Apple reported record revenue of $102.5 billion for the September quarter, comfortably surpassing Wall Street expectations, driven by strong demand for the iPhone 17 and a booming Services segment.

iPhone 17 Demand “Off the Chart”
Apple CEO Tim Cook described iPhone 17 sales as “off the chart,” citing the phone’s design, performance, and expanded features. The company set a September-quarter record for upgraders, although supply constraints affected several models. Cook called the iPhone 17 Pro “the most pro phone we’ve ever done,” emphasizing the strength of the lineup.

Mac Sales Climb, iPad Flat
Mac revenue rose to $8.7 billion, up from $7.7 billion last year, boosted by new MacBook Air models. Apple anticipates a softer December for Macs due to fewer new launches. The Mac install base hit an all-time high.

iPad sales were flat at $6.95 billion, though half of buyers were new to the product. The Wearables, Home, and Accessories segment, which includes the Apple Watch and Vision Pro, slightly declined to $9.01 billion.

Services Lead the Way
Apple’s Services division posted $28.8 billion in revenue, up from $25 billion a year ago, reaching all-time highs in the Americas, Europe, and Japan. Apple Pay active users grew in double digits, and Services revenue for the fiscal year surpassed $100 billion, up 14 percent.

AI Investments Ramp Up
On AI, CFO Kevan Parekh confirmed that Apple plans to increase operating expenses to $18.5 billion. Cook highlighted that the company is significantly investing in AI models and remains open to acquisitions. A revamped Siri and deeper AI integrations are expected next year.

Outlook and China Revenue
China revenue dipped to $14.5 billion, down from $15 billion, but Cook expects a rebound in the December quarter. With strong iPhone momentum and upcoming holiday demand, Apple forecasts 10–12 percent overall revenue growth and anticipates its strongest holiday quarter ever.