31 Jul 2026

APPLE $AAPL IS DOWN NEARLY 8% AFTER HOURS DESPITE BEATING ON REVENUE AND EPS

The quarter itself was strong: • Revenue: $109.42B, beating expectations of $108.65B • EPS: $2.02, beating expectations of $1.89 • iPhone revenue: +22% Y/Y, its best growth in years The guidance may be what sold off: • September quarter revenue guided to 9%-11% growth, a slowdown from Q3's 16% • Gross margin guided down to 47%-48% from the 50.1% just reported • Services missed expectations, and Greater China came in below estimates Apple came into the print at 35x forward earnings, well above its 5-year average of 28, and up 22% YTD. At that valuation, a beat wasn't enough. Source: WOLF

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