Overview
- Apple’s September quarter topped expectations with roughly $49 billion in iPhone revenue, up about 6% year over year, and gross margin near 47.2% even after an estimated $1.1 billion tariff impact.
- Management guided to 10%–12% overall revenue growth for the December quarter, projected double-digit iPhone gains, services growth around 14%, and gross margin of 47%–48%.
- Jefferies upgraded Apple from Underperform to Hold and raised its price target to $246.99, and UBS lifted its target to $280 while maintaining a Neutral rating.
- Commentators such as Jim Cramer praised the quarter and guidance as shares recently notched new intraday highs following a months‑long rebound from the spring selloff.
- Caution flags persist as technician Katie Stockton questions the uptrend’s durability on weak breadth and fading momentum, and Jefferies models a potential $100 iPhone 18 price increase that it says could constrain volumes and pressure margins.