraphed “upgrade possibilities on iCloud+” tied to Siri AI. Guidance for the September quarter calls for 9% to 11% revenue growth with iPhone in the mid-teens.
Of 46 analysts covering the name, 28 rate it Buy or Strong Buy, 14 Hold, and 4 Sell or Strong Sell. Recent action has been reiterations rather than downgrades, with the memory-cost issue framed as transitory margin drag rather than structural break.
How Apple Stacks Against the Mega-Cap Field Apple fell alone while most of Big Tech held firm or rallied.
Microsoft (NASDAQ:MSFT) trades at $503.81 after ripping 30.83% in the past month on Azure’s $100 billion milestone. Its consensus target of $563.84 implies 11.9% upside, with 54 of 57 analysts rating it Buy or Strong Buy and revisions trending higher.
Alphabet (NASDAQ:GOOGL) sits at $343.80, off 8.96% in the last week on hyperscaler capex fears. Analysts target $428.04, or 24.5% upside, with 58 of 64 covering analysts rating it Buy or Strong Buy after a blowout Q2.
Amazon (NASDAQ:AMZN) changes hands at $272.27, up 10.98% over the past month. The consensus $324.94 target implies 19.3% upside, with 59 of 62 analysts rating it Buy or Strong Buy after AWS’s 37% growth print.
Across the group, the largest analyst-implied upside on a consensus basis sits with Alphabet at roughly 25%. Apple’s 5.9% consensus gap looks small next to its peers, but Ives’ outlier $400 call would put it at the top of the pack.
Keep an Eye on the Stock The stock is down 3.22% over the past month, versus a 2.07% gain for the S&P 500 (SPY) over the same window. Year-to-date, Apple has returned 12.47%, essentially matching the S&P 500’s 13%.
The consensus $322.82 target implies roughly 5.9% upside from $304.91, drawn from 46 analysts. Prediction markets on Polymarket assign only 0.6% probability to Apple hitting $384 in August, a stark contrast to Ives’ 31% stretch target.
Where I Land on Apple at $305 The bull case holds if the Siri AI upgrade cycle materializes on Ives’ timeline and Services monetization compounds through paid AI tiers. Cook already teased iCloud+ premium pricing, iPhone growth is accelerating at 22%, and the installed base is unmatched. That path plausibly gets you toward $400. But I’d stay away if memory costs stay elevated.
The risk case is memory costs staying in flood mode into 2027 and the tariff refund tailwind reversing. At 36x trailing earnings, Apple already prices in significant AI optionality that has not yet shown up in the numbers. The setup looks cautiously constructive. The consensus 5.9% cushion is thin, but the Ives thesis has real teeth if Siri AI actually drives an upgrade wave.
Contact [email protected] for any questions or corrections.
Apple vykázal rekordní výsledky za čtvrtletí končící v červnu, ale marže klesají a výhled je opatrný. Analytik proto snížil doporučení ze Strong Buy na Hold.
SummaryApple Inc. delivered record June quarter results, but margin erosion and a cautious outlook prompted a downgrade from Strong Buy to Hold.AAPL's gross margin, excluding tariff refunds, is declining sharply—projected to fall nearly 3 percentage points in six months as memory costs surge.Supply constraints and rising component prices are set to pressure AAPL's September quarter results, with revenue growth guided below Street expectations.China revenue has rebounded to record levels even before Apple Intelligence launches, but near-term margin and supply headwinds outweigh this positive. Getty Images
Apple Inc. (AAPL) has just posted the best June quarter in the company’s history, with records nearly everywhere you looked and growth in every part of the world where it sells. And yet, the market thanked it with
4.52K Followers
Analyst’s Disclosure: I/we have a beneficial long position in the shares of AAPL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
California State Teachers Retirement System snížil svůj podíl v Apple o 3,1 % v prvním čtvrtletí a prodal 708 401 akcií. Po transakci drží 22 272 610 akcií.
California State Teachers Retirement System lowered its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 3.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,272,610 shares of the iPhone maker’s stock after selling 708,401 shares during the period. Apple makes up approximately 6.0% of California State Teachers Retirement System’s holdings, making the stock its 2nd biggest position. California State Teachers Retirement System owned about 0.15% of Apple worth $5,652,566,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the stock. First National Bank of Hutchinson lifted its holdings in Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Eagle Capital Management LLC grew its holdings in Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock valued at $13,544,000 after purchasing an additional 272 shares during the last quarter. Brighton Jones LLC grew its holdings in Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock valued at $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Revolve Wealth Partners LLC raised its position in shares of Apple by 4.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock valued at $16,742,000 after purchasing an additional 2,695 shares during the period. Finally, Highview Capital Management LLC DE raised its position in shares of Apple by 2.4% in the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker’s stock valued at $12,587,000 after purchasing an additional 1,155 shares during the period. Institutional investors own 67.73% of the company’s stock.
Analyst Ratings Changes Several analysts recently issued reports on AAPL shares. Wells Fargo & Company reaffirmed an “overweight” rating and set a $350.00 price objective (up from $310.00) on shares of Apple in a report on Friday, July 31st. BNP Paribas Exane upgraded shares of Apple from a “neutral” rating to an “outperform” rating and set a $300.00 target price on the stock in a report on Friday, April 17th. KGI Securities lowered shares of Apple from an “outperform” rating to a “hold” rating and set a $315.00 target price for the company. in a research report on Monday, June 22nd. Maxim Group restated a “buy” rating and set a $350.00 price target (up from $310.00) on shares of Apple in a report on Tuesday, June 9th. Finally, Monness Crespi & Hardt raised their price target on Apple from $315.00 to $335.00 and gave the company a “buy” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus target price of $328.60.
Check Out Our Latest Report on Apple
Apple Trading Down 1.1% Shares of AAPL stock opened at $304.91 on Wednesday. The firm has a market capitalization of $4.45 trillion, a P/E ratio of 34.97, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Apple Inc. has a 1 year low of $223.78 and a 1 year high of $344.57. The firm’s fifty day simple moving average is $309.28 and its 200 day simple moving average is $284.26. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66.
Apple (NASDAQ:AAPL – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. The firm had revenue of $109.42 billion during the quarter, compared to the consensus estimate of $109.04 billion. Apple had a net margin of 27.62% and a return on equity of 135.46%. During the same period in the prior year, the firm earned $1.57 EPS. The business’s revenue was up 16.4% on a year-over-year basis. As a group, sell-side analysts predict that Apple Inc. will post 8.76 EPS for the current year.
Apple Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Monday, August 10th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 0.4%. Apple’s dividend payout ratio (DPR) is 12.39%.
Insiders Place Their Bets In related news, insider Ben Borders sold 116 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the transaction, the insider directly owned 38,713 shares in the company, valued at $11,425,754.82. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.06% of the stock is currently owned by company insiders.
Key Headlines Impacting Apple Here are the key news stories impacting Apple this week:
Positive Sentiment: Apple’s latest quarter was its strongest June quarter on record, with revenue rising 16.4% year over year to $109.42 billion and earnings per share of $2.02, ahead of Wall Street expectations. Some investors and analysts, including Gene Munster, view the recent weakness as an attractive accumulation opportunity and anticipate a substantial iPhone upgrade cycle. Apple’s Dip Below $310 is a Great Accumulation Opportunity Positive Sentiment: Apple is reportedly exploring alternative memory suppliers, including China’s CXMT, as artificial-intelligence demand tightens global DRAM supplies. Diversifying procurement could help reduce shortages and limit production disruptions, although U.S. restrictions may constrain the opportunity. Apple tests China’s CXMT memory chips Neutral Sentiment: Apple is participating in efforts to make AI-generated content traceable, potentially strengthening platform trust and content provenance over time. The initiative is strategically relevant but is unlikely to materially affect near-term earnings. Tech’s Big Push to Make AI Content Traceable Neutral Sentiment: Apple Pay and Wallet chief Jennifer Bailey is retiring, creating another senior leadership transition. The impact depends on the successor and execution in financial services. Jennifer Bailey retires Negative Sentiment: Jefferies downgraded AAPL from Hold to Underperform and cut its price target to $263.66 from $285.56. The firm cited supply-chain checks suggesting Apple may have abandoned a high-end all-glass iPhone, weakening the case for significantly higher average selling prices. Bloomberg separately reported that the 2027 device may still be on track, leaving uncertainty rather than confirmation. Jefferies downgrades Apple Negative Sentiment: Surging memory and storage costs could raise iPhone production expenses by roughly 38%, forcing Apple to choose between higher prices that could pressure demand and lower margins. Reports that iPhone prices have already increased by as much as $300 are intensifying concerns about consumer affordability and pricing power. Apple’s Next iPhone Could Test Pricing Power Negative Sentiment: Analyst confidence has cooled despite strong revenue growth, with investors questioning whether Apple can sustain premium-device growth at its roughly $4.45 trillion valuation, particularly as Nvidia and other AI leaders capture more market enthusiasm. About Apple (Free Report)
Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.
Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.
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Apple už zdražil iPhony až o 300 USD a podle TrendForce budou další zvýšení cen kvůli prudce rostoucím nákladům na paměti téměř nevyhnutelná. U iPhonu 18 Pro 256GB má BOM náklad vzrůst meziročně asi o 38 %.
Apple (NASDAQ:AAPL | AAPL Price Prediction) has already pushed iPhone prices higher by as much as $300 in response to what CEO Tim Cook described as a “100-year flood” in memory prices. According to a new TrendForce smartphone industry report published August 10, 2026, that squeeze is only beginning.
The Memory Math Is Getting Ugly TrendForce estimates memory’s share of the iPhone Pro bill of materials has climbed from roughly 10% a year ago on the iPhone 17 Pro to about 34% in Q3 2026, and is expected to exceed 40% in the first half of 2027. For the iPhone 18 Pro 256GB, TrendForce estimates the BOM cost will rise about 38% year over year. Contract memory prices have risen five to sevenfold since the start of 2025.
TrendForce’s conclusion: “escalating component costs, led by memory, are expected to significantly raise production expenses for Apple’s next iPhone 18 series… making higher retail prices unavoidable. Apple may offset some of these costs by reducing gross margins to prevent weakening consumer demand.”
How Exposed Is Apple? Every meaningful Apple product contains memory, and iPhone alone generated $54.25 billion in the June quarter, part of $109.42 billion in total revenue. Cook flagged the pressure on the March-quarter call: “For the June quarter, we expect significantly higher memory costs… beyond the June quarter, we believe memory costs will drive an increasing impact on our business.” June-quarter gross margin guidance was set at 47.5% to 48.5%. Jefferies downgraded Apple to Underperform with a $263.66 target, citing “rising memory costs and the cancellation of an ‘all-glass iPhone’ that would have helped increase average selling prices.” Apple shares trade at $306.32, up 13.7% year to date.
Who Benefits, Who Bleeds Memory suppliers are printing money. Micron Technology (NASDAQ:MU) posted fiscal Q3 revenue of $41.456 billion, up 345.7% year over year, with GAAP gross margin of 84.6%. CFO Mark Murphy said Q2 DRAM prices rose in the mid-sixties percentage range and NAND prices in the high-seventies percentage range. CEO Sanjay Mehrotra warned Micron is only fulfilling “50% to two-thirds” of key customer demand. Shares are up 201.86% year to date. South Korea’s SK Hynix, the other major DRAM supplier to Apple, is capturing similar gains.
The pain sits with chip vendors whose volumes depend on smartphone units. Qualcomm (NASDAQ:QCOM) saw handset revenue drop to $5.086 billion, down 20% year over year, with operating income falling 41.13%. CEO Cristiano Amon acknowledged a “challenging memory and supply environment” and said Qualcomm is taking pricing actions to reflect higher input costs. Shares are down 4.21% year to date.
The Contrarian Long-Term Case Apple can absorb the hit by trimming gross margins where rivals cannot. Android vendors in entry-level and mid-range tiers face a harsher squeeze, and TrendForce expects global smartphone production to stay under pressure. If weaker competitors are forced into steeper hikes or discontinue lines running at negative gross margins, Apple could gain share. If memory pricing normalizes, the $300 already baked into iPhone shelf prices becomes pure margin recovery.
Contact [email protected] for any questions or corrections.
Apple (NASDAQ:AAPL | AAPL Price Prediction) at $308.26 trades at a level some long-term holders view as attractive after the slide below $310. The stock has given back 7.47% since Q3 earnings at $333, while the S&P 500 moved higher, creating one of the widest recent dislocations between Apple and the broader market this year.
Apple’s installed base exceeds 2.5 billion active devices, turning each product cycle into a compounding annuity. Services now clears roughly $30 billion a quarter at a 76.7% gross margin. The recent pullback reflects a mix of concerns: a one-time tariff refund tailwind in the June quarter, memory cost pressure heading into fall, and the CXMT supply chain story that dominated Reddit last week.
Why the iPhone 17 Cycle and Services Flywheel Anchor the Bull Case The bull case starts with the iPhone 17 lineup, which drove Q3 iPhone revenue to $54.25 billion, up from $44.58 billion a year earlier. Tim Cook described it as the “strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and Services, and in every geographic segment.” Services expansion, the all-new Siri unveiled at WWDC26, and a fresh $100 billion buyback authorization form a rare combination of growth and capital return.
Apple posted a 171.42% return on equity, a 53.35% return on invested capital, and a 31.97% operating margin. Nine consecutive quarterly EPS beats, most recently $2.02 vs. $1.89, show consistent execution through supply constraints.
Why 36x Earnings and Tariff Optics Give the Bears Real Ammunition The bear view is straightforward: at a trailing P/E of 36 for mid-teens revenue growth, and any wobble compresses the multiple fast. The Q3 gross margin got a roughly 2 percentage-point boost from tariff refunds and about $0.11 of EPS that will not repeat. Management flagged “significantly higher memory costs” ahead, and the CXMT price-cut standoff hints at eroding supplier leverage.
Greater China remains the swing factor. Revenue there bounced to $25.53 billion in Q1 FY26 before settling at $18.82 billion in Q3. Polymarket traders assign only a 43.5% probability to AAPL closing August above $310.
Why the Setup Still Argues Against Sitting Out Apple sits 6% below its 52-week high of $344.27, near the 50-day moving average of $309.79, and well above the 200-day at $279.41. That marks a modest pullback rather than capitulation. Apple has repurchased $62.09 billion of stock in nine months, shrinking the float while patient investors deliberate.
What the Targets Are Saying Apple currently trades at $308.26 against a consensus analyst target of $322.82, implying modest upside. The Wall Street breakdown skews bullish: 6 Strong Buy, 22 Buy, 14 Hold, 2 Sell, and 2 Strong Sell. Over the past year, AAPL has returned 35.06% versus 21.32% for the S&P 500, and year-to-date it is up 13.7% against 13.36% for the index. The forward P/E of 33 is elevated but reasonable against 28.7% quarterly earnings growth.
At $308, the Setup for Apple The path to price appreciation runs through three overlapping catalysts over the next 12 months: an iPhone 18 launch that Polymarket puts at a 97.6% probability, easing supply constraints on Mac mini, Mac Studio, and MacBook Neo, and the personalized Siri rollout that positions Apple’s hardware-software ecosystem as the primary monetization gatekeeper for consumer AI.
Risk/reward at this entry skews positive on the numbers. The bear scenario models a one-year price of $314.45, essentially flat, while the base case reaches $363.21 and the bull case $378.62. Downside is capped by a 53.35% ROIC business returning cash at scale. Upside compounds if Services keeps posting 16% growth.
The thesis breaks if China revenue rolls over again, if memory costs pressure gross margin below the guided 47.5% to 48.5% range for multiple quarters, or if iPhone 18 demand disappoints. Watch the December quarter for holiday sell-through and the March quarter for margin normalization after tariff refunds fade.
A $4.5 trillion compounder that just posted its strongest June quarter ever, trading at a 7% discount to a filing-week high with $100 billion of buybacks in flight, frames the current setup for long-term investors.
Contact [email protected] for any questions or corrections.
Akcie Apple klesly asi o 2 % poté, co Jefferies snížila doporučení na Underperform a cílovou cenu na 263,66 USD z 285,56 USD kvůli obavám, že byl zrušen projekt all-glass iPhonu. Analytik varuje, že to může omezit růst prodejních cen iPhonu v době rostoucích nákladů na komponenty.
Apple AAPL shares declined about 2% on Monday after Jefferies downgraded the stock, citing concerns that the company's rumored all-glass iPhone project has been scrapped, raising fresh questions about its ability to drive higher-priced device sales amid rising component costs.
Jefferies analyst Edison Lee lowered his rating on Apple to Underperform from Hold and reduced his price target to $263.66 from $285.56, making it one of the lowest targets on Wall Street.
The downgrade comes despite Apple stock gaining more than 15% so far in 2026, although momentum weakened after the company's latest quarterly earnings report triggered a sharp selloff.
Lee based his downgrade on the belief that Apple has halted development of its rumored all-glass iPhone after supply chain checks suggested the project was canceled because of low manufacturing yields.
Although Apple never officially confirmed the product, reports had suggested the device could debut in 2027 to mark the iPhone's 20th anniversary. Apple also filed a patent application for a "six-sided glass enclosure" in 2019.
Lee said the cancellation could limit Apple's ability to increase average selling prices at a time when memory costs are climbing.
“More importantly, we believe the plan was to extend the all-glass features to future iPhone Pro and Pro Max models, further raising their average selling price and margin,” Lee wrote.
The analyst also expressed caution over Apple's artificial intelligence strategy, noting that the slower rollout of Apple Intelligence makes it more difficult to justify the higher memory requirements needed for on-device AI features.
Despite the downgrade, Apple continues to develop new hardware products ahead of John Ternus officially taking over as chief executive next month.
According to a Bloomberg report, the company is working on a screenless fitness band similar to the Whoop device while also evaluating products with different display formats, including round screens and devices without displays.
The company's first foldable iPhone is also expected to launch in September, representing the most significant iPhone hardware redesign in nearly two decades.
Apple recently issued a weaker-than-expected outlook despite reporting solid fiscal third-quarter results.
The company has also faced higher memory costs and increased prices for Macs, iPads and Apple Watches while keeping iPhone pricing unchanged.
Apple is also expanding its strategy in China through both hardware sourcing and artificial intelligence partnerships.
According to a Wall Street Journal report, the company has been testing memory chips from Chinese manufacturer CXMT for products including iPhones and MacBooks sold in China as it seeks to address component shortages linked to AI-driven demand.
CXMT is not currently listed on the US Commerce Department's Entity List, although it remains subject to other US restrictions.
Separately, Apple has introduced support allowing eligible Mac users in mainland China to connect Alibaba's Qwen AI models with Siri and Writing Tools.
The move follows Apple's partnership with Alibaba announced last year and is aimed at strengthening its position in China's growing AI PC market.
Apple vyplatí 13. srpna čtvrtletní dividendu 0,27 USD na akcii; držitel 100 akcií dostane před zdaněním 27 USD. Dividenda zůstává beze změny oproti předchozímu čtvrtletí.
Technology giant Apple (NASDAQ: AAPL) will pay its next quarterly dividend on August 13, 2026, distributing $0.27 per share to eligible shareholders.
To this end, investors holding 100 Apple shares will receive $27 before taxes, with the payout unchanged from the previous quarter.
At the same time, 100 AAPL shares would generate $108 in annual income, assuming the dividend remains unchanged for the next four quarters.
The dividend reinforces Apple’s long-standing capital return program, which has delivered annual dividend increases for 15 consecutive years.
While the yield remains modest compared with traditional income stocks, the company’s low payout ratio, consistent dividend growth and strong cash generation suggest continued capacity for future dividend increases.
The ex-dividend date is August 10, meaning investors need to own Apple stock before that date to qualify for the August 13 payment.
Apple stock dividend payment date. Source: Dividend.com At the same time, Apple’s forward dividend yield stands at approximately 0.34%, while its forward payout ratio is about 11.3%, indicating the company continues to retain most of its earnings for growth initiatives and share repurchases.
Apple stock fundamentals The upcoming payment follows a strong fiscal third-quarter earnings report. Apple generated a record $109.4 billion in revenue during the June quarter, up 16% year over year, while diluted earnings per share increased 29% to $2.02.
Growth was driven by strong demand for the iPhone 17 lineup, Mac computers and Services.
Despite reporting record quarterly results, Apple shares declined following earnings as investors focused on softer-than-expected guidance and supply constraints. As of press time, AAPL stock was valued at $313, having gained over 15% in 2026.
Management forecast September-quarter revenue growth of 9% to 11%, below some market expectations. The company also warned of increasing constraints on advanced chip supply, affecting iPhone, Mac and iPad production as demand continues to exceed internal forecasts.
Foreign-exchange headwinds are expected to reduce growth by roughly 2.5 percentage points sequentially, while rising memory costs could pressure margins.
Gross margin guidance for the current quarter was set at 47% to 48%, below the tariff-boosted level reported in the June quarter.
At the same time, August’s dividend payment also comes ahead of a major leadership transition where John Ternus, Apple’s longtime hardware chief, will become chief executive on September 1, succeeding Tim Cook, who will move into the role of Executive Chairman.
The transition has been presented as a continuation of Apple’s existing strategy rather than a significant shift in direction.
Featured image via Shutterstock
Ascension Capital Advisors Inc. lifted its position in Apple Inc. (NASDAQ:AAPL – Free Report) by 49.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,694 shares of the iPhone maker’s stock after acquiring an additional 3,517 shares during the period. Apple accounts for 0.9% of Ascension Capital Advisors Inc.’s holdings, making the stock its 17th largest position. Ascension Capital Advisors Inc.’s holdings in Apple were worth $2,714,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in AAPL. Norges Bank purchased a new stake in shares of Apple during the fourth quarter worth $52,266,468,000. Nuveen LLC purchased a new position in shares of Apple in the first quarter worth about $17,472,482,000. Cardano Risk Management B.V. lifted its stake in shares of Apple by 890.7% in the fourth quarter. Cardano Risk Management B.V. now owns 41,984,810 shares of the iPhone maker’s stock worth $11,413,990,000 after buying an additional 37,746,784 shares in the last quarter. Laurel Wealth Advisors LLC boosted its position in Apple by 20,464.8% during the second quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker’s stock worth $5,553,753,000 after acquiring an additional 26,937,401 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Apple by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker’s stock worth $387,749,545,000 after acquiring an additional 26,856,752 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Apple In related news, insider Ben Borders sold 116 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the completion of the sale, the insider directly owned 38,713 shares of the company’s stock, valued at approximately $11,425,754.82. This trade represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.06% of the company’s stock.
Analyst Ratings Changes A number of analysts have commented on the stock. Oppenheimer reiterated a “market perform” rating on shares of Apple in a report on Friday, July 31st. Weiss Ratings upgraded Apple from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 3rd. The Goldman Sachs Group restated a “buy” rating and issued a $360.00 price target (down from $370.00) on shares of Apple in a research report on Friday, July 31st. BNP Paribas Exane raised Apple from a “neutral” rating to an “outperform” rating and set a $300.00 price target for the company in a report on Friday, April 17th. Finally, Rosenblatt Securities lifted their price objective on Apple from $276.00 to $300.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $330.44.
Read Our Latest Research Report on AAPL
Apple News Roundup Here are the key news stories impacting Apple this week:
Positive Sentiment: Planned CEO transition appears orderly. Tim Cook will step down in September and be succeeded by longtime Apple executive John Ternus, a veteran with experience dating back to the Steve Jobs era. Cook’s endorsement and Ternus’ familiarity with Apple’s products may reduce concerns about strategic disruption. Tim Cook Says There’s ‘No Better Person’ to Take Over at Apple Positive Sentiment: Core business momentum remains strong. Apple’s latest quarter exceeded earnings and revenue expectations, with revenue up roughly 16% year over year. Broad iPhone, Mac and Services demand continues to support the bullish case. Tim Cook’s Last Quarter as CEO Was Apple’s Best June Quarter Ever Positive Sentiment: App Store monetization is holding up. App Store revenue increased slightly despite a 4% decline in iPhone and iPad downloads, as revenue per download rose 4.7%. This suggests continued pricing and engagement resilience in a key Services business. Apple App Store Revenue Ticks Up Despite Falling Downloads Neutral Sentiment: OpenAI is seeking dismissal of Apple’s trade-secrets lawsuit. OpenAI denies misappropriating confidential information related to Apple’s consumer-hardware efforts. The filing does not resolve the dispute, leaving legal and competitive uncertainty in place. OpenAI Seeks Dismissal of Apple’s Trade Secrets Lawsuit Negative Sentiment: Near-term cost and growth pressures are weighing on sentiment. Rising memory prices, supply constraints and policy risks could pressure margins, while slower Services growth has prompted some firms to downgrade Apple to Hold or Moderate Sell. Apple’s Capex Strategy Worked But Other Pressures Are Mounting Negative Sentiment: Competition in emerging hardware is increasing. Samsung reported a 30% rise in foldable-device preorders, highlighting a market Apple has yet to enter. Investors may view future Apple foldables as an opportunity, but execution and timing remain uncertain. Samsung Foldable Preorders Jump 30% Apple Stock Up 0.3% Shares of NASDAQ AAPL opened at $313.33 on Friday. The company has a 50 day simple moving average of $309.45 and a 200-day simple moving average of $283.23. The company has a market capitalization of $4.57 trillion, a P/E ratio of 35.93, a P/E/G ratio of 2.69 and a beta of 1.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.00 and a quick ratio of 0.93. Apple Inc. has a 1 year low of $219.25 and a 1 year high of $344.57.
Apple (NASDAQ:AAPL – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.02 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. Apple had a return on equity of 135.46% and a net margin of 27.62%.The firm had revenue of $109.42 billion for the quarter, compared to analysts’ expectations of $109.04 billion. During the same period in the prior year, the firm posted $1.57 earnings per share. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. On average, equities research analysts predict that Apple Inc. will post 8.76 earnings per share for the current year.
Apple Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Monday, August 10th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, August 10th. Apple’s dividend payout ratio is 12.39%.
Apple Profile (Free Report)
Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.
Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.
Read More Five stocks we like better than Apple Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL – Free Report).
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Apple testuje paměťové čipy CXMT napříč produktovými řadami včetně iPhonů a MacBooků, aby zmírnila nedostatek součástek vyvolaný boomem AI. Firma s CXMT vedla i raná jednání o dodávkách pro některá zařízení prodávaná v Číně.
A man wearing a yellow protective helmet walks next to a production facility of China's top memory chipmaker CXMT with company’s logo on the facade, in Beijing, China, July 29, 2026.... Purchase Licensing Rights, opens new tab Read more
Aug 9 (Reuters) - Apple (AAPL.O), opens new tab has been testing memory chips from China's CXMT (688825.SS), opens new tab across product lines including iPhones and MacBooks, to mitigate a component shortage fueled by the AI boom, the Wall Street Journal reported on Sunday.
Apple held early talks with CXMT, which is China's largest chipmaker by market value, about supplying components with the goal of using them in some devices sold in China, the report said, citing people familiar with the matter.
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Reuters could not immediately verify the report. Apple and CXMT did not respond to Reuters' requests for comment.
Reuters had earlier exclusively reported that CXMT was considering building a second memory-chip plant in Beijing to boost production.
Laptop makers HP (HPQ.N), opens new tab and Acer (2353.TW), opens new tab have started using CXMT memory chips in devices sold outside the U.S. to ease supply shortages, the newspaper said.
Reporting by Shivani Tanna in Bengaluru; Editing by Alexander Smith and Barbara Lewis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
iPhone-maker Apple is suing OpenAI over allegations of stolen trade secrets. A legal battle between Apple and OpenAI over the ChatGPT maker's secretive device project escalated this week when the artificial intelligence (AI) developer called the iPhone maker's allegations "baseless" and asked for the lawsuit to be dismissed.
Apple sued OpenAI last month in San Jose, California, accusing the AI company of orchestrating a campaign to steal the iPhone maker's trade secrets through former employees as it tries to develop its own consumer hardware device.
In a new court document filed Monday, Apple described OpenAI's actions as "repeated instances of deliberate theft."
"OpenAI should not be permitted to use Apple's secrets to gain an unjust head start in its hardware ambitions," the iPhone maker says.
OpenAI hit back Wednesday and called for the case to be permanently dismissed, which would bar Apple from filing another lawsuit on the same grounds.
"Apple built its reputation by paying close attention to the smallest details. This lawsuit does the opposite," OpenAI's lawyers say in their filing, which continues to describe Apple's complaint as "rotten to its core."
Federal Judge Edward Davila will consider both requests at a hearing Oct. 1.
Partners and rivals Meanwhile, the two companies remain partners, since ChatGPT has been integrated into Apple products since 2024.
"Apple should not be permitted to use a baseless and pretextual lawsuit to make up for its shortcomings in the market for talent and in retaining its employees, and its failures to integrate AI into its products," OpenAI's lawyers say.
They invoke California laws that "encourage" employees to take new jobs—policies that are "credited with powering the tech revolution that has made companies based in this state the envy of the world."
More than 400 former Apple employees currently work at OpenAI, according to the initial complaint.
"The harm is happening now," Apple's lawyers say, and "every day that passes without an injunction allows OpenAI to embed their knowledge of Apple's stolen information into its hardware development efforts."
Smart speaker To convince the judge of the urgency, Apple's lawyers submitted a TechCrunch article describing leaked details about OpenAI's highly anticipated first device: a screenless smart speaker designed in collaboration with LoveFrom, a studio founded by Jony Ive, Apple's famed former head of design.
On Thursday, Bloomberg reported that the device would be circular like a donut, about the size of a hockey puck, and cost between $300 and $400, with a launch planned for 2027.
OpenAI has never confirmed these leaks.
"OpenAI has no use, need or desire for Apple's trade secrets," the creator of ChatGPT says in a court document, which continues that Apple hasn't named any specific products, such as an iPhone, that have allegedly been copied. "OpenAI is building something entirely new and different."
Apple, for its part, accuses OpenAI's head of hardware, Tang Tan, a former vice president of design at Apple, of using his knowledge of unreleased Apple products to extract information from job candidates.
OpenAI asked candidates to bring "prototypes" and design files to interviews for "show and tell" sessions—an American classroom exercise in which students present objects to their classmates—Apple alleges.
In its response, OpenAI says it follows standard industry practices.
According to his lawyers, Tan "repeatedly instructed recruits and his team not to bring or disclose former employers' confidential information."
OpenAI also defends itself by accusing Apple of failing to properly protect its own data, claiming that the Cupertino company has "encouraged employees to use personal iCloud accounts for work, intermingling company and personal data, while failing to manage access cleanly across multiple Apple systems when employees departed."
The case comes at a sensitive time for OpenAI, which is worth a reported $852 billion as it works toward a potential IPO. The lab is also locked in fierce competition with Anthropic, a rival AI lab in San Francisco founded by a group of former OpenAI employees.
Who's behind this story?
Alexander Pol PhD nano-engineering from Delft University. Published researcher and journal reviewer. Brings scientific insight to content standards. Full profile →
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Apple vykázal ve fiskálním 3. čtvrtletí výnosy 109,417 miliardy USD a EPS 2,02 USD, ale Services s 30,739 miliardy USD zaostaly za odhadem. Akcie za týden klesly o 6,3 %.
At $312.41, Apple (NASDAQ:AAPL | AAPL Price Prediction) is a Hold. The stock dropped 6.3% in a week while the S&P 500 climbed, and the reason matters more than the move itself.
Apple remains the world’s most profitable consumer hardware and services franchise, with a $4.54 trillion market cap and 2.5 billion active devices. Fiscal Q3 delivered $109.417 billion in revenue, up 16.36% year over year, with EPS of $2.02. The stock filed at $340 and dropped nearly 8% within an hour.
The setup is unusual. Headline numbers were excellent, capex paid off, yet the market flinched at what lay underneath.
Why the Post-Earnings Drop Looks Like a Gift Bulls argue this is a rare entry point in a franchise that almost never goes on sale. Every geographic segment posted double-digit growth, iPhone revenue jumped to $54.252 billion from $44.58 billion, and Services expanded to $30.739 billion. Operating income grew 26.57%, well ahead of revenue.
Capital return remains enormous, with $62.094 billion in nine-month buybacks and a fresh $100 billion authorization. Prediction markets assign a 97% probability to an iPhone 18 launch this year and 85.5% odds on a foldable iPhone before 2027.
Why the Underlying Report Was Softer Than It Looked Bears have a cleaner story. Tariff refunds added roughly 2 percentage points to gross margin and $0.11 to EPS, a one-time boost that will not repeat. Services grew 12.1% year over year but missed the $31.2 billion consensus, a soft spot in Apple’s highest-margin business.
Supply chain leverage is shifting the wrong way. Reddit’s dominant post-earnings narrative pivoted to CXMT refusing Apple’s price-cut demand as Huawei and Xiaomi hand it rare leverage, and a global DRAM and NAND crunch is pushing input costs higher. R&D surged to $11.73 billion from $8.9 billion, with no visible payoff yet on Apple Intelligence.
At a trailing P/E of 35 and forward P/E near 32, the multiple assumes flawless execution.
Why Neither Side Has Closed the Case The fundamentals are too strong for a Sell and the setup too crowded for a Buy. iPhone demand is real, Services is decelerating but still growing, and buybacks provide a floor. The one-time tariff benefit and DRAM cost pressure will both become visible next quarter, when the real underlying margin picture emerges.
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Watch three things over the next two quarters: Services growth reacceleration, gross margin without tariff help, and whether the foldable iPhone and Siri AI rollouts land. Until then, risk and reward look balanced.
What the Numbers Actually Say Apple trades at $312.41, against an analyst consensus target of $324.01, implying modest single-digit upside. Coverage is broad, with 46 analysts tracked and a rating split of 6 Strong Buy, 22 Buy, 14 Hold, 2 Sell, and 2 Strong Sell.
Over the past week, Apple fell 6.3% while the S&P 500 rose 3.62%. Year to date, Apple is up 15.13% versus 12.71% for the index, and one-year returns are 47.08% versus 21.46%.
Why Patience Beats Conviction at This Price At $312.41, Apple is a Hold.
The bull thesis needs Services to reaccelerate and Apple Intelligence to become a demonstrable differentiator. The bear thesis needs gross margins to compress once tariff refunds fade and memory costs bite. Both catalysts land in the same window, likely the September quarter and December holiday earnings report, and neither is knowable today.
Buying here pays a premium for a franchise whose highest-margin segment just missed and whose supplier leverage is deteriorating. Selling ignores 32 times forward earnings in fresh buyback authorization, an iPhone 18 launch the crowd puts at 97% odds, and a foldable device pipeline the market largely believes in.
Invalidation signals are specific. A clean Services beat above $100 billion next quarter or gross margins holding above 46% without tariff help would tip this toward Buy. Services below 10% growth or margins slipping into the low-44% range would tip it toward Sell. Neither has happened.
Waiting is the right call because the next earnings report will resolve the exact ambiguity that made this one so hard to trust.
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Apple v prvních 35 dnech fiskálního 4. čtvrtletí zvýšil tržby z App Storu o 0,6 % meziročně na 3,4 miliardy USD, i když stahování na iPhonu a iPadu kleslo o 4 % na 3,3 miliardy.
Apple Inc (NASDAQ:AAPL, XETRA:APC) App Store revenue rose 0.6% year-over-year in the first 35 days of its fiscal fourth quarter to $3.4 billion, up from $3.38 billion in the same period last year, according to a note from Bank of America.
Total downloads across iPhone and iPad fell 4% year-over-year to 3.3 billion over the same stretch, while App Store dollars per download climbed 4.7% to $1.02, BofA said, citing data from SensorTower.
In July, App Store revenue grew 1.2% year-over-year globally, while downloads fell 3.9%, marking the first negative growth since April 2024. China revenue grew 8.7% year-over-year, continuing a trend of healthy growth over the past five months, while downloads there declined 6.8%.
BofA reiterated a Buy rating on Apple, citing strong capital returns, potential leadership in AI at the edge, and optionality from new products and markets. The bank's price objective stands at $380.
Analysts continue to view Services as a durable growth driver, pointing to Apple's Siri AI architecture, Apple silicon, and the Apple Upgrade Program as factors that should support the company's product-cycle flywheel and future hardware-led and AI-enabled monetization. The bank models Services revenue growth of 10% year-over-year for the fiscal fourth quarter.
On AI apps, BofA noted that search-oriented AI apps continue gaining daily active user share against the Google Search app, excluding Safari and Siri. ChatGPT's monthly revenue exceeded $275 million in July, while Claude's revenue is rapidly catching up at roughly $65 million.
Within gaming, BofA said Games revenue share declined year-over-year to 42% of total App Store revenue in the fiscal fourth quarter to date. Publisher performance year-to-date was mixed: Tencent retained the top spot on the App Store compared with a year earlier, with revenue and downloads up 4% and 16% year-over-year, respectively, while NetEase and Dream Games both saw revenue and downloads decline year-over-year.
Společnost Apple ve 3. fiskálním čtvrtletí zvýšila tržby na 109,4 miliardy USD a EPS na 2,02 USD, ale akcie klesly kvůli slabému výhledu a omezené nabídce.
Apple (AAPL +1.96%) recently reported its financial results for the third quarter of fiscal year 2026, which ended on June 27. It was the last full quarter with Tim Cook as CEO. He is set to step down from his role on Sept. 1 and become the company's executive chairman. Apple's senior VP of Hardware Engineering, John Ternus, will take the helm. Apple's shares dropped on the heels of its earnings release, for reasons unrelated to the CEO change. However, there are good reasons to buy the dip. Let's discuss three of them.
Image source: The Motley Fool.
1. The iPhone is not dead The defining product of the Tim Cook era, by far, was the iPhone. It remains the company's largest segment by sales. However, some investors have said for years that the iPhone's best days are behind it. This world-famous device no longer generates the kind of buzz it once did. That's true. But in recent quarters, the iPhone has been impressive. The latest model, the 17, is driving a solid renewal cycle and helping Apple post some of the best year-over-year revenue growth in years.
AAPL Revenue (Quarterly YoY Growth) data by YCharts
The lesson here is that with some appropriate tweaks and a fair number of new features, Apple can still convince millions of people to upgrade their iPhones -- or even switch from competitors. Apple is reportedly working on one of the most important iPhone revamps it has introduced in years. The company will apparently launch a foldable version of the device, according to some reports. Considering the massive success some smartphones have had in this niche, an iPhone Fold could meaningfully expand Apple's installed base and power more impressive sales growth in the coming years.
2. A growing installed base During its third quarter, Apple's installed base reached an all-time high across all categories and geographic segments. The company has about 2.5 billion active devices in circulation, representing a massive ecosystem of users that it is already monetizing in umpteen ways. Under a new CEO, Apple will likely double down on its efforts to monetize its large user base. We could see improved artificial intelligence features that will justify monthly fees, or seamless AI integration across more of the company's existing offerings (health, fintech, and more), leading to much-improved features.
Whatever direction it chooses, Apple's massive installed base, which generates significant amounts of data, is a powerful advantage for the company and can help it capitalize on AI over the long run.
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3. Returning capital to shareholders Apple is also worth considering for its dividend and share buyback programs. The company offers a forward yield of 0.4%, which isn't that impressive, but it has increased its payouts by 89.5% over the past decade. It has plenty more cash to continue doing so. Apple's willingness to return significant capital to shareholders through dividends or share buybacks is another great reason to buy the stock.
Apple can bounce back In its third quarter, Apple posted revenue of $109.4 billion, up 16% year over year. That was well within its guidance. Further, Apple's earnings per share came in at $2.02, up 29% compared to the year-ago period. The company's results were good, but the stock fell on weak guidance, partly due to ongoing supply constraints. Despite this problem, the stock's long-term prospects are attractive. Investors should look beyond near-term issues and load up on Apple's shares on the dip.
Apple po výsledcích za fiskální 3. čtvrtletí klesla až o 10 %, protože tržby ze služeb ve výši 30,7 miliardy USD zaostaly a výhled růstu tržeb je jen 9 % až 11 %.
Despite reporting record earnings per share and beating Wall Street estimates, Apple (AAPL +1.93%) stock fell hard after reporting its fiscal third-quarter 2026 results on July 30. Apple shares fell as much as 10% in the sell-off. So what triggered the investor negativity, and is this an opportunity or a red flag warning?
First, services revenue fell short of analysts' expectations at $30.7 billion. Secondly, and perhaps most concerning, management made it clear that there are serious constraints tied to DRAM and NAND memory. There is a shortage in the memory market, and that is causing the available supply to skyrocket in price.
This, in turn, means Apple will either have to absorb the additional costs and cut into its own margins or pass them on to consumers who are already constrained in their discretionary spending.
Analysts expected 12% revenue growth for the upcoming fourth quarter, but Apple's guidance is between 9% and 11%. This is largely what caused the big drop in stock price. So what should investors do now?
Image source: The Motley Fool.
Even with the significant price decline, Apple is still trading at a premium. For long-term investors, Apple's outlook is not exactly alarming. The memory shortage is affecting technology companies across the board, so it's not just an Apple-specific problem. Apple also has a very healthy business overall. Demand for the company's products remains strong and is likely to continue for the foreseeable future, even after CEO Tim Cook's departure this year.
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I'm bullish on Apple because it's taking a more conservative approach to artificial intelligence spending than its peers. The company's revenue still grew 16% year over year, and aside from the memory shortage, there isn't much slowing Apple down right now. It remains a great dividend-paying company.
Catie Hogan has positions in Apple. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy.
Apple podala novou právní žalobu proti požadavku britské vlády na přístup k šifrovaným datům britských zákazníků. Spor navazuje na loňský konflikt kolem požadavku na data britských i amerických uživatelů.
Apple has launched a fresh legal challenge against a U.K. government attempt to access encrypted data held by British customers.
The move comes a year on from the previous dispute between the two over a request from the U.K.'s Home Office for both British and American customer data. That order was dropped by the U.K. after interventions from U.S. President Donald Trump and Vice President JD Vance.
Apple confirmed the filing of the legal challenge to CNBC, but declined to comment further. The Home Office said it does not comment on legal proceedings or operational matters, including confirming or denying the existence of individual notices.
"The UK supports strong encryption and robust privacy protections, but it is also vital that law enforcement can access communications when necessary and proportionate to protect the public from terrorism, serious crime, and child sexual abuse," a Home Office spokesperson told CNBC.
"The Investigatory Powers Act is world-leading legislation that helps keep people safe while protecting privacy through strong safeguards and independent judicial oversight."
'Transatlantic row'Britain's Home Office, which handles immigration and security, in early 2025 issued an order to Apple requiring a technical "backdoor" that would allow officials to view fully encrypted material uploaded to the cloud software.
Former U.S. Director of National Intelligence Tulsi Gabbard said in August last year that the U.K. had dropped the request after interventions from Trump and Vance.
But the Home Office demanded in September that Apple provide access to British citizens' encrypted data, the Financial Times reported.
Read more
After the initial request from the U.K. government, Apple disabled its Advanced Data Protection (ADP) in the U.K. to new users. Current U.K. users will eventually need to disable this security feature, the company said in a statement in September.
"We are gravely disappointed that the protections provided by ADP are not available to our customers in the UK given the continuing rise of data breaches and other threats to customer privacy," Apple said at the time. "As we have said many times before, we have never built a backdoor or master key to any of our products or services and we never will."
"The original demand caused a transatlantic row because it extended to American users," Andrew Fremlin-Key, partner at law firm Withers, specialising in media, reputation and information disputes, told CNBC.
"Restricting the new notice to British users may reduce that conflict, but it is unlikely to eliminate US concerns about a foreign government requiring an American company to weaken the security of its technology."
Apple požádal soud o předběžné opatření, které by OpenAI a dvěma bývalým zaměstnancům zabránilo v přístupu, získávání, používání nebo zveřejňování údajných důvěrných informací. Spor se týká údajného zneužití obchodních tajemství při vývoji spotřebního hardwaru.
Item 1 of 2 View of an Apple logo at an Apple store in Paris, France, April 23, 2025. REUTERS/Abdul Saboor/File Photo
[1/2]View of an Apple logo at an Apple store in Paris, France, April 23, 2025. REUTERS/Abdul Saboor/File Photo Purchase Licensing Rights, opens new tab
CompaniesAug 3 (Reuters) - Apple on Monday asked a U.S. judge for a preliminary injunction barring two former employees and OpenAI from accessing, acquiring, using or disclosing alleged confidential information as it moves ahead with its trade secrets case.
Apple last month sued OpenAI and the two former employees, both now working for OpenAI, alleging misappropriation of its trade secrets to benefit the ChatGPT-owner's foray into consumer hardware, a dramatic escalation of already simmering tension between the two companies.
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The iPhone maker also filed a concurrent motion on Monday seeking expedited discovery, including production of documents relating to the defendants' alleged access of Apple's proprietary and trade secret information.
It asked the judge to order the two former Apple employees named in the lawsuit, Chang Liu and Tang Yew Tan, to sit for depositions, along with OpenAI employee Yu-Ting Peng and an unnamed OpenAI employee who previously worked at Apple.
Liu is a former Apple senior system electrical engineer while Tan is Apple's former vice president of product design for iPhone and Apple Watch.
Apple also sought depositions from corporate representatives of OpenAI and io Products, which is OpenAI's commercial arm and is listed as a defendant in the lawsuit.
"Apple will be irreparably harmed absent a preliminary injunction," it said in a filing.
"Apple’s request for a preliminary injunction is both based on false information and completely unnecessary because we do not have, nor want, any of their trade secrets," OpenAI said in a blogpost late on Monday.
Apple's lawsuit, filed in the U.S. District Court for the Northern District of California, comes after OpenAI successfully fended off a legal challenge from Elon Musk's xAI.
The lawsuit sets up a battle over the control of future AI devices that may not use traditional apps or operating systems — devices which, if successful, would direct consumer attention away from Apple's best-selling iPhone. Analysts believe OpenAI is working on a phone or other device of its own.
(This story has been corrected to fix the hyperlink in paragraph 2)
Reporting by Sumedha Mukherjee and Shubham Kalia in Bengaluru; Editing by Kate Mayberry
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Apple podala novou právní stížnost proti britskému požadavku na přístup k šifrovaným zálohám dat uživatelů. Firma potvrdila podání, ale další komentář odmítla.
View of an Apple logo at an Apple store in Paris, France, April 23, 2025. REUTERS/Abdul Saboor/File Photo Purchase Licensing Rights, opens new tab
LONDON, Aug 3 (Reuters) - Apple (AAPL.O), opens new tab has launched a new legal challenge against the British government's latest attempt to create a so-called backdoor to access encrypted customer data, the Financial Times reported on Monday.
The report said Apple last month lodged a legal complaint at the Investigatory Powers Tribunal — Britain's independent judicial body — over the Interior Ministry's demand that Apple allow it access to encrypted cloud backups of data belonging to British users.
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Britain dropped last year a previous mandate for such a backdoor that would have allowed access to British and U.S. customers' data following months of negotiations with the U.S. President Donald Trump's administration.
However, British authorities subsequently issued a new "technical capability notice" to Apple that did not apply to U.S. users, the FT report said.
A British government spokesperson said it would not comment on legal proceedings or operational matters, including confirming or denying the existence of individual notices.
"The UK supports strong encryption and robust privacy protections, but it is also vital that law enforcement can access communications when necessary and proportionate to protect the public from terrorism, serious crime, and child sexual abuse," the spokesperson said.
Apple confirmed the filing but declined to comment further. The company has previously said it has never built a backdoor or master key to any of its products or services and never would.
"This is a hugely important case that will have far-reaching implications for the public’s privacy rights well into the future," Ruth Ehrlich, director of external relations at human rights advocacy group Liberty, which has previously been involved in the legal case, said in a statement.
"Opening a backdoor to all of that information carries a wide range of risks to our personal data. It is critical that the government listens to the many concerns and commits to protecting our privacy rights."
Reporting by Muvija M and Michael Holden Editing by Tomasz Janowski and Nick Zieminski
Our Standards: The Thomson Reuters Trust Principles., opens new tab
FSA Advisors Inc. v prvním čtvrtletí zvýšila podíl ve společnosti Apple o 550 % a nakoupila dalších 9 400 akcií. Po transakci držela 11 109 akcií v hodnotě 2,819 milionu USD.
FSA Advisors Inc. raised its stake in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 550.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,109 shares of the iPhone maker’s stock after acquiring an additional 9,400 shares during the period. Apple makes up 1.9% of FSA Advisors Inc.’s investment portfolio, making the stock its 7th biggest holding. FSA Advisors Inc.’s holdings in Apple were worth $2,819,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in AAPL. Vanguard Group Inc. lifted its holdings in shares of Apple by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker’s stock worth $387,749,545,000 after purchasing an additional 26,856,752 shares during the period. State Street Corp increased its stake in Apple by 1.1% in the 4th quarter. State Street Corp now owns 604,056,505 shares of the iPhone maker’s stock valued at $164,218,801,000 after buying an additional 6,555,392 shares during the period. Geode Capital Management LLC increased its stake in Apple by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 358,032,517 shares of the iPhone maker’s stock valued at $97,031,587,000 after buying an additional 1,866,103 shares during the period. Morgan Stanley raised its position in Apple by 0.6% during the 4th quarter. Morgan Stanley now owns 230,483,035 shares of the iPhone maker’s stock worth $62,659,118,000 after buying an additional 1,379,651 shares during the last quarter. Finally, Norges Bank purchased a new position in Apple during the 4th quarter worth $52,266,468,000. 67.73% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Apple In other news, insider Ben Borders sold 1,274 shares of Apple stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the sale, the insider directly owned 38,713 shares in the company, valued at approximately $11,226,770. This trade represents a 3.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.06% of the company’s stock.
Wall Street Analyst Weigh In Several research firms have recently commented on AAPL. Jefferies Financial Group restated a “hold” rating on shares of Apple in a research note on Tuesday, June 9th. Maxim Group reissued a “buy” rating and set a $350.00 price target (up from $310.00) on shares of Apple in a report on Tuesday, June 9th. BNP Paribas Exane raised shares of Apple from a “neutral” rating to an “outperform” rating and set a $300.00 price target for the company in a report on Friday, April 17th. Oppenheimer restated a “market perform” rating on shares of Apple in a research report on Friday. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Apple in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $331.60.
Check Out Our Latest Report on AAPL
Key Apple News Here are the key news stories impacting Apple this week:
Positive Sentiment: Apple reported record June-quarter revenue of $109.4 billion, up 16.4% year over year, and diluted EPS of $2.02, exceeding Wall Street expectations. iPhone revenue rose 22% to $54.3 billion, while Mac revenue increased 29% to $10.4 billion. Apple reports third quarter results Positive Sentiment: Apple’s large installed base, strong hardware demand and potential consumer-AI opportunities remain long-term supports. Some analysts remain bullish: TD Cowen raised its price target to $400, while other firms maintained Buy or Overweight ratings despite trimming estimates. Analyst raises Apple price target Positive Sentiment: The company declared a quarterly dividend of $0.27 per share, payable August 13 to shareholders of record August 10. Apple also continues to emphasize an AI strategy that requires less capital spending than the infrastructure-heavy approach used by some peers. Apple Q3 financial results Apple Stock Performance NASDAQ:AAPL opened at $308.91 on Monday. The firm’s fifty day simple moving average is $309.51 and its 200-day simple moving average is $281.60. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 0.66. The stock has a market cap of $4.54 trillion, a PE ratio of 35.43, a price-to-earnings-growth ratio of 2.65 and a beta of 1.09. Apple Inc. has a fifty-two week low of $201.50 and a fifty-two week high of $344.57.
Apple (NASDAQ:AAPL – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.02 EPS for the quarter, beating the consensus estimate of $1.89 by $0.13. The firm had revenue of $109.42 billion during the quarter, compared to analysts’ expectations of $109.04 billion. Apple had a net margin of 27.62% and a return on equity of 135.46%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.57 earnings per share. Analysts expect that Apple Inc. will post 8.8 earnings per share for the current fiscal year.
Apple Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, August 10th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. Apple’s dividend payout ratio (DPR) is 12.39%.
Apple Profile (Free Report)
Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.
Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.
Further Reading Five stocks we like better than Apple 3 Fixed-Income ETFs Show Why Yield Is Only Part of the Income Story AbbVie Quietly Solved Its Biggest Problem—Now What? Rio Tinto’s Results Make the Case for Looking Beyond Tech in the AI Trade Strategy’s Structural Strength: Hidden in a $8 Billion Illusion Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL – Free Report).
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Apple (AAPL -7.35%) might as well be taken out of the Magnificent Seven group of businesses. The company doesn't seem to be going all in on artificial intelligence (AI) as its peers are.
Of these seven companies, Nvidia sells the chips at the center of the boom. Tesla is now generating negative free cash flow (FCF) as it invests in ambitious real-world AI projects. The remaining four are the so-called hyperscalers, which are estimated to spend a combined $1 trillion in capital expenditures in 2027 to fund AI infrastructure.
Apple's AI strategy looks different. Here's why that might be a good thing.
Image source: The Motley Fool.
Apple's intelligent approach For its fiscal 2026's third quarter (ended June 27), Apple's iPhone revenue totaled $54.3 billion, up 21.7% year over year. This was the third straight quarter of more than 20% sales growth for this single product line. Additionally, Apple's services division saw its top line increase by 12%. "We set records in every category," Chief Financial Officer Kevan Parekh said on the Q3 2026 earnings call.
The company's ongoing success, highlighted by the iPhone and services, is a clear indicator of its AI playbook. Apple's powerful walled garden, or its ecosystem of hardware and software, is what drives customer stickiness. The overarching objective, therefore, should be to bolster this important characteristic.
What matters is whether Apple can continue to be the primary gateway for how people access the digital world. The financial performance reveals that this is still the case. It's about integrating AI capabilities, known as Apple Intelligence, into the existing suite of products and services, not creating a new chatbot or cloud division. In that vein, Apple has decided to work with Alphabet's Gemini models to power its Siri refresh, set to launch later this year.
Apple's capital expenditures totaled just $6.8 billion in the last nine months, a drop in the bucket compared to its Magnificent Seven peers. However, the company's research and development expenses jumped 32.3% year over year in Q3, so it's not sitting idle. FCF is still robust, as analysts expect $140.9 billion for the entirety of fiscal 2026. The business continues to return significant capital to investors in the form of share repurchases.
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Investors couldn't be happier Revenue guidance was weaker than anticipated due to persistent supply issues. This pressured shares following the market close on July 30.
But it wasn't long ago that Apple overtook Nvidia to reclaim its position as the world's most valuable company. Shares have soared 23% in 2026, outpacing every other Magnificent Seven stock by a long shot. The market is saying that it still values financial strength, an area Apple excels in, even though others are directing extraordinary amounts of money to AI.
Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, Nvidia, and Tesla. The Motley Fool has a disclosure policy.
Apple vykázal nejlepší třetí čtvrtletí za pět let, tržby vzrostly o 16,4 % díky 21,7% růstu prodejů iPhonu. Akcie však po výsledcích klesly o 7,4 % a firma ztratila 426 miliard USD tržní hodnoty za dva dny.
Apple (AAPL -7.35%) just reported its best third quarter in five years.
Net sales grew 16.4% year over year, largely thanks to a 21.7% increase in iPhone sales and an 18.1% overall increase in product sales. It marked the first Q3 since fiscal 2021 when products outpaced services growth.
But despite the strong results, Apple fell 7.4% on July 31 -- losing $426 billion in market cap in just two days. Here's what Wall Street didn't like about Apple's results, and if the tech stock is a good buy now.
Image source: The Motley Fool.
Products take the spotlight Demand for Apple's products surged during the pandemic as consumers shifted spending toward discretionary goods rather than services or experiences. But as you can see in the table, Apple's Q3 product sales went practically nowhere for years -- that is, until the jump we just saw in Q3 fiscal 2026.
Net Sales ($Billions)
Q3 Fiscal 2019
Q3 Fiscal 2020
Q3 Fiscal 2021
Q3 Fiscal 2022
Q3 Fiscal 2023
Q3 Fiscal 2024
Q3 Fiscal 2025
Q3 Fiscal 2026
Products
$42.35
$46.53
$63.95
$63.36
$60.58
$61.56
$66.61
$78.68
Services
$11.46
$13.16
$17.49
$19.6
$21.21
$24.21
$27.42
$30.74
Data source: Apple.
By comparison, services have been consistently growing in the double digits. Services include cloud storage via iCloud, Apple Card, Apple Pay, and digital subscriptions such as Apple Music, Apple TV, Apple One, and more.
Services have been an excellent, high-margin category for Apple and a way to increase the stickiness of its integrated ecosystem. But at the end of the day, Apple still relies on product sales. And seeing product sales jump is a clear signal that Apple is entering a new upgrade cycle.
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Apple's "100-year flood" In June, Apple raised prices on Mac, iPad, Apple TV, HomePod, and Vision Pro due to surging memory chip costs. Tim Cook addressed the reason for these price increases on the July 30 earnings call:
On the pricing front, we reluctantly raised prices, I would say. We did it because we're in what I would characterize as a 100-year flood on the memory pricing, with exponential increases in memory prices.
Some investors may be fearing that price increases are pulling forward demand for existing Apple product inventory ahead of the annual September new iPhone 18 Pro release. And the other risk is that consumers, who are already dealing with inflationary pressures from higher living costs -- such as food, gas, and shelter -- may resist higher product prices.
Wells Fargo analyst Aaron Rakers asked Apple management on the July 30 earnings call whether it was seeing a pull-forward in demand from the consumer, enterprise, or education markets, and if that's factoring into Apple's outlook. To which Tim Cook responded:
You're talking about on iPhone, I assume, in general. We've been running at this 22% growth rate for the last while. For this cycle has been a 22% increase year to date. It's not obvious, I would say. It's not obvious in the data that what you're asking is true. Obviously, we've now had to increase prices on iPad and Mac, the price elasticity there, it's just too early to come to a definitive conclusion of what happens there.
The 22% Cook is referring to is Apple's iPhone revenue for the nine months ended June 27, 2026 -- which is up 22.4% -- roughly matching the three months ended June 27, 2026 year-over-year growth rate of 21.7%. So while Cook isn't dismissing the notion that demand is being pulled forward, it's also clear that the latest quarter more so matches trends Apple was already seeing this fiscal year in the quarters before it announced price increases in June.
That being said, Apple's weak guidance of just 9% to 11% year-over-year net sales growth for fourth quarter fiscal 2026 seems to indicate that some demand could have been pulled forward. Or, at the very least, Apple is cautious about consumer demand heading into the iPhone 18 Pro launch in September, followed by its hottest quarter of the year, which tends to be the first quarter of Apple's fiscal year (the quarter ending in late December).
Alleviating cost pressures Apple's rising costs is argubaly an even bigger concern than its weak revenue guidance. On the July 30 earnings call, Apple noted that the primary bottleneck is getting the microchips needed to handle the processing, graphics, and artificial intelligence (AI) functions on its devices. But because demand was better than expected, Apple's supply chain is arguably even more constrained now than it was before, which could lead to margin pressure.
Cook said the following on the July 30 earnings call:
The supply chain just has less flexibility in it than normal. We've been pulling supply ahead. At some point, there's a limit to that.
Arguably, the biggest near-term risk for Apple is that it would have to absorb much of these higher costs because it has already raised prices and consumers are spread thin. But one way to counteract some of that pressure is to make new product purchases more affordable.
Apple's new leasing program, facilitated by Klarna, will cost as little as $17.99 per month. Buy now, pay later options, paired with multi-year service contracts that carriers already offer, can help reduce price increases and drum up demand for upcoming products, such as a foldable iPhone, smart glasses, and an AI-powered pendant.
Granted, these programs are a form of leverage on consumer balance sheets. And too much reliance on buy now, pay later is a red flag for the broader economy. But it's a smart move by Apple to navigate a difficult period in its supply chain while protecting its margins.
Apple's investment thesis remains intact Even after its sell-off, Apple is far from a cheap stock at 35.3 times earnings. However, the growth stock remains a good buy for investors who believe Apple can overcome its supply chain challenges and capitalize on AI without drastically increasing capital expenditures (capex).
AI tools will operate on Apple's devices. So Apple doesn't need to spend boatloads of capex developing its own AI models. Rather, it can cater to user preferences by offering a suite of options and collecting fees in the process. So AI will fuel a product upgrade cycle and new product development. And when paired with double-digit services growth and stock buybacks, Apple's earnings will accelerate, justifying its premium valuation.
There are plenty of other AI stocks with greater growth potential than Apple. But Apple benefits from AI while still generating gobs of free cash flow, making it arguably one of the most well-rounded AI stocks to buy now.
Riversgold posunul Northern Zone k těžbě po udělení těžební licence M25/389 na počátečních 21 let. Vrtné práce zároveň potvrdily až 71 g/t zlata v jednom metru.
Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) advanced its Northern Zone Gold Project near Kalgoorlie toward development during the June 2026 quarter, securing key tenure, progressing mine permitting studies and continuing to expand the shallow gold footprint through drilling.
The company’s most significant milestone was the grant of mining lease M25/389 for an initial 21-year term shortly after quarter-end, strengthening the development pathway for the project, 25 kilometres east-southeast of the Kalgoorlie Super Pit.
Riversgold also increased the broader Kalgoorlie Gold Project area by 20% through the acquisition of granted tenement P25/2850, taking the total footprint to 10.2 square kilometres.
Northern Zone development studies progress Work continued on the Mine Development and Closure Plan (MDCP), which was around 60% complete and remained on schedule for submission to the Department of Mines, Petroleum and Exploration.
Supporting studies returned encouraging outcomes, with geotechnical work concluding that proposed waste dump and pit designs demonstrated high factors of safety.
Hydrogeological investigations identified an average water table depth of about 37 metres and low site permeability, indicating groundwater inflows were unlikely to pose a material operational or geotechnical risk.
Soil and waste characterisation also found that rock material was predominantly non-acid forming and had substantial acid-neutralising capacity, suggesting minimal risk of acid mine drainage.
The company was finalising fauna, flora and vegetation reports ahead of planned site clearance and Native Vegetation Clearing Permit applications.
Drilling expands shallow gold footprint Ongoing drilling at Northern Zone continued to test and validate the broader mineralisation model, including the area between the central saddle and eastern mineralised zone.
Recent results included individual one-metre assays of up to 71 g/t gold, reinforcing the potential for shallow mineralisation within the tonalite-trondhjemite intrusion hosting the project.
Under Riversgold’s agreement with MEGA Resources, MEGA will fund 100% of Northern Zone’s development and mining costs, including haulage, road maintenance and processing. Any resulting profit will be split equally between MEGA and the project owners.
Canadian sampling delivers strong multi-element results At the Saint John copper-gold-silver-antimony project in New Brunswick, earn-in partner A.I.S. Resources continued geological mapping, prospecting and rock-chip sampling ahead of drilling.
Preliminary results included six samples above 1% copper, two Lepreau samples above 5 g/t gold, four samples above 100 g/t silver and six samples exceeding 500 ppm antimony.
The combined geological, sampling and geophysical datasets will be used to define an upcoming drilling program, with a local drilling contractor already secured.
Next steps Riversgold will focus on completing and submitting the Northern Zone MDCP and clearing permit applications while advancing the project toward mining.
Further drilling is required to define the limits of the gold mineralisation, while ongoing sampling at Saint John will support final drill-target selection.
The company ended the quarter with A$1.21 million in cash after spending approximately A$641,000 on exploration and evaluation activities.
First Graphene uzavřela se společností Sixth Element Material Technology dohodu o distribuci PureGRAPH® CEM v Číně až do objemu 500 tun. Firma to označila za největší obchodní příležitost ve své historii.
First Graphene Ltd (ASX:FGR, OTCQB:FGPHF) expanded its international commercial footprint during the June 2026 quarter, securing immediate revenue from newly acquired US assets and opening a potentially substantial route into China’s cement and concrete market.
The advanced materials company completed three strategic asset acquisitions during the period, received its first orders from customers previously supplied by MITO Materials Inc and signed an agreement targeting PureGRAPH® CEM sales of up to 500 tonnes in China.
First Graphene also reported combined quarterly income of about A$135,000, comprising around A$103,000 in graphene sales and A$32,000 from development and grant-funded programs.
For the full financial year, the company expects revenue to increase by 13%, while annual operating cash burn declined by 12% to approximately A$2.39 million.
US acquisition delivers immediate revenue A central feature of the quarter was First Graphene’s acquisition of assets from US-based MITO Materials, which provided access to established customers, manufacturing opportunities and four product lines serving the luxury sporting equipment market.
The company has already received its first purchase orders from Parlor Skis and Le Croix fishing rods, indicating that customers intend to continue commercial relationships previously established under the MITO brand.
Former MITO chief executive Haley Marie Keith has joined First Graphene as vice president of business development and will lead efforts to increase product awareness and pursue commercial opportunities across the United States.
The acquisition forms part of First Graphene’s broader strategy to target high-value markets where acquired technologies and customer relationships can accelerate the commercial adoption of graphene-enhanced materials.
It also strengthens the company’s position in the US defence and aerospace sectors, where lightweight, durable and high-performance composite materials represent a potential market for PureGRAPH® products.
First Graphene has submitted an application to the US Defense Advanced Research Projects Agency to supply graphene products for defence-related aerospace composite projects.
The company's new US presence, combined with Keith’s local industry experience, provided an improved platform from which to pursue opportunities in the country’s large defence market.
Following the opening of its own commercial channels in the US through the MITO acquisition, First Graphene has ceased its previous distribution arrangements with NeoGraf.
Geotextile assets open new industrial markets First Graphene also completed the acquisition of assets from Australian materials businesses Ionic Industries Inc and Imagine Intelligent Materials during the quarter.
The transaction provides a direct pathway into the geotextiles market, with potential applications across mining, agriculture, waste management and construction.
Geotextiles are used in applications including separation, filtration, reinforcement, protection and drainage, creating opportunities for graphene-enhanced coatings and materials designed to improve durability or performance.
During the first 90 days following completion, First Graphene intends to focus on relocating and establishing Ionic’s coating line and assessing associated manufacturing opportunities.
The acquired assets are aligned with the company’s existing coatings strategy and could support the development of new commercial products for infrastructure and industrial customers.
Together, the MITO, Ionic and Imagine Intelligent Materials transactions represent a deliberate expansion beyond First Graphene’s established graphene manufacturing operations into downstream products, customer relationships and application-specific technologies.
China agreement targets world’s largest cement market First Graphene reached what it described as a significant commercial milestone by signing a memorandum of understanding with Sixth Element Material Technology to distribute PureGRAPH® CEM in China.
The agreement gives the company a route into the world’s largest cement and concrete market, which produces more than 2.3 billion tonnes annually.
Under the proposed pathway, sales of PureGRAPH® CEM would be increased to 500 tonnes. Reaching that level could trigger the establishment of a local manufacturing plant through either a joint venture or licensing agreement.
First Graphene described the Sixth Element agreement as the largest commercial opportunity in the company’s history, providing potential access to a cement and concrete market valued at more than US$50 billion.
The company’s proposition is based on the ability of PureGRAPH® CEM to reduce the volume of cement required in concrete products while maintaining strength and performance.
This could be particularly relevant in China, where cement production accounts for a substantial share of national carbon emissions and the construction industry is under pressure to reduce its environmental impact.
The agreement follows commercial-scale work completed in the United Kingdom with FP McCann, the country’s largest precast concrete manufacturer and supplier.
More than 10,000 graphene-enhanced roof tiles were produced during a five-month project using 40 tonnes of PureGRAPH®-enhanced cement supplied by First Graphene partner Breedon Group.
The project achieved a cradle-to-gate carbon emissions reduction of up to 14%, while reducing the amount of cement needed by as much as 8% without compromising product strength or performance.
First Graphene believes these results demonstrate that graphene-enhanced cement can provide a commercially practical lower-emission option for the construction industry.
The successful UK program has also generated interest from other international markets examining the potential use of the company’s PureGRAPH® product range.
Distribution agreement expands regional reach First Graphene strengthened its Australian and New Zealand sales network during the quarter by updating its long-standing distribution agreement with Bisley.
The revised agreement gives Bisley broader exclusive access to PureGRAPH® products for the cement and concrete markets across both countries.
Bisley’s market development activities have already helped introduce First Graphene’s products into construction materials, coatings, lubricants, oil and gas drilling and cementing, composites, rubber and plastics.
The partnership is also examining emerging applications in paper manufacturing.
Bisley has worked with government research organisations and universities on graphene-enabled defence technologies and next-generation advanced materials, providing another potential channel into higher-value applications.
As part of the expanded agreement, the companies will collaborate on the technical development, market introduction and commercial rollout of a new range of graphene liquid additives.
These products are undergoing market evaluation and customer trials, with a commercial launch planned for the second half of calendar 2026.
Bisley will also distribute additional graphene and graphene oxide technologies acquired through the MITO and Ionic transactions.
Financial position supports commercial rollout First Graphene recorded customer receipts of A$109,000 during the June quarter and used A$734,000 in operating activities.
Investing cash outflow totalled A$363,000, primarily reflecting A$351,000 allocated to other non-current assets, while financing activities used A$46,000.
The company ended the period with A$2.87 million in cash and cash equivalents, compared with A$4.01 million at the beginning of the quarter.
Based on its June-quarter operating expenditure, First Graphene estimated it had funding available for 3.9 quarters of operations.
The company had no loan facilities, credit standby arrangements or other financing facilities drawn at the end of the period.
Next steps First Graphene’s immediate priorities include integrating its newly acquired US and Australian assets, relocating and commissioning Ionic’s coating line and converting inherited customer relationships into recurring revenue.
The company will also work with Sixth Element to build PureGRAPH® CEM sales in China toward the 500-tonne threshold that could support local manufacturing through a joint venture or licensing structure.
In Australia and New Zealand, First Graphene and Bisley are preparing for the planned second-half 2026 commercial release of the company’s new graphene liquid additive portfolio.
Further opportunities may emerge from the DARPA application and the company’s broader push into defence and aerospace composites, supported by its expanded US presence and acquired product capabilities.
About First Graphene First Graphene is an advanced materials company focused on the development and commercial supply of graphitic materials and product formulations.
Its principal target markets include cement and concrete, composites and plastics, coatings, adhesives, sealants and elastomers, and energy storage.
The company’s PureGRAPH® graphene products are designed to enhance material performance and potentially reduce emissions through lower material usage, reduced manufacturing energy requirements or longer product life.
First Graphene operates its primary manufacturing facility at Henderson, Western Australia, and maintains a UK presence through First Graphene UK Ltd in Manchester’s innovation district.
Apple může u iPhonu 18 zdražit až o 200 USD, ale leasing přes Apple Upgrade by mohl pomoci udržet poptávku. Morgan Stanley čeká, že vyšší ceny přidají asi 1 % k zisku na akcii ve fiskálním roce 2027.
Apple’s next iPhone could become more expensive, but the company’s new leasing programme may help customers absorb the increase and protect demand.
Morgan Stanley analyst Erik Woodring estimates that iPhone 18 models could cost as much as $200 more as rising memory and storage expenses squeeze hardware margins.
Apple has not confirmed any increase. Yet Apple Upgrade, its US leasing programme operated through Klarna, lets customers spread the cost across 12 or 24 months instead of paying upfront.
For Apple stock NASDAQ:AAPL, the question is whether leasing can make a costlier iPhone affordable enough to preserve upgrades, lift selling prices and protect margins.
AI data centres are consuming more memory and storage, tightening supplies for consumer-electronics manufacturers.
Apple has already raised prices on some Macs and iPads, shifting Wall Street’s debate towards how much iPhone prices might rise rather than whether an increase is coming.
Woodring believes Apple can pass a share of those costs to customers.
Morgan Stanley expects price increases to add about 1% to fiscal 2027 earnings, assuming unit demand remains resilient. The bank maintained an Overweight rating and a $360 price target.
A $100 or $200 increase could lift Apple’s average selling price and offset component inflation without requiring rapid shipment growth.
Premium buyers are important. Customers choosing Pro models are less sensitive to price changes, giving Apple more room to raise prices where margins are strongest.
A richer mix could support earnings even if demand for cheaper models softens.
Apple Upgrade allows eligible US customers to lease iPhones through Klarna for 12 or 24 months, with payments starting at $17.99 a month.
Customers can return the device, start a new lease or make a final payment to keep it.
The programme does not reduce the iPhone’s price, but changes how customers experience it.
Bank of America analyst Wamsi Mohan described Apple Upgrade as “directionally positive”, according to Business Insider.
He highlighted lower affordability barriers, faster replacement cycles, stronger direct engagement and the opportunity to capture value from returned devices. Bank of America retained a Buy rating and a $380 price objective.
That mechanism could become useful if Apple raises prices. A $200 increase appears significant on a retail label, but less severe when divided across monthly payments.
Returned devices could provide refurbished inventory and create more opportunities to sell AppleCare, accessories and services.
Apple’s pricing power is strong, but not unlimited.
KeyBanc downgraded Apple to Underweight with a $250 target after spending data pointed to weaker hardware demand and slowing upgrades.
The firm warned that higher prices and reduced carrier subsidies could make fiscal 2027 growth harder to achieve.
Leasing also has disadvantages. Customers do not automatically own the device, AppleCare is not included in the lowest advertised payment, and damage or early-termination charges can raise the cost.
Consumers who upgrade repeatedly may remain in permanent monthly payments without retaining a phone to resell.
Supply remains another risk. Even if customers accept higher prices, shortages of advanced chips and memory could prevent Apple from shipping enough devices to capture the full benefit.
PrismML uvedla Bonsai 27B, bezplatný AI model, který běží lokálně na iPhone 17 Pro a zachovává asi 90 % původního výkonu. Pro Apple je to posun pro on-device AI.
On July 14, a start-up with Caltech roots, PrismML, released Bonsai 27B, a free artificial intelligence (AI) model compressed enough to run locally on an Apple (AAPL -7.35%) iPhone 17 Pro. According to the company, it retains roughly 90% of the original model's performance.
A capable AI small enough to run on an iPhone is great news for consumers. PrismML's CEO recently told CNBC that Apple is in "very early" discussions about the technology. In time, free, local, open-weight AI could become an à la carte menu for consumers, and Apple's own silicon was designed to run them.
Image source: Getty Images.
A serious model that finally fits on a phone A traditional 27-billion-parameter model cannot fit in a phone's usable memory. At 3.9 gigabytes, Bonsai is built on Alibaba's open-weight Qwen3.6 and can run on an iPhone 17 Pro, as well as on iPad, Mac, and PCs.
Shrinking open models is not new, but compressing one of this class while retaining its performance is. For Apple, whose latest chips were designed to run AI on-device, this could raise the stakes for its internal development of foundation models.
The A19 and A19 Pro chips in the latest iPhones feature neural accelerators, which the company says provide a significant boost to AI performance. On the company's second-quarter earnings call in April, management described the Mac as "the best platform for AI," with its silicon capable of running advanced AI like never before.
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Who's going to monetize consumer AI? Most consumer AI usage is free. OpenAI surpassed 900 million weekly active users in February, with roughly 50 million paying subscribers and a conversion rate of around 5.5%. To the extent the frontier labs counted on consumers paying for AI inference, that opportunity may shrink as open-weight alternatives continue to improve and take share.
Apple's position is different. Its business is selling devices, so a local-AI wave means more memory and capacity, which raises the cost of goods sold for the hardware maker.
Its own AI execution has been lackluster so far. The previously delayed and rebuilt Siri fell short in internal testing in February, though management sounded optimistic on its July 30 earnings call. Siri AI has been in public beta testing for a few weeks, and the feedback has been positive.
In July, Apple sued OpenAI in federal court, alleging trade-secret theft tied to former engineers who joined the lab, including claims that trade secrets were taken to help OpenAI build its own devices.
Apple's lawsuit against OpenAI puts the consumer AI fight front and center. As expected, the company remained silent about the lawsuit during its earnings call.
Apple has the silicon. With breakthroughs such as PrismML's, consumers may not have to wait much longer for capable AI that can run offline and keep data on the device without a monthly fee.
Apple (AAPL -7.35%) continued its streak of strong iPhone sales during its fiscal third quarter, but the stock fell as service revenue and China sales came up short of expectations. Nonetheless, the stock is still up around 48% over the past year.
Apple once again saw robust iPhone sales, as consumers rushed to buy the smartphone ahead of expected price increases due to rising component costs. iPhone revenue jumped 22% year over year to $54.3 billion in the quarter ended June 27, which was ahead of the $53.86 billion consensus, as compiled by LSEG. It saw strength across both developed and emerging markets, and its installed base hit an all-time high.
Image source: The Motley Fool.
Apple's other product sales were mixed Mac revenue was also robust, with sales surging 29% year over year to $10.4 billion and cruising past analyst expectations for sales of $8.74 billion. The company credited the strong sales to the success of the new MacBook Neo and MacBook Pro. It set records in the quarter for both new customers and upgraders.
Sales of Apple's other products were mixed. Sales of iPads fell 6% to 6.2 billion, as it faced tough comps following the introduction of last year's A16-powered iPad. Wearable revenue, meanwhile, rose by 6% to $7.9 billion, with the company seeing a record number of Apple Watch upgraders.
Total product segment sales climbed by 18% to $78.7 billion. China was once again solid, with revenue increasing 22% to $18.82 billion. However, that did fall well short of analyst expectations for revenue of $19.58 billion.
Apple Services revenue growth slowed Apple's services segment -- which consists of its App Store, iCloud storage, Google Search revenue sharing, Apple Pay, Apple TV, and more -- saw revenue grow 12% to $30.74 billion. That was a big deceleration from the 16% growth it saw last quarter and fell well shy of the $31.22 billion in revenue expected by analysts. The company said it saw significant currency headwinds in the quarter, which impacted its service growth by 2.5 percentage points.
Product gross margin rose by 140 basis points sequentially to 40.1%, with tariff refunds having a positive impact of 2.5 percentage points. Like other companies in the tech space, Apple is trying to manage soaring memory prices. Service margin, meanwhile, fell by 110 basis points sequentially to 75.6% due to a shift in revenue mix. Overall gross margin was 50.1%, helped by 2 percentage points from tariff rebates. Even excluding that, it would have been above analyst expectations of 47.9%.
Apple guidance points to headwinds Overall, Apple's revenue rose by 16% to $109.42 billion, while its earnings per share (EPS) climbed 29% to $2.02. Excluding an $0.11 tariff rebate boost, adjusted EPS would have been $1.89. That topped the analyst consensus estimates for EPS of $1.89 on sales of $108.65 billion.
For the fiscal fourth quarter of 2026, Apple projected its revenue to grow by 9% to 11% year over year. iPhone sales are expected to grow in the mid-teens, impacted by currency headwinds and supply constraints. Service revenue is expected to rise at a similar level to fiscal Q3, after removing the currency impacts it saw last quarter. It guided for gross margin to be between 47% and 48%.
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Is it time to buy the dip? Apple has a fabulous compounding business model, where its product sales, led by iPhones, bring people into its ecosystem and feed directly into its high-margin services business. Given the strong product growth the company has been seeing and the record iPhone install base, this should translate into stronger service revenue down the road, so I wouldn't be worried about one quarter of growth impacted by currency headwinds.
That said, it is also facing some memory headwinds, and its stock valuation has become quite frothy. Even after the dip, the stock trades at a forward price-to-earnings (P/E) ratio of around 34.5 times based on analysts' estimates for fiscal 2027 (which ends in September 2027).
The stock has been on a tremendous run over the past decade, but a lot has come from multiple expansion. As such, I wouldn't be buying the stock just yet on this pullback.
Novo Resources chystá 2 700metrový reverse circulation vrtný program v Tibooburra Gold Project v New South Wales, aby rozšířila vysoce kvalitní mineralizaci u Clone a otestovala dosud neprovrtaný cíl Pioneer South. Program má také pomoci splnit podmínky pro získání 70% podílu v projektu.
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) earlier this week outlined plans for a 2,700-metre reverse circulation drilling program at the Tibooburra Gold Project in New South Wales, targeting extensions to high-grade mineralisation at Clone and a previously undrilled quartz-reef trend at Pioneer South.
Executive chairman Mike Spreadborough said the campaign would build on encouraging results from the company’s previous drilling at Clone. He highlighted intersections including 12 metres at 5.9 grams per tonne gold and four metres at 13.7 grams per tonne gold.
Spreadborough said the program was intended not only to expand Clone but also to improve the company’s understanding of the broader 22-kilometre mineralised system.
General manager of exploration Rohan Williams said the northern extension of Clone represented a compelling target because the mineralised system appeared to plunge shallowly north beneath a creek.
Williams said the company aimed to “replicate these high-grade intercepts that we received last year and track it down plunge.” He also referred to an intersection of 17 metres at 2.4 grams per tonne gold and said the mineralisation could potentially support open-pit extraction as well as further underground exploration.
At Pioneer South, the company is preparing to test a target that has not previously been drilled. Williams said narrow mineralisation had been identified at surface alongside high-grade rock-chip results, with the company hoping that drilling would intersect repeated en echelon structures at depth.
A discovery at Pioneer South would provide Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) with an additional mineralised target within the wider project area, while successful step-out drilling at Clone could extend the known high-grade gold shoot.
The drilling program is also expected to satisfy the expenditure requirement for Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) to earn a 70% interest in the project under its farm-in arrangement with Manhattan Gold Corporation Ltd and Awati Resources Pty Ltd. Spreadborough said completion of the earn-in would lead to the formation of a joint venture, with Novo Resources Corp becoming project manager.
Potential catalysts include the commencement of drilling, initial observations from the campaign, assay results from Clone and Pioneer South, completion of the 70% earn-in and the definition of follow-up work for 2027.
Beyond drilling, Spreadborough said the company’s geologists planned to undertake a major soil-sampling campaign across the 22-kilometre system. He said Novo Resources Corp was ultimately seeking to identify the source of the historically mined gold and assess the potential for a larger mineralised system.
Interview highlights Novo Resources Corp is preparing a 2,700-metre reverse circulation drilling program at the Tibooburra Gold Project in New South Wales. The campaign is expected to include approximately 1,700 metres at the Clone prospect and 1,000 metres at Pioneer South. At Clone, the company will test the northern and down-plunge extensions of previously identified high-grade gold mineralisation. Previous Clone results discussed in the interview included 12 metres at 5.9 grams per tonne gold, 17 metres at 2.4 grams per tonne gold and four metres at 13.7 grams per tonne gold. Rohan Williams said the mineralised system appeared to plunge shallowly north beneath a creek, providing a clear structural target for follow-up drilling. Pioneer South has not previously been drilled, despite surface rock-chip results of up to 19 grams per tonne gold. Drilling at Pioneer South will assess whether narrow surface mineralisation develops into repeated en echelon structures at depth. The program is expected to allow Novo Resources Corp to earn a 70% interest in the project under its farm-in arrangement. Once the interest is earned, a joint venture is expected to be formed and Novo Resources Corp will become project manager. The company plans additional work in 2027 after reviewing the drilling results. A major soil-sampling campaign is also planned across the broader 22-kilometre system. Novo Resources Corp is seeking to identify the source of the historically mined gold and determine whether the project hosts a larger mineralised system.
Proactive: Novo Resources Corp is preparing to launch a 2,700-metre reverse circulation drilling program at its Tibooburra Gold Project. Here to discuss the program are executive chairman Mike Spreadborough and general manager of exploration Rohan Williams. Gentlemen, good to see you. Mike, can you outline the key objectives of the program?
Mike Spreadborough: People might recall that we completed a drilling program last year that returned some very good high-grade results. That program was focused on Clone, where we drilled intersections including 12 metres at 5.9 grams per tonne gold and four metres at 13.7 grams per tonne gold.
Part of this program is about building on and growing Clone, but we are also focused on the entire 22-kilometre system and developing a bigger picture.
Following good rock-chip results of up to 19 grams per tonne gold last year, we will also complete more drilling at Pioneer. This is the next step in understanding the broader system, so it is an exciting program for us.
Proactive: Rohan, what makes the northern extension of the high-grade gold shoot at Clone such a compelling target?
Rohan Williams: As Mike mentioned, we have a couple of very good intersections at Clone, including 12 metres at 5.9 grams per tonne gold and 17 metres at 2.4 grams per tonne gold.
These could potentially be mined by open-pit methods and explored further underground. The system appears to plunge shallowly to the north before passing beneath a creek.
We are hoping to track the system north and replicate the results received from last year’s drilling program. Our objective is to reproduce those high-grade intercepts and follow the mineralisation down plunge.
Proactive: Let’s also turn to Pioneer South. It has never been drilled despite strong surface results. What are you hoping to discover there?
Rohan Williams: The mineralisation is quite narrow at surface, but we are hoping that, as we track the structure at depth, we will identify a number of en echelon, repeating structures.
There are certainly very high-grade rock-chip results at surface, and the target has never been drilled. We are now putting the drill bit into it and hope to delineate some encouraging intercepts.
Proactive: Mike, how close are you to completing the expenditure required to earn a 70% interest in the project?
Mike Spreadborough: That is a good question because this is a farm-in arrangement. This drilling program will allow Novo Resources Corp to achieve a 70% interest.
The joint venture will then be formed, and Novo Resources Corp will become the project manager. I think that demonstrates how interested we are in the project.
This program will allow us to form the joint venture, and we will move ahead with more work in 2027.
Proactive: Beyond this drilling campaign, what exploration work will Novo Resources Corp undertake to build its understanding of Tibooburra?
Mike Spreadborough: It becomes very hot in Tibooburra over the Christmas period, so we will take time to reflect on the drilling results.
In the meantime, our geologists will undertake a major soil-sampling campaign across the 22-kilometre system. Some of that work is already reflected in the company’s recent announcement, and we have identified some encouraging contours.
We want to build a strong understanding of the entire system. What we are really looking for is the source of the gold.
The area has a long history of mining, and we want to understand the source of the gold system. That will help us assess the potential for a larger system. We remain very excited about it.
Proactive: Mike, as always, there is plenty going on and plenty to look forward to. Thank you both for your time. We will be in touch as more results come through.
Apple uvedl, že prudce rostoucí ceny pamětí ho donutily zdražit a dál tlačí na hrubou marži. Tim Cook zároveň řekl, že trh DRAM má primárně tři dodavatele a potřebuje více konkurence.
The remarks offer a rare glimpse into how AI demand is reshaping one of the semiconductor industry’s most concentrated markets.
• Apple shares are sliding. Why are AAPL shares down?
Apple Says Memory Inflation Forced Price IncreasesWhen asked about pricing, Cook said Apple had little choice but to pass along some of the higher costs.
“We reluctantly raised prices,” Cook said. “We did it because we’re in what I would characterize as a 100-year flood on the memory pricing, with exponential increases in memory prices.”
Cook added that Apple expects those costs to climb further.
“We expect to pay even higher memory costs,” he said, noting that higher DRAM (Dynamic Random Access Memory) prices are only being partially offset by lower costs for certain non-memory components and existing inventory purchased before prices surged.
Chief Financial Officer Kevan Parekh underscored just how significant the issue has become. Without the impact of rising memory costs, Apple’s gross margins would have been materially stronger, he said, adding that memory accounted for more than the entire sequential decline in adjusted gross margin between the March and June quarters and is expected to remain the biggest pressure point into September.
Apple Hints the DRAM Market Needs More CompetitionPerhaps the most striking moment came when Cook was asked about Apple’s sourcing strategy.
Rather than focusing on negotiations with existing suppliers, he pointed to the structure of the memory industry itself.
“Primarily the DRAM market has three suppliers,” Cook said. “Obviously if there were more suppliers, that would be good, and it would help us on the supply side and perhaps the pricing side… We’re evaluating all options.”
The comments are notable because Apple rarely discusses supplier concentration publicly.
Cook stopped short of outlining any plans to diversify Apple’s supplier base, but his remarks suggest the company would welcome additional capacity if it became available.
Memory Is Becoming AI’s Next BottleneckApple’s comments point to a broader shift taking place across the semiconductor industry. While AI chips from companies like Nvidia have captured most of the attention, memory has become just as critical to running increasingly powerful AI models. That has tightened supply and pushed memory prices sharply higher across the industry.
Cook’s remarks suggest those higher costs are no longer affecting only memory makers. They are now influencing product pricing and weighing on profit margins even at Apple, one of the world’s largest buyers of chips.
For investors, that’s another sign that AI’s memory suppliers remain in a position of unusual strength, as demand continues to outpace supply.
Image via Shutterstock
Market News and Data brought to you by Benzinga APIs
Apple spustil nový leasingový program Upgrade přes Klarna pro téměř všechna zařízení, od iPhonu po Mac. Může tím zmírnit dopad nedávného zdražení a podpořit častější upgrady.
There's been speculation for a while that Apple (AAPL -1.41%) would eventually launch a major leasing program for its devices. Still, until recently, the company mostly offered leasing plans for its iPhones.
But after Apple rolled out its new Upgrade program just a few days ago, the company is now all-in on letting customers lease their devices -- from the Apple Watch to its Mac computers -- through Klarna.
It's a big move for Apple, and it could make its premium products more affordable for some customers while encouraging others to upgrade to more expensive models.
Image source: The Motley Fool.
Apple offers customers an Upgrade Apple used to have its iPhone Upgrade plan, which let some customers pay for their phones monthly and upgrade to a new one every year, but it's doing away with that plan -- while keeping the Upgrade name -- and rolling out leases for nearly all of its devices.
Apple said in a press release that new iPhones will start at $17.99 under the Upgrade plan, an Apple Watch will start at just $11.99, new iPads will start at $17.99 per month, and Mac leases will start at $24.99 per month. The iPhone and Watch will have leasing options of 12 to 24 months, while the Mac and iPad have 24- to 36-month leases.
Once a customer completes their lease term, they can either upgrade their device to the latest generation, purchase it with a one-time payment, or turn in the device and end the lease. Buy now, pay later payments company Klarna will handle enrollment, approval, and leasing billing, and the payment process will be managed in the Klarna app.
Removing the sticker shock and potentially boosting upgrades The timing of Apple's new Upgrade leasing program is particularly notable because just a couple of weeks ago, the company significantly raised prices across many of its devices. For example, the cost of some of its Macs and iPads jumped by $200 or more.
Apple said the price increases are the result of surging memory processor costs, which have risen as demand for memory in artificial intelligence data centers increases. Many other tech companies are in the same boat as Apple, with their margins squeezed unless they raise device prices.
Apple hasn't announced higher prices for its iPhones, but is expected to do so once the latest generation debuts in the fall.
This is likely why Apple wanted to roll out its new Upgrade program as soon as possible. By giving customers the option to lease their devices instead of paying for them up front, Apple may be able to round off the harsh edges of its recent price increases -- while still maintaining the enviable 39% gross margins it earns on its hardware.
Today's Change
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Current Price
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333.43
Investors will want to pay especially close attention to upgrade cycles Apple's goal is pretty obvious, given the name for the new leasing program. Just as with its previous iPhone Upgrade plan, the company hopes that customers who lease their devices will develop a regular habit of upgrading to the newest version of their iPhone, Macs, Watch, etc., when the lease term ends.
And with low monthly payments for some devices, it'll likely be easier for users to justify getting a new device every year or two if the monthly price stays the same, or close to it.
What's more, the new Upgrade program could convince customers to buy devices they wouldn't normally purchase. For example, Apple is rumored to be releasing its first foldable iPhone in September, with a 7.8-inch screen and a premium $2,000 price tag.
That's a hefty sum to pay for a phone, but if some customers can lease it for a reasonable monthly price, then it could spur sales of the high-end device.
Give this some time to bake Investors won't know how successful the new Upgrade program is for at least a few more quarters. Its new iPhones will likely debut sometime in September, and Apple's best-performing quarter is typically its fiscal first quarter, which covers the end of September through December.
This means that by early next year, investors will likely have more insight into whether customers are using Apple's leasing program.
But, at least for now, this looks like a smart move by the company to help ease the pain of its recent price increases -- and potentially convince some customers that a $2,000 phone is worth the cost.
Apple ve čtvrtletí překonala odhady tržeb i EPS, když vykázala tržby 109,42 miliardy USD a zisk 2,02 USD na akcii. Akcie v premarketu v pátek klesaly o 7,23 %.
The stock is also testing its 50-day moving average after retreating from July highs. That level could determine whether the recent pullback remains part of a longer-term uptrend or develops into a deeper correction.
Apple reported fiscal third-quarter revenue of $109.42 billion and earnings of $2.02 per share, topping Wall Street estimates of $108.65 billion and $1.89, respectively. The company also said its active installed base reached a record high and called it its strongest June quarter ever.
The stock has rallied sharply in recent months. Analysts said investors are now focusing on margins, valuation, iPhone demand and services growth after the earnings beat.
Analyst Flags Siri AI, China And Memory Costs As Key Watch PointsEvercore ISI analyst Amit Daryanani said Apple’s fiscal third-quarter results were modestly better than expected, with stronger-than-anticipated iPhone revenue and a slight gross margin beat offset by softer services growth.
He said investors will now shift their focus to whether Apple’s AI strategy, particularly the rollout of Siri AI, can sustain more than 20% iPhone revenue growth and support further upside for the stock.
On margins, Daryanani said rising memory costs remain an important risk. He said greater certainty around memory pricing through long-term supply agreements would improve investor confidence and help reduce concerns about future gross margin pressure.
Snipe noted that Apple shares had gained about 22% year to date and 15% over the past month while trading at roughly 36 times forward earnings. He said investors would closely watch whether consumers continued to absorb higher prices as Apple appeared likely to pass on some of its higher costs.
Apple’s Stability Is Attracting InvestorsMoffettNathanson co-founder and senior analyst Craig Moffett told CNBC that Apple’s recent rally reflects shifting investor sentiment rather than a dramatic change in the company’s fundamentals.
He also described Apple as a “low-risk stock at a time of high volatility,” saying investors increasingly see it as a safe place to park capital amid uncertainty surrounding AI-related spending.
The stock carries a consensus Buy rating with an average analyst price forecast of $327.81. Recent analyst actions include:
Morgan Stanley raised its price forecast to $364 while maintaining an Overweight rating on July 23. HSBC upgraded the stock to Buy and raised its price forecast to $366 on July 17. KeyBanc downgraded Apple to Underweight with a $250 price forecast on July 14. Technical AnalysisApple is trading about 4.5% below its 20-day simple moving average of $324.35 but remains near its 50-day simple moving average of $309.30. That level could attract buyers if the longer-term uptrend remains intact.
The stock continues to trade well above its 100-day simple moving average of $288.15 and its 200-day simple moving average of $277.65. The bullish golden cross, formed in September 2025 when the 50-day moving average crossed above the 200-day moving average, also remains in place.
Momentum indicators have improved. The MACD remains above its signal line, suggesting selling pressure has eased even as the stock consolidates.
Key resistance: $317.50 Key support: $287.50 ETF ExposureApple remains one of the largest holdings in several major exchange-traded funds:
Large inflows or outflows in these funds can influence trading activity in Apple shares.
Price ActionAAPL Stock Price Activity: Apple shares were down 7.23% at $309.33 during premarket trading on Friday, according to Benzinga Pro data.
Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
Apple klesá před otevřením trhu o 7,3 % poté, co varoval, že omezení dodávek brzdí růst a zhoršují výhled. Firma zároveň čeká růst tržeb v aktuálním čtvrtletí jen o 9 % až 11 %.
View of an Apple logo at an Apple store in Paris, France, April 23, 2025. REUTERS/Abdul Saboor/File Photo Purchase Licensing Rights, opens new tab
July 31 (Reuters) - Apple shares dropped 7.3% before the bell on Friday as the tech giant warned that supply constraints would hurt growth, prompting investors to look beyond near-term shortages to gauge the hit from an expected iPhone price hike.
The decline puts Apple (AAPL.O), opens new tab on track to shed roughly $361.6 billion in market value, if the losses hold.
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The company's outlook highlighted a broader industry challenge, with AI-driven demand tightening supplies of advanced chips and memory, driving up costs and prolonging supply-chain bottlenecks across the technology sector.
Apple said on Thursday that shortages of advanced chipmaking capacity were limiting supplies of iPhones, Macs and some iPads, with Chief Executive Tim Cook saying supply constraints, rather than weak demand, was driving the softer outlook.
Cook will vacate the top job at the tech firm for John Ternus at the start of September, capping a leadership era that helped build Apple into the world's most valuable company and a top-performing member of the "Magnificent Seven".
"Demand robustness is running into a wall of supply and cost challenges," J.P. Morgan analysts led by Samik Chatterjee said, adding that supply constraints were likely to defer sales rather than destroy them, with revenue expected to be realized in future quarters.
Apple forecast 9% to 11% revenue growth for the current quarter, below Wall Street expectations of about 12%, while projecting mid-teens percentage growth in iPhone revenue that also lagged analyst estimates.
iPhone sales in the June quarter rose 21.7% to $54.25 billion, above estimates of $53.86 billion and marking the best-ever iPhone sales for the third quarter.
Apple is widely expected to raise iPhone prices later this year, but investors are increasingly focused on whether it can raise them without denting demand.
TD Cowen analysts said the upcoming iPhone cycle, AI-powered Siri features and Apple's upgrade program could allow the company to increase prices "without significant demand destruction."
Reporting by Rashika Singh and Kanishka Ajmera in Bengaluru; Editing by Mrigank Dhaniwala
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Rashika reports on brokerages and financial markets, alongside technology and corporate developments for Reuters, with a focus on U.S. and global companies. Her coverage spans analyst actions, earnings-driven stock moves, semiconductors, artificial intelligence, aerospace and defense, and high‑growth technology stocks, often through breaking news and market‑moving “hot stock” coverage. Her reporting primarily appears in the Technology, Business, and Markets sections of the Reuters website and wire service, examining how brokerage research, corporate strategy and earnings influence investor sentiment and global competition. She regularly contributes to Reuters’ spot and breaking‑news coverage, rather than a named column or standalone newsletter.
Apple Inc. (AAPL) Q3 2026 Earnings Call July 30, 2026 5:00 PM EDT
Company Participants
Suhasini Chandramouli - Director of Investor Relations
Timothy Cook - CEO & Director
Kevan Parekh - Senior VP & CFO
John Ternus - Senior Vice President of Hardware Engineering
Conference Call Participants
Amit Daryanani - Evercore ISI Institutional Equities, Research Division
Michael Ng - Goldman Sachs Group, Inc., Research Division
Benjamin Reitzes - Melius Research LLC
Erik Woodring - Morgan Stanley, Research Division
Aaron Rakers - Wells Fargo Securities, LLC, Research Division
Wamsi Mohan - BofA Securities, Research Division
Samik Chatterjee - JPMorgan Chase & Co, Research Division
Presentation
Suhasini Chandramouli
Director of Investor Relations
Good afternoon, and welcome to the Apple Q3 Fiscal Year 2026 Earnings Conference Call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded.
Speaking first today is Apple's CEO, Tim Cook; followed by CFO, Kevan Parekh. Also joining us on today's call is incoming CEO, John Ternus. After the prepared remarks, we'll open the call to questions from analysts.
Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes and future business outlook. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast including risks related to the potential impact to the company's business and results of operations from macroeconomic conditions, tariffs and other measures and legal and regulatory proceedings.
For more information, please refer to the risk factors discussed in Apple's most recently filed reports on Form 10-Q and Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Additional information will also be in our report on Form 10-Q for the quarter ended June 27, 2026, to
Tim Cook označil hybridní přístup Applu k AI, který část úloh zpracuje přímo na iPhonu a Macu, za „konkurenční zbraň“. Firma tím chce podpořit i chystané Siri a iCloud+.
Apple CEO Tim Cook had a lot to talk about on his last earnings call as CEO, as his company's stock price trended lower on concerns about supply constraints. Regardless of the selloff, he told investors that Apple has "enormous opportunities" in artificial intelligence.
Cook, who will be assuming the role of executive chairman on Sept. 1, said Apple's hybrid approach to AI, where some workloads can be run on iPhones and Macs is an advantage as his large tech peers rely on their massive clouds.
It's an important signal to Wall Street about the company's ability to run AI apps as Apple gears up for the launch of an updated Siri this fall.
"The ability to run some percentage of requests on device is also very strategic and sort of a competitive weapon," Cook said.
Apple has bucked its hyperscaler peers by spending significantly less on capital expenditures as it tries to be a player in AI. Most of the spending across the industry is going towards Nvidia-based data centers to run advanced AI models from companies like OpenAI and Anthropic.
Alphabet, Amazon, Meta and Microsoft have each committed to shelling out well over $100 billion in capex this year. In the June quarter, Apple's capex amounted to $2.46 billion, lower than a StreetAccount estimate of $3.44 billion. Cook noted that operating expenses are going up.
"We have been growing our opex and spending more in AI in general," Cook said.
Instead of spending heavily on data centers, Apple emphasizes that much of its AI suite — Apple Intelligence — can be run on the devices themselves, using the full power of Apple's chips and not radioing to the cloud.
Apple says it can do more in AI, potentially saving money for businesses that are spending heavily on AI software. He gave the example of Disney, where "creative teams are increasingly turning to Mac for on-device AI workflows that reduce overall cloud token costs and keep their IP secure," Cook said.
Apple's hybrid strategy will be tested when Siri AI is finally released to the public. The highly anticipated launch of Apple's personal assistant will depend on the iPhone's processor to decipher queries and use the appropriate on-device AI model.
However, there are tradeoffs in terms of what the local models can do. So for complicated AI tasks, Apple will use Google Cloud to serve those answers with infrastructure based on Nvidia's graphics processing units and Intel's central processors. Those tasks include things like image generation, Apple said in June, when it revealed the software.
Apple signaled at the time that it would cap users on its cloud models and that they might be able to increase their limits through iCloud. That would offer Apple a new way to monetize AI.
Cook said on Thursday that Apple didn't have a "complete plan" for charging users, but that it aims to use AI as a selling point for iCloud subscriptions.
"We do believe there will be people that want to use it a lot, and so we will have some kind of upgrade possibilities on on iCloud+," Cook said.
CUPERTINO, Calif. – Apple delivered its strongest June quarter on record, reporting $109.4 billion in revenue and beating analysts' estimates of $108.65 billion in the company's final earnings report before CEO Tim Cook steps down.
A 22% jump in iPhone sales, combined with record spring quarter Mac revenue, helped drive the results. Tariff refunds also boosted Apple's bottom line, adding roughly 5% to profit during the period.
But the earnings numbers were only part of the story. In an interview following the report, Cook addressed Apple's approach to open-source artificial intelligence, the state of U.S.-China relations, rapidly rising memory chip costs and the legacy he leaves after 15 years at the helm.
APPLE CHIEF TIM COOK SAYS IT WAS THE 'RIGHT TIME' TO STEP DOWN AS CEO
Apple CEO Tim Cook delivers the keynote address during the Apple WWDC at Apple Park June 8, 2026, in Cupertino, Calif. (Justin Sullivan/Getty Images)
Cook said he has "nothing negative" to say about open-source AI models, adding "they are useful." His comments come as the technology industry debates whether the most powerful AI systems should remain proprietary or be made more broadly available to developers.
That debate has intensified after Chinese AI company Moonshot launched Kimi K3, a new model that has drawn attention for performance that rivals some of the most powerful systems from Anthropic and OpenAI. Apple, meanwhile, is preparing to launch its long-awaited AI-powered Siri this fall using Google's Gemini.
Cook's comments suggest Apple intends to remain pragmatic rather than ideological in choosing the models that power its products. The company has traditionally exercised tight control over its hardware and software ecosystem, but the fast-moving AI market may require it to draw on a wider range of outside technologies.
WHO IS JOHN TERNUS, SET TO SUCCEED TIM TOOK AS APPLE’S CEO?
China remains another critical part of Apple's AI strategy and its broader business.
Apple employees help customers at the Fifth Avenue Apple Store on new product launch day Sept. 19, 2025, in New York City. (Michael M. Santiago/Getty Images)
"In terms of the U.S.-China relationship, I was over in April for the state dinner, and I think the engagement between the countries is really good, and I've got a favorable view. And I'm very optimistic at this point about where the relationship is," Cook said.
Apple Intelligence has finally been approved in China after a delay of nearly two years compared with its U.S. launch. The approval could help Apple compete more effectively in one of its largest markets, where domestic smartphone makers have moved quickly to add generative AI features.
Apple's China sales rose 22% during the spring quarter to $18.81 billion. Even with that sharp increase, revenue still fell short of analysts' estimates of more than $19.5 billion in Apple's third-largest market.
Tariff refunds provided another lift to the quarter. Cook said Apple is directing that money back into domestic production.
APPLE TO LEASE IPHONES, OTHER PRODUCTS TO USERS THROUGH KLARNA PARTNERSHIP
"We're taking our tariff refunds and reinvesting those in the United States' advanced manufacturing," he said.
Apple has already committed to spending $600 billion over four years on the U.S. economy. The reinvestment gives the company a way to frame the refunds not simply as a temporary earnings benefit, but as additional support for its long-term manufacturing strategy.
At the same time, Apple is contending with a sharp increase in the cost of memory chips. The company recently raised prices on some Mac computers and iPads by as much as $300 as memory chip prices soared by as much as 600% over the past two years.
"As I'd mentioned on the call last time around, the memory costs were higher in March than December quarter, and then in June they were significantly higher than in the March quarter," Cook said.
Ticker Security Last Change Change % AAPL APPLE INC. 333.43 -4.76 -1.41% Those higher costs are arriving just as artificial intelligence is driving demand for more computing power and memory. Despite the price increases on some devices, Cook said Apple's new, lower-priced MacBook Neo, which starts at $699, was the company's bestselling computer in the United States during its first full quarter on the market.
Demand for Apple's higher-powered Mac Studio computers has also surged, creating supply shortages and helping push Mac revenue above $10 billion for a new spring-quarter record.
Cook will step down as chief executive on Sept. 1 after leading Apple for 15 years. He will remain chairman, while Apple's hardware engineering chief, John Ternus, takes over as CEO.
Cook became chief executive in 2011, succeeding Apple co-founder Steve Jobs. Since then, Apple's market value has increased by more than 1,000%. This week, the company became only the second corporation to surpass $5 trillion in market value, briefly overtaking Nvidia to reclaim the title of the world's most valuable company.
Apple's CEO Tim Cook attends the premiere of Season 4 of the Apple TV series "Ted Lasso" at the Academy Museum in Los Angeles July 27, 2026. (David Swanson/Reuters / Reuters)
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Reflecting on his tenure, Cook said, "I've had an incredible opportunity to work with people that I love to work with ... and it's just been the privilege of a lifetime."
Asked how he wants to be remembered, Cook demurred.
"How people will write about that will be theirs to decide," he said. "But for me, it's been a privilege."
Cook arrived in the top job facing doubts that a supply chain expert could preserve the product vision and culture associated with Jobs. Fifteen years later, he leaves behind a company operating at a scale few could have imagined in 2011 and one now entering a new era defined by artificial intelligence, geopolitical competition and the challenge of sustaining growth from the world's most valuable consumer technology franchise.
Apple uvedl, že služby dosáhly tržeb 30,74 mld. USD, méně než čekal trh (31,22 mld. USD), kvůli zpomalení mobilního gamingu a změnám v App Storu. Po výsledcích akcie v poobchodní fázi klesly o více než 4 %.
Apple says it has now topped 1.5 billion subscribers for its services business, up from 1 billion in January 2025. However, this segment of Apple’s business, which includes the Apple Store, AppleCare, music, video, and cloud services, was the only miss in what was otherwise a record-breaking quarter for the company’s hardware sales.
In Apple’s fiscal third quarter, the company reported $30.74 billion in services revenue, falling short of the $31.22 billion Wall Street analysts had expected. Combined with a miss in China, Apple’s stock tumbled over 4% in after-hours trading.
When asked to dive into what led to the decline in services revenue, Apple CFO Kevan Parekh pointed to several factors. Most notable, however, were the impacts on Apple’s cash cow, the App Store.
One factor contributing to the App Store’s performance in the quarter was a slowdown in mobile gaming. It also called out the App Store business model changes in certain countries, including the U.S.
The latter is a reference to Apple being under a court order that requires it to now allow app developers to process customer payments outside the App Store — and outside the reach of Apple’s commission. While Apple didn’t say to what extent this specific issue had impacted App Store revenue, it did remind investors that the matter will be heard by the Supreme Court for a final decision.
The company didn’t fully blame App Store issues for the services revenue miss. Other factors included foreign exchange, which Apple claimed was the main driver, as well as a comparison to prior quarters where Apple was raking in money from the success of its “F1” theatrical release.
Overall, the App Store still set a June quarter revenue record, Apple noted, but that total figure also includes revenue from Apple Ads, which have become a more significant part of Apple’s business, and recently expanded to Apple Maps.
Despite these issues — and other “headwinds” attributed to foreign exchange rates — Apple touted the potential for growing its services business in the future.
It noted the segment set an all-time revenue record in developed markets and a June quarter record in emerging markets. It also said the total services business saw double-digit revenue in the “vast majority” of markets Apple tracks.
“Our services continue to attract more customers, and we have now surpassed one and a half billion in paid subscriptions. Both transacting and paid accounts reached new all-time highs in the quarter, with double-digit growth for both in emerging markets,” said Parekh.
The company also shared that specific segments were doing particularly well, including Apple Ads, App Store, AppleCare, Apple Music, and Apple TV, which saw June quarter records, as well as cloud and payment services, which hit all-time highs. Apple TV additionally saw its viewership reach an all-time high in the quarter.
Apple also reminded investors of potential new services revenue streams, including the newer Creator Studio subscriptions and the upcoming bill-splitting features in Apple Cash, which could deepen customers’ engagement with Apple’s payments ecosystem.
This week’s launch of the Apple Upgrade program, in partnership with Klarna, could drive other increases in services revenue too, especially if it drives more people to buy an iPhone or other Apple device, adding services to their bill.
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Sarah has worked as a reporter for TechCrunch since August 2011. She joined the company after having previously spent over three years at ReadWriteWeb. Prior to her work as a reporter, Sarah worked in I.T. across a number of industries, including banking, retail and software.
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Apple (AAPL - Free Report) came out with quarterly earnings of $1.91 per share, beating the Zacks Consensus Estimate of $1.88 per share. This compares to earnings of $1.57 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +1.60%. A quarter ago, it was expected that this maker of iPhones, iPads and other products would post earnings of $1.92 per share when it actually produced earnings of $2.01, delivering a surprise of +4.69%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Apple, which belongs to the Zacks Computer - Micro Computers industry, posted revenues of $109.42 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.62%. This compares to year-ago revenues of $94.04 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Apple shares have added about 24.4% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for Apple?While Apple has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Apple was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.03 on $115.73 billion in revenues for the coming quarter and $8.76 on $479.01 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer - Micro Computers is currently in the top 9% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Dell Technologies (DELL - Free Report) , is yet to report results for the quarter ended July 2026.
This computer and technology services provider is expected to post quarterly earnings of $4.89 per share in its upcoming report, which represents a year-over-year change of +110.8%. The consensus EPS estimate for the quarter has been revised 0.4% higher over the last 30 days to the current level.
Dell Technologies' revenues are expected to be $46.5 billion, up 56.2% from the year-ago quarter.
Apple varuje před výraznými omezeními dodávek paměťových čipů a zvýšila zásoby na 11,1 miliardy USD z 5,7 miliardy USD loni v září. Cook uvedl, že dopad na náklady poroste.
As the generative AI boom drives steep demand for hardware components, Apple and other hardware makers are facing what outgoing CEO Tim Cook calls “a hundred-year flood [on] memory pricing,” which is severely impacting the cost of producing iPhones, MacBooks, and other devices.
Apple described its recent earnings report as its “strongest June quarter ever,” with iPhone and Mac sales performing better than expected, growing 22% and 29%, respectively, year-over-year. Yet the company is bracing for memory shortages, known as RAMageddon, to get even worse. Apple’s biggest challenge is securing the advanced memory nodes used in its Apple silicon chips, which power the A-Series and M-Series processors used in iPhones and Macs.
“We continue to expect high levels of demand. However, with less flexibility in supply chain, we expect the impact from the supply constraints to increase significantly sequentially,” Cook said on Apple’s quarterly earnings call. “We’re seeing some very significant constraints currently with limited flexibility in the supply chain to remedy it.”
Apple is evidently worried enough about supply shortages that it reported $11.1 billion in inventory, nearly double the $5.7 billion it reported last September. This marks a break from Cook’s long-held supply chain approach, which has emphasized minimizing how much inventory Apple has on hand.
These constraints led Apple to “reluctantly” raise the price of Macs and iPads last month, Cook added. Other companies that have raised hardware prices include Meta, Samsung, Microsoft, and Sony.
“We’re going to be scrambling on the supply side, essentially,” Cook said.
For the upcoming quarter, Apple is predicting revenue growth between 9% and 11% year-over-year. But in the last several quarters, Apple has maintained about 16% year-over-year growth. Of course, that worries investors — Apple stock dropped 6% in after-hours trading.
When Senior VP of Hardware Engineering John Ternus steps into the CEO role in September, the company could be facing a rough patch, but at least Apple isn’t alone in its supply struggles.
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Apple oznámil tržby i zisk nad odhady díky silným prodejům iPhonů a Maců. Tržby z iPhonů vzrostly o 21,7 % na 54,25 miliardy USD, Maců o 28,7 % na 10,35 miliardy USD.
SummaryCompaniesiPhone sales jump 21.7% to $54.25 billion, topping $53.86 billion estimate, LSEG data showsMac sales rise 28.7% to $10.35 billion, above $8.74 billion estimate, LSEG data showsTim Cook cited advanced chipmaking bottlenecks as main supply constraintSAN FRANCISCO, July 30 (Reuters) - Apple (AAPL.O), opens new tab on Thursday reported sales and profits that beat Wall Street expectations, fueled by its customers snapping up iPhones and MacBooks amid price increases across the consumer electronics sector.
Rising services revenue failed to meet Wall Street targets, though, and shares fell 4% in after-hours trade. Expectations were high for Apple, which recently regained the title of world's most valuable company.
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Apple said sales for its fiscal third quarter ended June 27 were up 16.4% to $109.42 billion, compared with analyst estimates of a 15.5% rise to $108.65 billion, according to LSEG data, and Apple's own forecast of 14% to 17% sales growth.
Apple's third-quarter profits were $2.02 per share, with 11 cents attributable to tariff refunds from the U.S. government.
Excluding the tariff refunds, Apple's profits were still above Wall Street estimates of $1.89 per share.
The stock decline comes after Apple, whose shares have risen more than 22% this year, reclaimed its throne as the world's most valuable company from AI chip leader Nvidia (NVDA.O), opens new tab. With help from Alphabet's (GOOGL.O), opens new tab Google, Apple earlier this year unveiled a revamped version of its Siri virtual assistant with a raft of new AI-driven features, and consumers and software developers alike have been gravitating toward its Mac products to handle AI tasks on device rather than paying monthly fees.
Driving Apple's results was a 21.7% increase in iPhone sales to $54.25 billion, above analyst estimates of $53.86 billion, according to LSEG data. Those iPhone sales were Apple's best-ever for a third quarter, when phone sales typically begin to slow as customers anticipate new models during the fall.
But this year, Apple customers are racing to snap up iPhones after a global crunch in memory chip supplies prompted Apple to raise prices of Macs and iPads. Apple has so far spared its signature product, with Wall Street analysts increasingly expecting that Apple will hike iPhone prices around its annual fall launch event in September.
Bob O'Donnell, chief analyst at TECHnalysis Research, said that investors may have concerns that the third quarter reflected a buying flurry that may not carry through to the current fourth quarter or beyond.
“I do think it’s possible people are going to continue to buy the existing phones, because of the price increases,“ O'Donnell said. "The big question is, what’s going to happen on Macs in this quarter, when the new prices are fully there?”
Apple's second biggest area for revenue, its services business, including its App Store, iCloud and content businesses, rose 12.1% to $30.74 billion, missing estimates of $31.22 billion, according to LSEG data.
D.A. Davidson analyst Gil Luria said that services growth was slowing. "Investors are concerned that if Services are decelerating while iPhone is growing more than 20%, it may slow down even more as iPhone sales come back down to earth," he said.
In an interview with Reuters, Apple CEO Tim Cook said that the main supply constraint that Apple had during the third quarter was an industry shortage of advanced chipmaking technology used to produce the Apple Silicon chips at the heart of its devices. Cook said that was particularly true for the company's Mac lineup, whose sales grew 29% on the strength of the entry-level MacBook Neo and the high-end MacBook Pro despite price increases for those models.
"If you look at the root causes behind those, it's that we're having an incredibly strong product cycle beyond our expectations, and the (advanced chipmaking) supply chain just fundamentally has less flexibility in it to meet the high levels of demand," Cook told Reuters.
Apple is also grappling with a supply chain strained by hundreds of billions of dollars of spending to build out AI data centers, leading to a thinly concealed conflict with longtime memory supplier Micron (MU.O), opens new tab. Cook has previously noted shortages of both memory chips and the main processor of iPhones supplied by Taiwan Semiconductor Manufacturing Co (2330.TW), opens new tab.
Apple said its gross margins, which it had warned would come under pressure due to memory costs, were 50.1%, with Apple saying that tariff refunds contributed two points of that margin. Excluding the refunds, gross margins were 48.1%, which was above the midpoint of Apple's guidance and above estimates of 47.92%, according to LSEG data.
Unlike its Big Tech rivals, Apple has been more cautious with its spending, declining to plow hundreds of billions of dollars into its own data centers. By comparison, Google has invested heavily in data centers and stunned investors with negative free cash flow. But Apple has also signaled that it may have upcoming capital needs of its own by ending its longtime goal of returning all of its cash to shareholders.
Apple on Thursday said that sales of Macs were up 28.7% to $10.35 billion, beating analyst estimates of $8.74 billion, according to LSEG data. Sales of iPads were down 5.9% to $6.19 billion, below analyst expectations of $6.92 billion, according to LSEG data.
Cook attributed the iPad decline to a "tough compare" to the same quarter a year ago when Apple introduced the budget-minded A16 iPad.
Wearable sales were up 6.5% to $7.88 billion, slightly above expectations of $7.82 billion, according to LSEG.
Sales rose in all parts of the globe, with Greater China revenue up 22.4% to $18.82 billion. That China revenue missed the $19.67 billion average target of six analysts polled by Visible Alpha.
Reporting by Stephen Nellis in San Francisco and Juby Babu in Mexico City; editing by Peter Henderson and Aurora Ellis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Apple sice překonala odhady tržeb i zisku, ale slabší výkon v Číně a ve službách poslal akcie po zveřejnění výsledků dolů o 3,9 % mimo hlavní obchodní hodiny.
Apple Inc. reported fiscal third-quarter results that topped Wall Street expectations on overall revenue and earnings, driven by strong iPhone and Mac sales.
However, weaker-than-expected performance in China and its high-margin services business weighed on investor sentiment, sending shares down about 3.9% in after-hours trading.
The iPhone maker reported revenue of $109.42 billion for the quarter ended June 27, up 16.4% year over year and above analysts' expectations of $108.65 billion.
Earnings came in at $2.02 per share, benefiting in part from 11 cents per share related to US tariff refunds.
Even excluding those refunds, profit exceeded Wall Street estimates.
Apple's iPhone business remained the primary growth engine during the quarter.
iPhone revenue climbed 21.7% to $54.25 billion, surpassing analyst estimates and marking the company's strongest June-quarter iPhone performance.
Mac sales also exceeded expectations, rising 28.7% to $10.35 billion, helped by demand for the entry-level MacBook Neo and high-end MacBook Pro.
Chief Executive Officer Tim Cook attributed the company's supply constraints to shortages in advanced chipmaking technology.
"If you look at the root causes behind those, it's that we're having an incredibly strong product cycle beyond our expectations, and the (advanced chipmaking) supply chain just fundamentally has less flexibility in it to meet the high levels of demand," Cook told Reuters.
Apple has already increased prices for Macs and iPads as shortages of memory chips and processors continue to pressure supply.
The company said gross margin reached 50.1%, with tariff refunds contributing two percentage points.
Excluding those refunds, gross margin was 48.1%, still above analyst expectations.
Despite overall revenue growth, Apple's performance in two closely watched businesses disappointed investors.
Revenue from Greater China totaled $18.82 billion, missing analyst expectations of about $19.6 billion despite increasing 22.4% from a year earlier.
The company's services division, which includes the App Store, iCloud and subscription businesses, generated $30.74 billion in revenue.
While the segment grew 12.1% year over year, it fell short of analyst expectations of roughly $31.22 billion.
Elsewhere, iPad revenue declined 5.9% to $6.19 billion, below forecasts.
Cook attributed the decline to a difficult comparison with the prior year when Apple launched the budget-focused A16 iPad.
Wearables revenue increased 6.5% to $7.88 billion, slightly exceeding expectations.
AI strategy and leadership transition remain in focusApple's results come as investors continue comparing the company's artificial intelligence strategy with rivals that have dramatically increased spending on AI infrastructure.
Unlike several large technology peers, Apple has taken a more measured approach to capital spending, a strategy that has helped position it as a relatively defensive technology stock amid investor concerns over AI-related spending.
The company recently reclaimed its position as the world's most valuable company with a market value approaching $5 trillion.
The company is also preparing for a leadership transition.
The quarter marks Tim Cook's final earnings report as chief executive before hardware chief John Ternus takes over on Sept. 1.
Apple also continues to face supply chain challenges as demand for advanced chips and memory components rises across the technology industry.
The shortages have already prompted price increases for Macs and iPads, while Wall Street increasingly expects higher iPhone prices when the next generation of devices is introduced later this year.
Apple očekává, že růst ve 3. fiskálním čtvrtletí podpoří silná poptávka po iPhonu 17 a dražších modelech Pro. Tržby z iPhonů by měly meziročně vzrůst asi o 21,1 %.
Key Takeaways Apple's fiscal Q3 growth is expected to be led by strong iPhone 17 demand and higher Pro sales.Mac sales are forecast to rise 7.8%, aided by M5 models, though chip constraints may limit supply.iPad and wearables may post modest growth amid a tough comparison and steady device demand. Apple’s (AAPL - Free Report) third-quarter fiscal 2026 results, to be reported on July 30, are expected to have benefited from sustained demand for the iPhone 17 family and the more affordable iPhone 17e. The lineup delivered 22% year-over-year growth in the second quarter of fiscal 2026, supported by higher sales of Pro models, record upgrader activity and market-share gains. Demand remained strong across the United States, Greater China, Europe, India, Japan and Southeast Asia.
Apple Intelligence integration, advanced cameras, improved battery life and A19-series processors are likely to have encouraged upgrades. New accessibility capabilities, including AI-powered VoiceOver, Magnifier and natural-language Voice Control, further enhance the utility of the iPhone. However, growth could moderate sequentially following the exceptionally strong fiscal second quarter performance.
The iPhone accounted for 51.3% of net sales in the second quarter of fiscal 2026. The Zacks Consensus Estimate for fiscal third-quarter iPhone sales is pegged at $53.967 billion, suggesting roughly 21.1% year-over-year growth.
Click here to learn how Apple’s overall fiscal third-quarter earnings results are likely to be.
AAPL’s MacBook Demand Expected to Remain RobustMac revenues are expected to have benefited from strong demand for the MacBook Neo, M5-powered MacBook Air and MacBook Pro models featuring M5 Pro and M5 Max processors. Mac sales increased 6% year over year in the second quarter of fiscal 2026, driven primarily by higher laptop sales, while the installed base and the number of customers new to Mac reached records.
Apple Silicon’s ability to run advanced AI models locally is strengthening Mac adoption among developers, enterprises and educational institutions. MacBook Neo’s lower price is also expanding Apple’s addressable market. Nevertheless, Mac performance is likely to have been constrained by limited availability of advanced semiconductor nodes. Apple indicated that several Mac models would remain supply constrained during the third quarter of fiscal 2026 because demand exceeded expectations.
The PC segment climbed up 4.9% in the second quarter of calendar 2026, according to IDC. Apple had a market share of 9.9%, up 140 basis points (bps) on a year-over-year basis. Shipments grew 10.1% year over year to 6.7 million. In terms of shipments, Apple outperformed Dell Technologies (DELL - Free Report) , Lenovo (LNVGY - Free Report) and HP (HPQ - Free Report) . Shipments of Dell, Lenovo and HP declined 2.1%, 5%, and 9%, respectively, per IDC data. Dell, Lenovo and HP have market shares of 13.6%, 24.4% and 19.1%, respectively.
The Zacks Consensus Estimate for fiscal third-quarter Mac sales is pegged at $8.674 billion, suggesting 7.8% year-over-year growth.
AAPL iPad Revenues Likely to Face a Difficult ComparisoniPad revenues are expected to have benefited from demand for the M4-powered iPad Air, the A16-powered entry-level iPad and the M5-powered iPad Pro. In the fiscal second quarter, iPad sales increased 8% year over year, while more than half of buyers were new to the product. Strong adoption in emerging markets, including India, Mexico and Thailand, is likely to have supported the segment.
Enhanced Apple Intelligence and accessibility features, including natural-language Voice Control, Accessibility Reader and privately generated video subtitles, should improve iPad’s appeal for education, productivity and creative workloads. However, Apple warned that the segment faced a difficult year-over-year comparison because the A16-powered iPad was introduced in the prior-year quarter. Consequently, iPad revenues may have declined or posted only modest growth.
The Zacks Consensus Estimate for fiscal third-quarter iPad sales is pegged at $8.674 billion, suggesting 5.1% year-over-year growth.
Apple's Wearables Expected to Register Modest GrowthWearables, Home and Accessories revenues are expected to have benefited from demand for Apple Watch Ultra 3, Apple Watch Series 11, Apple Watch SE, AirPods Pro 3 and AirPods Max 2. The category grew 5% year over year in the second quarter of fiscal 2026, driven by higher wearables and accessories sales. The wearables installed base reached a record, with more than half of Apple Watch buyers being new to the product.
Apple Watch’s health and fitness capabilities and AirPods’ intelligent features, including Live Translation, are likely to have supported demand. The wider integration of Apple Intelligence and accessibility functions across Apple devices may also strengthen ecosystem engagement.
The Zacks Consensus Estimate for fiscal third-quarter Wearables, Home and Accessories sales is pegged at $7.805 billion, suggesting 5.4% year-over-year growth.
Zacks RankApple currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apple uvedl, že návrh britských pravidel pro App Store by znamenal regulaci cen a mohl by omezit inovace i investice. Firma tvrdí, že CMA by zasahovala do jejích plateb i provizí.
View of an Apple logo at an Apple store in Paris, France, April 23, 2025. REUTERS/Abdul Saboor/File Photo Purchase Licensing Rights, opens new tab
CompaniesLONDON, July 29 (Reuters) - Apple (AAPL.O), opens new tab said on Wednesday that proposed UK rules governing its App Store would amount to price regulation, arguing that plans to loosen its control over in-app payments could undermine innovation and investment.
In a submission to Britain's Competition and Markets Authority, the iPhone maker said proposed "steering" requirements would go beyond promoting competition and give the regulator a "highly intrusive" role in managing its business.
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The CMA's consultation, which closed on Monday, is part of its efforts to boost competition and consumer choice. Its proposed measures would allow app developers to direct users to payment options outside Apple's App Store and Google's Play Store and require any fees charged for such steering to be fair and reasonable.
Apple said the App Store facilitated more than £46.5 billion ($61.8 billion) in UK billings and sales in 2025, with commissions accounting for less than 3.5% of the total. It added that there was no evidence changes to its payment model would lower prices for consumers.
"Under the (consultation), the CMA would not only regulate Apple's prices, but also restrict the products and services for which Apple can charge a commission," the company said in its submission.
Gene Burrus, global policy counsel for the Coalition for App Fairness, which has long campaigned for restrictions on Apple and Google app store practices, said Apple's arguments overlooked the barriers developers face.
"Apple is using its position as the dominant platform gatekeeper to give itself unfair and unwarranted competitive advantages," Burrus said.
Apple has previously said developers already have multiple ways to transact with users outside its platform.
The CMA consultation is part of Britain's new digital markets regime, which gives the watchdog powers to impose tailored requirements on companies designated as having "strategic market status".
Apple and Google were designated under the regime last year.
($1 = 0.7521 pounds)
Reporting by Sam Tabahriti. Editing by Mark Potter
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Sam Tabahriti is a UK breaking news correspondent covering general and political news for Reuters. He has over five years of experience covering general news and three years covering business and legal news. He is also a keen cyclist and photography enthusiast.
Tim Cook's final earnings call as Apple CEO takes place the same week the iPhone maker touched a $5 trillion market cap and surpassed Nvidia as the world's most valuable company. But there's no time to celebrate.
Even with the stock trading at a record price and up 25% this year, topping its megacap peers, Apple is reckoning with a memory crunch and a rush for chip manufacturing capacity that's forcing the company to lift prices on devices. Meanwhile, Apple has still yet to launch a redesigned Siri to the public, the most glaring example of how far behind the company has fallen in artificial intelligence.
With Cook set to step down on Sept. 1, and assume the role of executive chairman, the emerging challenges will land in the lap of John Ternus, a 25-year Apple veteran and its head of hardware. Ternus said little on the prior earnings call in April, which came shortly after the CEO transition was announced.
Investors are likely to ask more of Ternus on Thursday, after the company reports fiscal third-quarter results. He'll become just the second CEO since Steve Jobs stepped down a few months before he died in 2011. Cook's 15-year run at the top has been highlighted by a fourteen-fold increase in the company's valuation despite its inability to launch a major hardware platform after the iPhone and its struggle to find a big market for its high-priced Vision Pro virtual reality headset released in 2024.
"Tim Cook, he's a really talented supply chain operations guy, and I think he's done just a remarkable job of navigating the environment," said Melissa Otto, head of Visible Alpha research at S&P Global, in an interview. "We'll get some visibility or some commentary at least around the current environment and how they're navigating it."
watch now
Last month, Apple, citing the global memory shortage, raised starting iPad and Mac prices by at least $100, with some models increasing by more than $1,000. Analysts expect iPhone price hikes this year. In the meantime, Apple announced a program on Tuesday with Klarna, a provider of buy now, pay later loans, that will allow customers in the U.S. to lease an iPhone for up to two years at a price starting at $17.99 per month.
The price increases of up to 20% on some devices were announced just before the end of the quarter, so their impact won't be felt until the current period. For the quarter ended in June, analysts expect to see a total revenue increase of about 16%, with that growth number slipping to 12% in the current period.
More important to investors is what higher prices will do to demand in the December quarter, Apple's biggest of the year.
'Fundamentals are very strong'Counterpoint Research sees total smartphone shipments falling nearly 14% this year, the steepest decline since 2013. The part of the market at greatest risk is the lower end, where manufacturers have less room to pass on skyrocketing memory costs. That largely means Android phones.
Apple could signal "market share gains given pricing increases at competitors," wrote Goldman Sachs analysts, who have a buy rating on the stock, in a note this week.
Apple has yet to raise prices or change iPhone forecasts even after its June warning, though some analysts are altering their models. The hikes could actually boost earnings, some analysts say, due to the company's renowned brand.
"We continue to believe that Apple fundamentals are very strong, with myriad price hikes likely to drive upside to revenue and EPS over the next 6-18 months," analysts at Morgan Stanley wrote in a note last week. The firm recommends buying the stock, but they slashed their Mac forecast for the September quarter by 8% because of supply challenges.
The memory shortage is the biggest near-term challenge facing Apple, but the more significant risk to its business over the longer term likely has to do with its AI strategy.
Instead of spending heavily on AI infrastructure to build or serve advanced models, Apple is licensing much of its AI technology from Google as well as using its cloud. While the hyperscalers are all shelling out well over $100 billion in capital expenditures this year, and some are likely to exceed $200 billion, analysts expect Apple to spend just more than $11 billion, with $3.4 billion coming in the latest quarter, according to FactSet.
"While Apple was initially bruised by many investors for not joining the LLM investment cycle, investors are coming around to Apple's industry-leading" free cash flow, analysts at Baird wrote this month. They recommend buying the stock.
Before Google, Apple's main AI partner was OpenAI, whose ChatGPT was integrated into Siri and other parts of the operating system. That partnership has nearly fallen apart, and Apple sued OpenAI on July 10, alleging trade secret theft. OpenAI denied the claim.
Apple needs its redesigned Siri, which was released in beta in June and is expected to launch this fall alongside new iPhones, to catch on with the public. It then needs to follow that release up with more AI features to keep pace in an industry that's moving at warp speed.
With Ternus taking over, the company may be gearing up for more aggressive AI investing. Under Cook, the company threw off so much cash that it bought back more than $1 trillion in stock during his tenure.
In its last earnings report, Apple made a slight change to its stated policy of how it handles cash. Rather than sticking to a goal it's had since 2018 of being "net cash neutral," or getting its cash on hand equal to total debt, Apple said it will assess its cash and debt independently, which could free up funds for AI.
"We invest in the business first and foremost and then look to kind of return excess cash to shareholders," Apple CFO Kevan Parekh said on the April call.
Apple zveřejní výsledky za 3. fiskální čtvrtletí fiskálního roku 2026 30. července; trh sleduje, zda iPhone udrží růst tržeb v očekávaném pásmu 14 % až 17 %.
It's the end of an era. Tim Cook, the CEO of Apple (AAPL +1.02%), who has led the company since 2011, will step down from his role and become the company's executive chairman. John Ternus, the company's senior VP of Hardware Engineering, will take the helm. That means Apple's upcoming update, for the third quarter of its fiscal year 2026 -- set for release on July 30 -- will be Tim Cook's last as CEO. Here's what to pay attention to in this upcoming quarterly report.
Image source: The Motley Fool.
Can the iPhone continue driving growth? Apple has posted strong financial results over the past few quarters. The company has returned to double-digit year-over-year revenue growth, and in its latest period, it posted its strongest result in that category in several years.
AAPL Revenue (Quarterly YoY Growth) data by YCharts
The company's iPhone 17 has been doing much of the heavy lifting. However, Apple has encountered supply constraints in its device segment. One thing to watch out for in the next update is whether Apple is still dealing with supply constraints and what impact they had on top-line growth during its third quarter. Apple expects revenue growth between 14% and 17%.
It may land toward the higher end of that range (or above), provided the iPhone maintained its momentum over the period, and the company addressed its supply constraints. It will also be interesting to see whether Apple can set new records for active devices across the iPhone and other products, as it often does, and whether the company's subscription base continues to expand. Apple's fourth-quarter guidance will also be a key metric to watch for. If management once again predicts mid-teens revenue growth, that will say a lot about the health of the business.
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Is Apple stock a buy? Apple could fall short of expectations in its upcoming period, potentially sending the stock sharply lower. However, for investors focused on the long game, the company looks attractive regardless of what happens when it releases its Q3 earnings report. Here are three reasons why. First, Apple is reportedly planning to launch a brand-new, foldable iPhone. This device could help it compete with similar ones other smartphone makers have released, meaningfully expand its market, and boost its ecosystem of active devices.
Second, Apple's services segment remains healthy and will only improve as the company continues to bring new customers into its ecosystem. That will lead to stronger profits, since its services segment carries much higher margins than its device business. Third, Apple remains a terrific dividend stock. The company's forward yield isn't very impressive at 0.3% -- the S&P 500's average is about 1.1% -- but Apple hikes its dividends regularly and has ample room to keep doing so, given its very conservative 15.6% cash payout ratio. Apple is worth sticking with for all those reasons, regardless of what happens on July 30.
Apple ve čtvrtek oznámí hospodářské výsledky a opční trh čeká pohyb akcií až o 4 % do konce týdne. Bude to také poslední report s Timem Cookem v čele, přičemž John Ternus má převzít nejvyšší funkci v září.
Key Takeaways Apple is due to report earnings Thursday afternoon, with options pricing suggesting traders see its stock swinging up to about 4% by the end of the week. Thursday’s report will be Apple’s last with Tim Cook as CEO, with John Ternus set to take over the top job in September. Get personalized, AI-powered answers built on 27+ years of trusted expertise.
Apple is set to report earnings after the closing bell Thursday, with traders expecting the iPhone maker’s stock could extend its record-setting rally following the results.1
Based on current options pricing, Apple (AAPL) shares are seen swinging up to about 4% in either direction by the end of the week. A move of that size from Tuesday’s close could send the stock up to a new record above $352, or back below $328, giving up some of its recent gains.
After overtaking Nvidia (NVDA) as the world’s most valuable company and watching its market capitalization briefly cross the $5 trillion threshold, Apple saw its shares finish Tuesday’s session 1% higher at a closing record of $340. The iPhone maker’s stock has added one-quarter of its value this year amid optimism around strong iPhone sales and anticipated advances under new CEO John Ternus, who’s set to take the helm from Tim Cook in September.
Why This Matters to Investors Thursday’s earnings call will be Apple’s last with Tim Cook as CEO, with investors likely to watching closely for any updates on the company’s plans.
Ahead of the report, Morgan Stanley analysts lifted their price target to $364 from $360, suggesting investors could be underestimating Apple’s potential revenue growth in the next few quarters from recent price hikes to offset soaring memory costs.2
Apple is projected to report fiscal third-quarter revenue of $103.2 billion, up 15% year-over-year, along with earnings per share of $1.87, compared to $1.57 the same time a year ago, per Visible Alpha estimates.
Wall Street analysts are largely bullish on Apple. Five of the eight analysts tracked by Visible Alpha have issued “buy” recommendations, compared to one neutral and two “sell” ratings, though the stock has already overtaken their mean target of $333 with its recent gains.
Apple se stala teprve druhou firmou, která překročila hranici tržní kapitalizace 5,04 bilionu USD, když její akcie v úterý vystoupaly až na 342,89 USD. Růst podpořil odliv investorů z titulů spojených s AI a polovodiči.
Apple has become only the second company to pass the $5tn valuation mark, as it benefited from investors fleeing AI and semiconductor stocks amid a wider tech sell-off.
The iPhone maker’s shares hit a session high of $342.89 on Tuesday, giving it a market capitalisation of $5.04tn (£3.78tn), then eased back to 0.8% up at $339.68 – around the $4.99tn mark.
Apple became the world’s most valuable company earlier this month, overtaking the chip giant Nvidia, which had been at the top since June 2025 and became the first company ever to breach the $5tn threshold last October.
The US consumer electronics company’s rally has been driven as much by strong demand for its products as its decision to sit out the AI spending race that is sapping cash flows at big tech rivals.
Its fresh valuation high came amid an intensifying sell-off of AI stocks around the world driven by rising concerns about AI companies’ borrowing to fund datacentre expansion.
US chip stocks extended their recent losses when Wall Street opened on Tuesday, with Intel, Advanced Micro Devices, Sandisk, Western Digital and Seagate Technology all down by more than 4%.
The Nasdaq 100 index of leading tech stocks fell by as much as 1.8% at one point, meaning since its early June record high it had fallen more than 10% – the technical definition of a market correction.
Meanwhile South Korea’s stock market slid to its lowest level since mid-April, with semiconductor companies SK Hynix and Samsung Electronics falling by more than 10%.
Analysts attributed the sell-off to renewed worries over AI investment spending, and competition from cheaper Chinese companies, after a report by the Information that China had begun mass production of homegrown deep ultraviolet (DUV) chip-making tools.
Apple’s decision to hold iPhone prices steady, despite increases last month for MacBooks and iPads, has bolstered demand. Photograph: Lucas Jackson/ReutersInvestors may also be growing jittery about the “circular funding” at the heart of the AI industry, through which artificial intelligence companies finance one another.
They have also been spooked by the announcement by Google last week that it was further increasing capital spending this year to as much as $205bn to fund its AI plans, while reporting negative free cashflow for the first time in its history, burning through $5.9bn in the three months to the end of June.
Apple has been shielded somewhat by being somewhat of an AI laggard. Its difficulties in developing in-house models meant it has instead relied on Google’s technology to power new services such as a revamped Siri. That has spared it the hefty infrastructure costs that have left big tech investors wary.
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Apple’s decision to hold iPhone prices steady last month when it announced increases for MacBooks and iPads has also bolstered demand as buyers scooped up the company’s flagship device ahead of expected price hikes later this year, analysts have said.
To aid demand, Apple on Tuesday also launched a device leasing programme in the US through the payments firm Klarna, under which monthly payments start at $17.99 for an iPhone, $11.99 for an Apple Watch or iPad, and $24.99 for a Mac.
“Apple has resisted the AI spending race, betting that customer experience – not infrastructure investment – will ultimately determine the winners,” said Dipanjan Chatterjee, a vice-president and principal analyst at Forrester. “The new leasing programme is a clever response: it doesn’t reduce the price of an iPhone, but it changes how consumers perceive the cost by replacing sticker shock with a predictable monthly payment.”
Including session gains, Apple stock has jumped 24% so far this year, widely outperforming the other six of the “Magnificent Seven” cohort of US technology stocks.
Apple is to report its third-quarter earnings after the market close on Thursday, with analysts expecting a more than 15% jump in revenue for the period compared with a year earlier.
Apple zveřejní výsledky za fiskální 3. čtvrtletí 2026 30. července; trh sleduje hlavně poptávku po iPhonech, růst Services a komentáře k AI. Akcie letos přidaly přes 20 %.
Key Takeaways Apple Q3 earnings will test whether its capital-light AI strategy can keep driving gains. iPhone demand, Services growth and AI commentary will be the key earnings catalysts. ETFs like GXPT, FTEC, TOPT and TRUT offer diversified exposure to Apple. Apple Inc. AAPL is set to report fiscal third-quarter 2026 results on July 30, marking Tim Cook's final earnings call as CEO before John Ternus takes over on Sept. 1, 2026. The leadership transition adds significance to an earnings report that is already drawing intense investor attention.
High Expectations Ahead of ResultsThe Zacks Consensus Estimate for Apple’s upcoming quarter’s EPS and revenue is $1.88 and $108.8 billion, marking year-over-year EPS and revenue growth of 19.75% and 15.64%, respectively.
Shares have climbed more than 20% year to date, trading near record highs. Apple shares (up 19.6%) topped the Nasdaq-100 based ETF QQQ (down 5.8%) over the past month (as of July 27, 2026). Roundhill Magnificent Seven ETF (MAGS - Free Report) also has dipped 0.8% over the past month.
Inside Our Surprise PredictionAccording to our methodology, a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) when combined with a positive Earnings ESP, increases the chances of an earnings beat, while companies with a Zacks Rank #4 or 5 (Sell rated) are best avoided. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Apple has a Zacks Rank #3 and an ESP of 2.46%. Note that Apple has exceeded the Zacks Consensus Estimate for earnings in each of the trailing four quarters, with an average surprise of 7.34%.
Disciplined AI Strategy in FocusUnlike cloud giants spending aggressively on AI infrastructure, Apple has maintained a capital-light AI strategy. Apple plans to spend $14 billion on capital expenditures in 2026, while Amazon, Microsoft, Meta and Alphabet plan to spend a combined $650 billion, per a source.
Investors have probably rewarded this disciplined approach lately as concerns over AI spending have pressured peers like Alphabet, Microsoft, Meta and Amazon. Note that Apple's AI strategy focuses on partnerships and third-party technologies rather than investing heavily in proprietary AI infrastructure.
Key Metrics to WatchBeyond AI, investors will closely monitor iPhone demand and Services revenue, Apple's fastest-growing and highest-margin business.
In late June, Apple announced price hikes for MacBooks and iPads, marking its first move to pass higher memory and storage costs on to consumers. The AI push gives Apple another reason to emphasize higher-memory configurations.
IDC expects all new iPhone models to feature 12GB of RAM, as advanced on-device AI features require more memory, according to CNBC. Apple said it has reached a point where price increases on more products have become necessary, signaling further hikes ahead, as quoted on CNBC.
Tarun Pathak, research director at Counterpoint Research, estimated at the time that higher component costs could add roughly $200 per iPhone for Apple, according to the same CNBC source.
Demand for iPhones remains healthy despite supply constraints. Management expects June-quarter revenue growth of 14% to 17% year over year. In the June quarter of 2025, iPhone revenue was $44.6 billion.
This means the company is expected to generate $50.8-$52.2 billion in iPhone sales. Meanwhile, the Services segment is projected to remain a major growth driver, supported by Apple Intelligence and subscription offerings.
Any Wall of Worry?Skeptics argue that Apple's premium valuation—nearly 40 times trailing earnings—sets a very high bar. Any weakness in iPhone demand, softer guidance or signs of slowing growth could trigger profit-taking, even if quarterly results meet expectations. Among the Magnificent Seven stocks, Apple has the highest P/E ratio.
Price TargetBased on short-term price targets offered by 39 analysts, the average price target for Apple comes to $320.61. The forecasts range from a low of $235.00 to a high of $400.00. The average price target represents a decline of 4.8% from the last closing price of $336.91.
Apple-Heavy ETFs in FocusAgainst this backdrop, investors can play Apple through a diversified ETF approach to minimize company-specific concentration risks. This approach allows investors to benefit from any potential rally in Apple shares.
Global X PureCap MSCI Information Technology ETF (GXPT - Free Report) – Apple weight 18.20%
Fidelity MSCI Information Technology Index ETF (FTEC - Free Report) – Apple weight 15.4%
iShares Top 20 U.S. Stocks ETF (TOPT - Free Report) – Apple weight 14.0%
View of an Apple logo at an Apple store in Paris, France, April 23, 2025. REUTERS/Abdul Saboor/File Photo Purchase Licensing Rights, opens new tab
July 28 (Reuters) - Apple's market capitalization briefly surpassed $5 trillion for the first time on Tuesday, making it only the second company ever to achieve that milestone after Nvidia (NVDA.O), opens new tab.
Its shares (AAPL.O), opens new tab were last up 0.2% at $337.7, giving it a market capitalization of $4.96 trillion. At a session high of $342.89, Apple's market value stood at $5.036 trillion.
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The iPhone maker became the most valuable company in the world earlier this month, overtaking chip giant Nvidia (NVDA.O), opens new tab - which had been at the top since June 2025 and was the first company ever to breach the $5 trillion threshold.
For Apple, this year's rally has been driven as much by strong demand for its products as its decision to sit out the AI spending race that is sapping cash flows at Big Tech rivals.
The consumer electronics giant struggled to develop in-house AI models and has instead relied on Google's technology to power new services such as a revamped Siri, avoiding the hefty infrastructure costs that have left Big Tech investors wary of the payoff from surging data-center investments.
Its decision to hold iPhone prices steady last month when it unveiled increases for MacBooks and iPads has also bolstered demand as buyers scooped up the company's flagship device ahead of expected price hikes later this year, analysts have said.
To aid demand, Apple on Tuesday also launched a device leasing program in the U.S. through payments firm Klarna (KLAR.N), opens new tab, under which monthly payments start at $17.99 for an iPhone, $11.99 for an Apple Watch or iPad and $24.99 for a Mac.
"Apple has resisted the AI spending race, betting that customer experience - not infrastructure investment - will ultimately determine the winners," said Dipanjan Chatterjee, vice president and principal analyst at Forrester.
"The new leasing program is a clever response: it doesn't reduce the price of an iPhone, but it changes how consumers perceive the cost by replacing sticker shock with a predictable monthly payment."
Including session gains, Apple stock has jumped 24% so far this year, widely outperforming the other six of the "Magnificent 7" cohort of U.S. technology stocks.
Apple is set to report its third-quarter earnings after the market close on Thursday, with analysts expecting a more than 15% jump in quarterly revenue from a year earlier.
Reporting by Shashwat Chauhan and Aditya Soni in Bengaluru; Editing by Anil D'Silva
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