AAPL - Earnings call transcript Q1 2025

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Suhasini Chandramouli

Good afternoon, and welcome to the Apple Q1 Fiscal Year 2025 Earnings Conference Call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded.

Speaking first today are Apple's CEO, Tim Cook. And he'll be followed by CFO, Kevan Parekh. statements, operations. the the questions our and on operating of information will the of of open that analysts. Please discussion impact expenses, we'll those potential future consist of limitation, company's business expense, the results some you'll forward-looking allocation other that, income call gross conditions taxes, from to business note today regarding and After revenue, without capital margin, and including, macroeconomic hear including during outlook, These and differ actual from risks statements or our results cause involve may that uncertainties trends materially to forecast.

press please of the with Apple recently filed XX-K the to obligation For as refer more forward-looking assumes Apple's on made. the in and factors the most SEC information, which no annual Form release. report speak any to only associated update date risk today, X-K discussed statements, are along Form they filed the with

call Tim to like to for over now remarks. introductory turn I'd the

Timothy Cook

call. for Good Suhasini. you, Thank the afternoon, and thanks joining everyone,

Before of month. I this to Fitness+, more, impacted home area I'd Angeles Apple take talk Apple teams the Los TV+, members. many wildfires L.A. to results, the to and devastating acknowledge to Music, about our that our retail our From team Beats a moment is like

is are with recovery. thoughts the Our everyone beginning who to road

the our we the and For local to teams are relief to community. efforts, contributing continue part, our and we support will

December for set $X.XX, all-time the of to up an an year-over-year. the billion turning quarter. from Now quarter, higher record $XXX.X a reporting Today, XX% all-time is also ago of X% Apple EPS record. and year revenue

the of Pacific. and records the revenue and the across rest of all-time Asia countries We Japan regions including we track, Europe, majority Americas, achieved the

from East $XXX to X.XX record. markets, year, number an South we've nearly revenue revenue continue billion achieved all-time seen revenue and devices. In reached our momentum in to Middle Asia, Services And we Latin including in more setting in business. active Mac, Apple also expanded past the more billion for our and in and December. released new a all-time America, I'm also iPhone, others. In among iPad features with record we of we announce in to for we emerging the that see out October, Services, We features countries rolled Intelligence pleased of markets, English records U.S. set in the a over installed base and first

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the promise we of good turn the putting of always full potential. do special. With possibilities, that, most our making into future places and world those all of to finding ingenuity over where energy can across it and Apple, We're Kevan. a something is At and I'll searching

Kevan Parekh

the good of Thanks, everyone. cover to for Tim, I'm quarter first afternoon, year. the and fiscal going results our

was revenue guidance We to billion, of Pacific $XX Asia billion, of resulted pleased up net products both the guidance which with and in every the in billion our impact loyalty, high up also achieved X% strong all-time reached over are incredible segment now favorable basis customer primarily revenue December revenue all-time of of Services favorable leverage. X% by iPad We gross with up all driven high active range at up diluted billion $XX.X an Americas, of mix. Operating gross growth connection the records basis majority segments vast $XX.X State was records our and primarily and per for end year-over-year, XX% by and Services up We and primarily XX%, in margin $XX.X business year-over-year. cash all-time Thanks of revenue an quarter X% grew our installed in basis at Mac. achieved and sequentially, the income XX.X%, for Products year-over-year. billion, mix up flow and midpoint and to billion, year-over-year. during of rest was grew margin at we geographic points range records from of year-over-year. an satisfaction sequentially, $XX.X points $X.XX, XX.X%, up points earnings high driven the we very expenses driven Operating in in paid our all-time landed performance gross mix. XX reached is and XXX revenue all-time markets. Company This emerging of Japan by $XX.X and report $XXX.X track. Europe, sequentially, record XXX markets billion up was base Products of Aid quarter devices. both and share at margin X.XX the was all-time active by strong XX% and devices across included driven strong geographic billion developed the the decision.

and like to majority all-time some more the $XX.X to revenue grew several of each South roughly iPhone of categories. we going reached in flat revenue developed East provide I'm markets year. Europe and our markets Latin Middle details emerging We in revenue Asia. was including Now Western prior Japan, and records for America, markets, track billion, the Canada, and in the

to in total all-time high geographic iPhone in grew and an The segment. every base active installed

top-selling to survey record the from upgraders. U.K., in December Australia set France, iPhone an the U.S., quarter, China, Kantar a According Japan. all-time during the We India, and for also model a was recent urban

continue levels of XXX by satisfaction measured We as the to high customer XX%, at see Research. in U.S.

Mac Air We our generated in every advantage This performance growth our year-over-year. in and customers of was capabilities and and XX% double-digit saw of our silicon take with $X models. MacBook billion strength segment. neural are in mini incredible the broad full revenue, new engine lineup, up latest the from latest to Apple Mac. geographic fastest AI With advances Pro able based ever, to the Mac MacBook across

upgraders both to base Mac and saw high, reached the we new customers for growth installed an all-time The Mac. and double-digit

down U.S. XXX billion, latest the at driven iPad customers mini the an Home were the iPad during reports based the the billion, The Air. year-over-year, On features hearing in iPad latest was measured the compare launched was Customers another a by revenue of Watch the U.S. who quarter over excited new last XX% from the Accessories reached Ultra the AirPods are X. against all-time X X year-over-year. latest and Pro health high, Watch, AirPods face about Research. Wearables, we on satisfaction year, new in although difficult new purchased was iPad and Additionally, in up the Watch recently all-time the customers XX%. iPad and $XX.X base half at installed $X.X and at revenue Customer product. was new the customer with XX%. in quarter Customer half new satisfaction installed base during over satisfaction XX% product. to of Apple being the Apple U.S. an the Watch purchasing for Watch to was a reached X% reported high

devices see an momentum, for us future. all-time up the revenue $XX.X and year-over-year. strong of base active Services gives Services XX% to our great reached installed opportunities of growth Our billion, high continues of the

paid increased see new Both Services also reached our accounts customer growing digits offerings. double accounts engagement with and highs with We paid transacting year-over-year. all-time

Paid digits. subscriptions grew double also

We have quality in like on now of breadth Tap improving remain on games services and in billion paid to over new the from platform. exciting our across XX X our Arcade the Apple programming We of focused subscriptions and Pay features live services the offerings, on well Fitness+ to expansion new continued markets.

enterprise. to Turning

And of services. Mac the as as continue such our and their division. like lending to its excited in leading Deutsche a for standard businesses features program experiences. Bank to mortgage leverage priority seen summarize see entire have We developers their launched for and expand notifications Writing enhance their Tools, U.S. employee also their and Choice the customer with SAP deployments we're products both to as and enterprises Intelligence Air issued Apple latest computer MacBook

see also We our demand markets. strong emerging in

to has innovation. Pro deployed more conferencing with continues see a for video in collaboration and Cisco's remote immersive to learning. experience fully Zomato, new and Vision in India, workforce Macs across their example, foster For a leading food cases company delivering meetings enterprise thousands spatial And delivery ordering of use

end ended quarter at in securities. $XXX Let of Therefore, $X quickly commercial cash capital summarize billion cash position billion. me billion net repaid return We our $XX cash $X quarter We the billion in maturing and marketable the by total in $XX and was with debt in resulting billion, paper decreased debt. and program. the

returned billion Apple included in $X.X over $XX million market billion and equivalents During of and the XXX dividends quarter, billion repurchases open we through shareholders. This $XX.X to shares.

program to the update report an for provide we capital will we quarter. return March when our usual, results As

quarter, forward-looking of that into projecting information to beginning outlook macroeconomic from referred includes which the to we're worsen quarter. As call. color the I'd our current at like of that review we're the we doesn't ahead The today Suhasini types outlook, providing for today March the the move assumes what the

about on year-over-year. that expect dollar mid-single revenue on quarter low headwind grow our points negative March to the digits revenue we we have a significantly, percentage year-over-year Despite As impact headwind, a exchange to a strengthened of to expect basis. foreign company total to be and X.X

year-over-year. would to to year-over-year Services be exchange the of that grow We impact double I of low foreign you earlier, revenue quarter. comparable described December the remove expect headwinds the the digits rate When negative growth

between gross margin be XX.X%. expect and to XX.X% We

We between to expect billion billion. be $XX.X operating $XX.X expenses and

be expect million, around the around $XXX investments, to rate negative and OI&E We impact any excluding our from of minority tax be XX%. potential mark-to-market to

stock questions. share a that, let's per payable dividend common February February Finally, cash today, of open declared XX, Directors XXXX, to on of XX, as Board of $X.XX to the our XXXX. With call has record shareholders of of

Suhasini Chandramouli

limit may you question, Operator, you, please? We the have that ask Thank first to questions. yourself Kevan. X we

Operator

Certainly.

go Stanley. ahead and will Woodring first from take question Erik We our with Morgan

Erik Woodring

noted could prepared details help find comment what in iPhone Apple just XX available. quick follow-up. a other Intelligence wondering your most and that in had believe already. better And bit I double-click you are is selling are that you impacting was that demand us where Tim, remarks, really Intelligence just often markets could iPhone is you any models share then a users you on understand how features and/or Apple have better I using And if

Timothy Cook

not We out Yes, than markets Tim. Erik. those see XX the available. stronger had Apple iPhone rolled Apple the where Intelligence, the year-over-year family It's we was that on performance where that Intelligence did was

to In visual terms referenced ones the using had intelligence Image from are and to features Playground of comments, I the opening my Tools people more. and using, that that in Genmoji, of they're all Writing

and one all is one the Up see another stores in demoed popular, as love that of Clean we so that seeing And used. well. is those people being

December the weeks. the then other countries of during XX.X had the X.X release language and quarter the had English weeks only of and so for X.X only We X, U.K. second or the

But at moment. just glad... early And were indications we the got so the we've

Erik Woodring

if That's set on brands can technology maybe on this China function maybe iPhone. vendors? of regard really in Apple necessarily helpful. favor Intelligence If just having as cycles? frequently. think -- iPhone Or to you And talk obviously, China, and understand shifting faces, news just still hearing I is preferences a in is which aside helping headwinds Western domestic you're then you not China we XX, for of the not in necessarily double-clicking challenging, a touch which the replacement Just that the is as the we macro, Apple with what whether available fairly that's about relates it what

Timothy Cook

Yes, sure.

not at Greater in as And the in. half of the markets we And year-over-year. revenue of markets our course, in market we side, XX% out by China. Intelligence was look decline talked were inventory you hadn't channel the for had If see we of the we competitive And course, the quarter. And China most the the that end out to it's have just rolled beginning we out change results of better over did experienced on quarter, that down driven the the in from in about, rolled in than rolled world. Apple we we

are so things those true. of And all

cover smartwatches, believe, certain up it PCs and I products have program there the quarter, in, terms were a January fiscal the the There December from that not or December subsidies maximum affect very macro was but did January in we does to of smartphones stimulus price the point. In a some recently announced, tablets the XX. and situation, to that provincial categories national in was And in subsidy announced -- on quarter.

what And talk do fiscal be the about on occurring, and stimulus call. see next glad so we'll looks we like that to

Operator

Reitzes next Our with Melius. from is Ben question

Benjamin Reitzes

you. ask to wanted Tim,

But could to perspective the And if beneficiary a quick execute due one and your then what coming, that if terms of anyway. on DeepSeek this you're to -- give come to if for that, your a have the tailwind a your if worldly of development was knew has a lower you to change compute. on was cost I'd views going follow-up. probably but I in was to here down that and are ability you there's perception -- You anything situation perspective to due margins wondering to love and potential happened to I you going of happen your big even cost and

Timothy Cook

what general, think good in thing. model. see I that And drives In Sure. is innovation a that's you that efficiency

well. Our and will tight I integration us think, of to serve very continue silicon software,

know, of and and which point CapEx do taken we view, -- continues on a a And what you approach architectural we of expenditure, a from do I think which to mimics well. very and and device leverage we prudent happens point from us As on things things to deliberate serve the hybrid model, we've cloud, the always an view to in device. continue private our

Benjamin Reitzes

current of and but that like, current room Great. wondering regard kind guess a you the about and with changing innovation, All in right. you do bit terms come -- do of to lot new you what of feel And thought, X to over Or innovation stuff in don't see obviously X guess, lineup feel the could trajectory, iPhone then punches, shows you the there's next of going? where feel without a factor a I form you like years. the just market kind for more I future? to lot you're the talk if that products there's you the if that, pulling do phone

Timothy Cook

could and a our there's optimistic think I Ben, pipeline. -- feel think product I lot about come, more not to I more

the lot left So I think innovation smartphone. there's of a on

Operator

Our question with Michael is next from Goldman Sachs. Ng

Michael Ng

well. I X have as

the you which you was that haven't a little First, wondering I markets a said hear strength to bit launched iPhone about now. if the could to. role this it for about encouraging in? in you attribute something upgrade helping upgrades Intelligence think year record I is you've played upgraders, Has what Apple a in about would for was talk

Timothy Cook

for you question. Thank the Yes.

at look for an upgraders. all-time did record iPhone, we set you If

in XX this from the of across from The at well. is now base higher X launch, upgraders quarter, quarters end of installed to as if all-time high which you September, hit we've September new occurred, So as look December you never a level seen so outperformed the the before. the XX the to XX. XX, fiscal know, And the a compared

that, are compelling to we you so in And from markets did not. they there launched Intelligence, reasons I the outperformed Apple had that the markets think conclude where And can that we upgrade.

there. lots color So of good

Michael Ng

the And about could just wondering consumers research very thin value you was had factor consumer form talk I help thinner the of one it tell Great. iPad what factor? That's iPad Pro your if iPad Pro. did clear. does that MX, about I how you then form overall? about the for sales And marketing kind version. How that thin product

Timothy Cook

a the the it iPad overall, and than iPad. It's question. the driven good more more overall Air XX% iPad be could growing half iPad pleased category XX%. not in that was quarter, new with is it of grew quarter went over great for by quarter. entry-level most were But iPad. the is we iPad a and the December achievement to probably And what customers was for who the important sales the It's the top-level to

amount that So customers good us that a there's there tells of attract. to

Operator

Evercore. Daryanani Amit next from Our question is from

Amit Daryanani

Just in fast starting markets And or some then think do Can markets? get that of maybe perhaps also you trends offset starting China -- you enough can that emerging the a actually through? you're you're headwinds markets emerging durability the talk of are now emerging Apple products. to enough the to grow going with, see to these just summation big you in to start the growth at of growth very robust you level, just right high for seeing some

Timothy Cook

And of we're as keen markets. quarter. you know new announced We've results from that India. I'm opening to a particularly during past more open we're December India number there. have in there. We And stores stores X a set the going emerging quarter record calls, on great

India the market largest iPhone for -- also And and largest in PCs the it tablets. quarter. and for top-selling smartphone the second world is third model the the We the was in

markets. a market. there's share these modest we so have very we are -- And And in huge

think And that's so upside of lots markets. there's there. one I the emerging And just of

Kevan Parekh

on seeing the in both and base Amit, double-digit also total markets, we're installed Tim, iPhone the I'll in maybe growth as add, emerging well. for that

So that's an also encouraging sign.

Amit Daryanani

margins a question for then And Perfect. guess I quarter. March gross just on the

on the up is like And it just takes You folks touch your offsets, March. guided a guiding little Kevan, you I here Typically, gross XX the well FX sequential in margins and profile what basis. are bit, maybe so you to on you sequentially. flattish think just gross impact basis or be on points a Can as about having margin see can an puts are on margins? talk outsized tends

Kevan Parekh

let take Amit, Yes, me one. that

mentioned we to XX.X% we're to in my remarks, As guiding XX.X%.

pleased So we -- with it's we're that of level guidance. think very

As impact there's we headwinds, here be to have our We and revenue going the sequential think do takes. there's always about, as mentioned, FX well. margin, you puts which a impact some It'll going on talked margins. growth that's on to affect an

But to we think that's services. of mix favorable going be offset by costs and the relative

the our such products on know, quarter because from to especially is a product for side, we have do QX a move you business, leverage. QX QX, as of when -- also we We loss large

a range. guide about some very, margin. there feel for we the puts And So and think gross We good it's are I takes. very think strong

Operator

with from is America. of question Bank Mohan next Our Wamsi

Wamsi Mohan

up in a lines to of in if of are follow progression think And guess, channel comment want into channel inventory on quarter, or I the other in China. have event of I could regions? inventory quarter you in happened quarter-on-quarter elevated feel particular? address Tim, and out was your they wondering across broadly about you range more I regions. your different maybe Do that we more China normal in any clearing And China, follow-up. I a the March in kind should the given product

Timothy Cook

so iPhone region. beginning current in quarter But my at position. project channel if from that the I quarter, was you over reduction very inventory quarter sales channel the to in was the by that and our of of inventory and reported end basis, for look the China, results. of half our In we're at Yes. inventory look channel the point the worldwide the -- with a the reduced in want on comfortable don't to the the aggregate,

for end the reason is so you that the And higher be were if bit than part the a sales to them forecasted quarter. toward of our of look -- we that

leaner we so than little to. a And ended had expected we

Wamsi Mohan

very then very I challenging And has That's been some as growth kind Okay. the your and business of Services regulatory strong, on clear. my pretty burdens maybe globally. been follow-up, know navigating you've

how line either results a regulatory are say, margin reverse or maybe in absorbing a you potentially So about headwind let's investors maybe currently should environment? your could top that, think more that in balanced a

Kevan Parekh

Yes.

our of was a December Services one one, And all kind and So up we geographic I strength based think, across services. very broad XX%. that quarter, wanted I the that our of record fact for -- had all-time across reiterate to segments all that just business also saw an was

So you portfolio. Services know, as we have, very broad a

And service good accounts. so see to paid talked now We over we board. as engagement paid the X base, reaching have And well, across customer all do across all-time increasing across of about And the the highs. platform. offerings, transacting continue the across we momentum we Services see and both billion subscriptions

Operator

Chatterjee is question with next from Our JPMorgan. Samik

Samik Chatterjee

mean, for does Intelligence of think the like terms look -- a Apple quick any think for if conversation thoughts impact to you of I you're iPads but if the sort interested quarter great of growth And what saw on about can first in help hear, terms have I'm lines. on AI Macs, And how both. the iPhones, we around this just there's double-digit you us lot talking sort of one, in and about influence volumes I volumes I are follow-up. a about the more example, both there? And -- guess you a product had PCs, I how of on that where in thinking I influencing sustainability for also Macs curious that of

Timothy Cook

Yes.

If on driven was we Mac on up was you up iPad, the MacBook the the were Mac, Air. success and strong products The our at XX%. uptake XX%. new Mac the look And continued by quarter very of during

really got now, is, out And a we've these launched silicon an best it the MacBook designed Mac We so The for PC we've in as quarter. during MX-based by and been Mac know, has mini the iMac several the there for designed workloads. and you and for workloads. Pro, years believe an running us AI

with future, And for the so want category don't the I Mac iPad the level and quarter. we're for but pleased the the project to both incredibly at

Samik Chatterjee

doing strong reflection strategy of your chain planning particular terms Tim, use to of of supply in you the market in should that supply you're And there diversification that planning about of is think the we of that more of about of how a chain. a relative emerging And expectations country? of India how earlier the -- much the Okay. that there about related as growth market to I'm chain to sort sort terms to ask from supply discussion going

Timothy Cook

Yes.

there, If you we at the market manufacturing we domestic do look manufacturing export. do we the both for and

scale it And in certain make of to to in -- sense a so economies needs for business country. manufacture our

domestic both really a export going And we're be so market. use to that market means for that an the and

Operator

next from is with Our question David Vogt UBS.

David Vogt

kind But I'm and the kind when of feels for kind of the March this to the So the your revenue Apple iPhone relatively being think for I to even iPhone channel the for if X of about couple I the quarter ago you. sort business. think going for like of driver your maybe, years be of over is March quarter a commentary quarter momentum inventory years, quarter, last for framework Tim, about year. to your trying last is around similar Intelligence adjust

of last of do kind of of kind So momentum versus the couple really we the square unchanged over effectively years? business how iPhone the kind

XX% margin the And in you've I you But job trying gross side the at where then in obviously, terms about the been just sense a Where successful of, could we to business, you could think incredibly of has looks of on for quarter. do margins margin the sit up. go? over taking services get do think term. profile gross done like think when the second, margins great where least, a intermediate It kind number this go

Timothy Cook

Yes.

period earlier Apple you performed that Intelligence basis markets the QX a on Intelligence, out had look If we Apple had year-over-year at my rolled we than what better point was where not. during markets where

positive with. are compelling were indicator pleased it's And reasons that so There to -- us that gives a many we upgrade.

to thing of the quarter, is end December the launch you September, that a at other I look earlier XX I it the is would that think family back and XX to goes the family. say from the that so I mentioned if And outperforming

good so I points. data are think X those And

of round rollouts Our in be next will April. language

And the will margin the quarter. QX And take Kevan be so in it question. gross our at -- I'll let

Kevan Parekh

important And Services businesses the portfolio. in of on is got reminder, different So And overall back to a maybe very an one broad gross have margin, just -- margin accretive a is as the stepping I think we've second. the profiles. things, is Services business very company general Services aggregate margin. those in

it's because we think, the of those nature so part also And one, of in businesses account for I the them. and because of way

factors big different of performance Services those relative within portfolio. businesses gross of And margins drive so the one the that is the

We scale accretive we those like actually up margins there, growing. add payment also when to incremental that users, dynamic the of as end services, being businesses well. have are some iCloud, And

nice December general, margin across a XX% And in we XX.X%, standpoint to of which into momentum think deliver we're we company where I to a takes the that land XX.X% consideration think guidance And at again, that saw think the so going Services allows what is strong quarter business we was our guide. entire from in Services us to our level.

Operator

question next with Krish is Our from Cowen. Sankar TD

Sreekrishnan Sankarnarayanan

X Tim. for had I the them. also One, one first of

You had quarter. XX% year-over-year Mac last very strong growth,

a some Just Macs? Mac wondering, how much driven cycle silicon of for that versus of was the replacement by innovation

Timothy Cook

question it's products so a double-digit products to combination level. driving at switchers that level think answer MX-based these your so and a compelling, precisely, the double-digit know don't but are at driving the are it the I is upgrades of both I compelling it's

seeing we're it's products. so compelling think both because and come of And just out, I the

Sreekrishnan Sankarnarayanan

to with Or on on more a the then a do gross quarter, And kind ask I more Last it. period. here margin follow-up some the side gross to curious, think the ago from margin. I'm Got more on levels AI-related side? strong, side. it. you gross very to hardware product year for how similar the of of have do product margin? XX.X%, new much want on improve to Got the you Kevan is you the you product devices, there's which had upside more

Kevan Parekh

the Krish, Thanks, Yes. for question.

sequential talked product basis and was pretty about, the as points strong side, leverage. That really improvement, on XXX quarter. we for driven favorable the had we mentioned, So December by, you mix

in volume. I number we again, products of products, so know, higher on driven launch QX, from we you say, gross it's quarter leverage As general, factors. that is would many from margin for in our get and by a benefit tend a the to that

Different launches is different margin profiles. that One have. product have the of do products them we various

seeing towards And in so many favorable is, customers seeing which for that have our like we're into products, products mix best our Pro what of things And across to our does make example, we're a allows of affordability phone, difference. because example, mixes customers gravitate particular, our for gross that like get margins.

see in to that continuing trend. impacted us we're That the December So quarter.

think a As well, cost commodity in environment standpoint. I from we're favorable a

figured the into as gave, And we so XX.X% a then be, to quarter. to guidance from -- contemplated have But going the we're headwind XX.X%. in And March we talked that we're to heading well benefiting we quarter. foreign about, the the going December that that's as exchange range in that's

Operator

with Kramer from Research. question Arete Richard next is Our

Richard Kramer

of to can services, Tim. of Intelligence do ask time, or question is other tipping prior My is do the it pace you like spend see markets more a you AI? sort that adoption Apple languages this towards go and will i.e., question devices i.e., for base point might guess the support a Or money, marketing based question where shifting what I expect of Apple installed accelerate And about launch R&D to it? of of percentage adoption. simply increase first as on a mainstream? I'd or

Timothy Cook

today. keep that either And is from Pro or Intelligence. of side our have iPhone business, do go iPhone have mind use -- I'm feedback I believe people in to XX an getting the mainstream. iPhone this on will you XX to it using Apple different features

personal I -- And is my features, you will of I know the day, so I think And you can't continue hundreds usage them as know summarization the the so a start not get and important. the to I that using own think using grows, function anymore. -- imagine once from I base grow. e-mails experience,

of combination a it's a of think languages base April, I further. whole that. mentioned, series And course, had so the of new roll and So we we grows in that out

Richard Kramer

overall very But getting price whether sensitivity the as And pricing also of was a margin and might Kevan, the fairly unlock growth? stable, products users current legacies or pricing share one the maintaining product range taking Okay. what across of observations market further of range. Apple about consistent to Luca's across levels then, might high and wider record boost really having of potentially gains levels profitability product you share

Kevan Parekh

good a it's question. Yes,

into between and don't pretty now. I from think really one, depart short us think, the to consideration, -- term I what looking I long at take mean served going term well comparison we to the we're short always it term.

going well. that pretty stick as tell. I strategy, had continually a And as think we're pretty I us of can to think disciplined we've served kind I which with pricing far

Operator

with Malik question Citi. is from Atif next Our

Atif Malik

do How guys under Trump under did see you X.X. demand X.X? to Trump guys the consumer potential You impact or fine product your tariff

Timothy Cook

the to don't that. add than monitoring more have situation are and We anything

Atif Malik

follow-up, use agents. And agentic discussion be Great. expected of guys suite AI, is Do in you Siri in of as that say, will, that features upgraded as the the announced you a something on of there let's Tim, lot April among application a Intelligence? see killer have Apple the the

Timothy Cook

most, for the one over Siri, killer will the be find is that months. and to think of certainly, And I think next -- going several going that coming many is different I is every they're of use the feature day. But different to the those people. for they're features

Suhasini Chandramouli

the could last you, we get Thank Operator, right. Atif. question? please All

Operator

Bollin Ben Our last question is Cleveland Research from Company. from

Benjamin Bollin

at Tim, you strength particular, and the might us in curious the support saw And have wild. that thoughts look the in about in devices life accelerated fiscal into your the I'm these how opportunity think how you interested of refresh you and in useful would future. if average 'XX

Timothy Cook

on the latest mean are you I Ben, most have upgrade that side types points. to of that different of opposite those think that And entire quick I it's of very kind very And then X very Yes. have frequently. you users are that jump for barbell. technology people different early are users. between people on adopter the

as lots there huge a company a it's product period time, that more think sold And so than to us during the of do categories. of COVID -- are I for were units one for of opportunity and the

Suhasini Chandramouli

Thanks, Ben. right. All

call (XXX) the for sign. (XXX) XXX-XXXX. as it. financial of A replays The a enter Please the confirmation available will Apple available and Pacific or at pound is by by will at code at be These analysts joining contact contact questions today's X can (XXX) that's additional XXXXXXX Thanks can with the replay be followed number for approximately via today. on telephone for apple.com/investor telephone. Chandramouli, on with press think of replay me, Podcasts weeks XXX-XXXX. I questions again us Suhasini Time And Rosenstock Members additional X XXX-XXXX. p.m. Josh today. webcast here

Operator

conclude We today's appreciate Once conference. does this participation. again, your do

Apple (AAPL) 30 Jan 252025 Q1 Earnings call transcript