Apple Q1 FY2025 Earnings Call

Summary

Apple reported record Q1 FY2025 results with $124.3B revenue (up 4% YoY) and record net income of $36.3B. iPhone revenue reached $69.1B, Services hit $26.3B (up 14%), Mac grew 16% to $9B. Install base reached 2.35B active devices. Apple Intelligence driving stronger iPhone 16 performance in launched markets. India set records while China declined 11% YoY. Q2 guidance: low-to-mid single digit growth with 2.5% FX headwind.

Key Points

• Record Q1 revenue of $124.3B, up 4% YoY
• Record net income of $36.3B
• iPhone revenue: $69.1B
• Services revenue: $26.3B (up 14%)
• Mac grew 16% to $9B, iPad grew 15%
• Install base reached 2.35B active devices
• Apple Intelligence driving stronger iPhone 16 adoption
• India set December quarter records
• China down 11% YoY (inventory adjustments)
• Q2 guidance: low-to-mid single digit revenue growth

Participants