According to a report released by Citi, Apple will announce its September quarterly results after the market closes on November 2. The bank believes that investors will focus on the growth momentum of the service business, while also focusing on continued weak App Store revenue, additional concerns about the impact of agentic AI, rising memory costs on gross margins, and the lack of basic models due to the lack of basic models at this fall's press conference, which will have an impact on seasonal sales of iPhones. The bank's iPhone 18 Pro/Pro Max shipment tracking shows that the upgrade cycle is slightly less obvious, but it is not surprising that due to some demand, it may be delayed until the iPhone Duo release. The bank generally maintained the 2026/2027 iPhone shipment growth forecast unchanged at 1.4%/6.7%, respectively. The bank expects revenue and earnings per share for the September quarter to be broadly in line with market expectations, while revenue and earnings per share for the December quarter fell short of expectations due to the different pace of publication this year. The bank maintains a “buy” rating.

According to a report released by Citi, Apple will announce its September quarterly results after the market closes on November 2. The bank believes that investors will focus on the growth momentum of the service business, while also focusing on continued weak App Store revenue, additional concerns about the impact of agentic AI, rising memory costs on gross margins, and the lack of basic models due to the lack of basic models at this fall's press conference, which will have an impact on seasonal sales of iPhones. The bank's iPhone 18 Pro/Pro Max shipment tracking shows that the upgrade cycle is slightly less obvious, but it is not surprising that due to some demand, it may be delayed until the iPhone Duo release. The bank generally maintained the 2026/2027 iPhone shipment growth forecast unchanged at 1.4%/6.7%, respectively. The bank expects revenue and earnings per share for the September quarter to be broadly in line with market expectations, while revenue and earnings per share for the December quarter fell short of expectations due to the different pace of publication this year. The bank maintains a “buy” rating.