Apple Inc

AAPL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Apple Earnings: A Smooth Transition Despite Continued Memory and Supply Headwinds

William Kerwin

Nov 3, 2026

Apple's September-quarter revenue beat guidance, rising 12% year on year to $114 billion. Gross margin rose 70 basis points year on year to 47.9%, with a one-time tariff refund benefit. Revenue for iPhone rose 18% year on year. December revenue is guided to high-single-digit year-on-year growth.

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Apple Inc

Apple Earnings: A Smooth Transition Despite Continued Memory and Supply Headwinds

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