Apple will release its fiscal fourth-quarter earnings on Thursday after market close, marking a critical update for investors watching whether the company can regain growth momentum amid rising tariffs and intensifying competition in artificial intelligence.
The quarter, which ran through the end of September, includes just over a week of sales from Apple’s new iPhone 17 lineup. Early indications point to stronger-than-expected demand, particularly for the entry-level and Pro versions of the device. Analysts and investors are listening closely for comments from CEO Tim Cook and CFO Kevan Parekh on how the new models are performing across key markets, including the U.S. and China.
Analysts surveyed by FactSet forecast that fiscal 2025 could be Apple’s first year of iPhone sales growth since 2022, signaling renewed consumer interest after several muted product cycles. For the September quarter, Wall Street expects Apple to post earnings per share of $1.77 on revenue of $102.24 billion, according to estimates compiled by LSEG.
However, the company’s financial outlook is being shaped by broader macroeconomic pressures, including tariffs under the Trump administration. While Apple has drawn praise from President Donald Trump for pledging to invest $600 billion in U.S. operations and boost domestic semiconductor manufacturing, the tariffs remain a costly challenge. In July, Apple projected up to $1.1 billion in tariff-related expenses, and investors will be watching to see whether actual costs were lower than anticipated. Analysts are also looking for updated projections for the current quarter as trade tensions between Washington and Beijing continue to affect the global supply chain.
Last week, Apple announced that it had begun shipping artificial intelligence servers from its Houston factory, signaling a more active role in the AI and data center space. This comes after years of investor frustration that Apple has lagged behind peers such as Microsoft, Google, and Nvidia in making large-scale AI infrastructure investments. Cook previously said the company was “significantly” increasing its investment in AI technologies, and analysts expect this to show up in Apple’s capital expenditure figures for the quarter.
Some investors are urging the company to accelerate spending in AI and cloud infrastructure to secure its long-term competitiveness. Analysts note that Apple’s traditionally conservative capital deployment strategy contrasts with rivals pouring tens of billions of dollars into generative AI and high-performance computing infrastructure.
Beyond hardware and AI, Apple is also expanding its media and entertainment footprint. Cook is expected to tout the company’s new five-year agreement with Formula 1 to broadcast races in the U.S. on Apple TV—a major step in Apple’s sports streaming strategy. The move strengthens Apple TV’s portfolio following deals for Major League Soccer and other live sports events.
In the previous quarter, Apple delivered 10% year-over-year revenue growth, underlining resilience in its core businesses. For the December quarter, LSEG consensus forecasts suggest Apple could post $132.31 billion in revenue and $2.53 in earnings per share.
The focus now, as investors brace for Thursday’s results, is on whether Apple can sustain its growth trajectory while managing tariff headwinds and proving it can compete in the AI race that is reshaping the global tech industry.
