● Apple's iPhone Outgrows Services in the Quarter

Apple's fiscal fourth-quarter results flipped its usual growth mix: iPhone revenue jumped 17.4% year-over-year, while Services, the high-margin business Wall Street favors, grew just 9.8%. Company gross margin reached 47.9%, though Apple attributed part of that gain to a one-time tariff refund rather than pricing power. For $AAPL, supply-constrained hardware did more of the heavy lifting than software and subscriptions this quarter.