Overview

• Apple posted record third-quarter revenue of $94.04 billion, up 10% year-on-year, driven by a 13.5% increase in iPhone sales and a services division that reached $27.42 billion.
• Tim Cook said Apple incurred $800 million in tariff-related expenses and expects levies to add $1.1 billion in the current quarter as production shifts to India and Vietnam accelerate.
• Apple now guides for mid-to-high single-digit revenue growth in its fiscal fourth quarter and confirmed a significant ramp-up in AI investment across devices and services.
• Qualcomm forecasted September-quarter revenue of $10.3 billion to $11.1 billion, surpassing analyst estimates, on the back of rising AI integration in smartphones and other consumer electronics.
• Qualcomm executives reported no signs of customers front-loading chip orders to avoid tariffs and noted growth in augmented-reality chip design wins, which have increased to 19 projects.