Apple Q4 Preview: Can iPhone 17 and AI Keep the $4 Trillion Story Alive?

This article first appeared on GuruFocus.

Apple Inc. (NASDAQ:AAPL) reports fiscal fourth-quarter 2025 results after the market closes on October 30. Analysts expect earnings of roughly $1.79 per share and revenue near $102 billion. The stock is up about 8% so far this year, but has gained momentum in recent months amid excitement around the iPhone 17 launch. Shares briefly touched a $4 trillion market cap intraday on October 28, 2025.

The company heads into the quarter with a relatively positive setup. The Services business keeps growing and is helping to cushion some of the pressure on hardware margins caused by the tariffs. On the product side, early signs point to record sales for the iPhone 17 lineup, particularly in China, which has boosted investor sentiment heading into the results.

That said, not everything is positive. Despite the strong demand in China, competition from domestic brands and rising geopolitical tensions between Washington and Beijing add uncertainty. The new tariffs and ongoing supply-chain adjustments are also adding cost pressure, something investors will be watching closely when guidance comes out.

The upcoming earnings call will likely highlight how Apple views its AI roadmap (including Apple Intelligence), as well as early adoption trends for the iPhone 17 lines, and the strength of emerging markets. Analysts will also look for commentary on supply-chain resilience and the potential for hardware margin recovery heading into 2026.

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