CUPERTINO - Wedbush has highlighted Apple (NASDAQ:AAPL)'s robust performance at the start of this holiday season, propelled by impressive iPhone 15 cycle sales. Despite a slight 1.3% drop in Apple's share price today, the tech giant has reported a significant increase in iPhone revenues, which rose to $43.8 billion from the previous year's $42.6 billion. Additionally, Apple has seen its services revenue climb to $22.3 billion, a substantial increase from last year's $19 billion.
The positive outlook follows the dismissal of rumors that China might ban iPhones for state employees, a narrative analysts have deemed exaggerated. Apple's sales growth in mainland China remains solid, with the company noting strong gross margins as a key financial highlight. This news comes after CEO Tim Cook met with China's commerce minister, an engagement seen as beneficial for U.S.-China trade relations and Apple's continued success in the region.
Analysts at Wedbush have reaffirmed Apple as the top tech investment choice following the launch of the iPhone 15 and its strong sales performance extending beyond Black Friday. They addressed and dismissed speculations about China’s potential restrictions on iPhones for government employees, emphasizing China’s strategic significance in supporting Apple’s sustained growth.
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