Apple’s Q4 Earnings Preview: iPhone 17 Outperforms, Services Growth in Focus

Apple prepares to report fourth-quarter fiscal 2025 results on October 30, with Wall Street anticipating $1.78 EPS and $102.17 billion revenue. The tech giant has surpassed analyst expectations for eight consecutive quarters, fueled by resilient iPhone demand and expanding services.

Early sales data reveals the iPhone 17 outpacing its predecessor by 14% in both U.S. and Chinese markets during launch windows. Regional preferences emerge clearly—the base model dominates in China while premium configurations find stronger adoption stateside. The newly introduced iPhone Air makes waves as the market's thinnest device, albeit with reduced functionality.

Services revenue approaches a historic milestone, projected to exceed $100 billion annually in 2025 with 13% YoY growth. This expanding high-margin segment helps offset $1.1 billion in anticipated tariff impacts on Q4 gross margins, forecast between 46-47%.

Analysts remain divided on valuation, with price targets spanning $203 to $290. Bullish cases emphasize ecosystem strength and services growth, while bears cite Chinese competition and stretched multiples. The earnings call will likely address margin sustainability amid supply chain pressures and geopolitical headwinds.