iPhone 17 is the star of the show as Apple posts record revenues

Apple

Apple’s latest earnings call was all about momentum. With record September quarter revenue of $102.5 billion, the company comfortably beat Wall Street expectations, powered by red-hot iPhone 17 sales and a booming Services business.

Apple CEO Tim Cook described iPhone 17 demand as “off the chart,” crediting the phone’s design, performance, and broader feature reach for the strong reception. The company set a September quarter record for upgraders, though supply remained constrained across several models. “The lineup is as strong as ever,” said Cook, calling the iPhone 17 Pro “the most pro phone we’ve ever done.”

Mac grows, iPad flat

Mac sales also impressed, climbing to $8.7 billion from $7.7 billion last year, largely thanks to new MacBook Air models. However, Apple expects a softer December for Macs due to fewer new launches compared to last year’s lineup. The Mac install base, meanwhile, 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—slipped slightly to $9.01 billion.

Services for the win

Apple’s biggest win came from Services, which jumped to $28.8 billion, up from $25 billion a year ago. The division hit all-time highs in most regions, including the Americas, Europe, and Japan, with Apple Pay active users growing by double digits. Total Services revenue for the fiscal year crossed $100 billion, up 14 percent.

On the AI front, CFO Kevan Parekh confirmed that Apple is ramping up spending, with operating expenses of up to $18.5 billion expected. Cook said Apple is “significantly increasing” investments in AI models and remains open to acquisitions to accelerate its roadmap. A revamped Siri and deeper AI integrations are slated for release next year.

Despite a dip in China revenue—down to $14.5 billion from $15 billion—Cook expects a rebound in the December quarter. With iPhone momentum and holiday demand on its side, Apple is forecasting 10–12 percent overall revenue growth and what could be its strongest holiday quarter ever.