31 October 2025
If you are covering Apple's latest results, please see the following comment from Ben Barringer, global head of technology research at Quilter Cheviot:
Apple’s latest results offered a mixed bag for investors. Revenue rose 8% in line with guidance, while gross margins improved thanks to stronger performance in services and mix. Operating margin is being put under pressure as the company increases capital expenditure, signalling continued investment in its ecosystem.
The standout performer was its Mac sales up 12% while iPhone was solid around 6%. However, iPad and wearables were flat. Apple noted no impact from the US Department of Justice’s recent changes around Google payments, though weakness in China was a drag, with sales down 4% as the company cited forecasting issues and self-imposed supply constraints.
Looking ahead, Apple’s Q1 guidance of 10–12% revenue growth looks robust heading into the all-important Christmas period, underpinned by demand for the iPhone 17. Still, with China uncertainty lingering and other tech giants like Microsoft and Nvidia offering faster growth stories, some investors may choose to look elsewhere in the short term.
