Apple stock fell about 2% on Tuesday despite a record September quarter, with revenue up 12% to $114.5 billion and iPhone revenue up 17.5% to $57.6 billion, above the $56.5 billion estimate. The main concern is gross margin: the 47.9% figure included roughly 1 percentage point of tariff refunds, and guidance for the December quarter is 45%-46% as higher memory chip prices weigh on costs. The article estimates that each percentage point of margin on $114.5 billion in revenue equals about $1.1 billion of gross profit. iPad revenue fell 10% and wearables revenue fell 8%. Apple trades at about 35 times expected earnings, and the author, who remains bullish, says the December-quarter margin against the 45%-46% forecast will be a key point to watch.
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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 | $5.1T |
| Close on 11/02/2026 | 338.32 |
| Change that session | -1.83% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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