Apple's Fourth-Quarter Results Beat Estimates Amid Strong iPhone Sales

04:59 PM EST, 11/02/2026 (MT Newswires) -- Apple's (AAPL) fiscal fourth-quarter results topped market expectations, driven by record September-quarter iPhone sales and an all-time-high services revenue. Per-share earnings rose to $2.10 from $1.85 a year earlier, compared with the FactSet-polled consensus of $1.99. Net sales climbed 12% to $114.48 billion, ahead of Wall Street's $113.4 billion view. Sales for iPhone rallied to $57.58 billion from $49.03 billion in the year-earlier quarter. Analysts polled by FactSet projected $56.62 billion. IPad revenue dropped to $6.23 billion from $6.95 billion, compared to the Street's average estimate that indicated $6.99 billion. Mac sales increased to $10.79 billion from $8.73 billion, beating market expectations of $9.81 billion. "Our installed base of active devices reached a new all-time high across all major product categories and geographic segments," Apple Chief Financial Officer Kevan Parekh said in a statement. Overall product sales advanced to $82.9 billion in the fourth quarter from $73.72 billion a year ago, topping the Street's $82.26 billion view. Services revenue increased to $31.57 billion from $28.75 billion, but fell short of analysts' $31.59 billion view. Apple's shares were little changed in after-hours trading and had gained nearly 25% this year through Monday close. Oppenheimer had projected the fourth-quarter EPS and revenue below consensus estimates. "The more consequential issues for Apple stock are its concerning revenue growth and margin trajectory into (fiscal 2027)," Oppenheimer analyst Martin Yang said in Monday note ahead of Apple's quarterly results. "We expect slowing iPhone growth, decelerating service revenue, and compressing product gross margin to further weigh on earnings growth, leading to below-consensus results in the coming quarters." UBS Securities last week expected Apple to have sold 55 million iPhone units in the September quarter versus the consensus of 58.3 million units. The company launched its first foldable smartphone -- called the iPhone Duo -- in September. UBS pointed to Duo's display issues and high wait times as potential downside risks to the model's demand, according to a note.