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Apple Reports Best Quarter Ever Despite Declining iPhone, China Sales

publication date: Jan 31, 2025
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During the quarter, Apple returned to shareholders $3.9 billion in dividends and equivalents and $23.3 billion in share repurchases. Looking to the March quarter, management expects total company revenue to grow low to mid-single-digits year-over-year, with Services revenue to grow low double-digits year-over-year. It expects its gross margin to be between 46.5%-47.5%, about in line with the December quarter. We continue to be fans of Apple’s large installed base (2.35 billion active devices) and growing, high-margin Services business, and the company remains a key holding in the newsletter portfolios.


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