UBS expects Apple's September-quarter revenue of $112.8 billion, slightly below the $113.6 billion consensus, and diluted EPS of $1.97 versus $1.99 expected, ahead of the November 2 earnings report. It forecasts iPhone revenue of $56 billion, up about 14% year over year, a slowdown from 22% to 23% growth in each of the previous three quarters, and Services revenue of $31.6 billion, up 10%. Gross margin is seen at 47.5%, down from 50.1% in the June quarter, which had a larger tariff refund; excluding tariffs, the margin is estimated to have fallen about 70 basis points year over year, largely due to higher memory chip costs. UBS keeps a Neutral rating and $296 price target, and questions how long Apple's stock can sustain a rally of about 13% since late July.
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Related tickers and likely impact
AAPL
▼ Likely negativeApple Inc.
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.0T |
| Close on 10/19/2026 | 342.94 |
| Change that session | -0.15% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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