MacDailyNews presents live notes from Apple’s Q325 Conference Call with analysts starting at 2pm PT / 5pm ET today, July 31, 2025.
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Apple’s live conference call webcast will begin at 2pm PT / 5pm ET here.
Apple today posted record third quarter revenue of $94.0 billion, up 10 percent year over year, and quarterly diluted earnings per share of $1.57, up 12 percent year over year.
For the quarter, analysts’ consensus estimates called for Apple to report revenue of $89.54 billion and EPS of $1.43, both of which Apple beat handily.
Live notes in reverse chronological order:
• Mac and Appel Watch install bases hit new all-time highs
• Apple set all-time June quarter revenue ($89.54 billion) and EPS ($1.43) records
• Parekh recaps product revenue for each category:
– iPhone Revenue: $44.582 billion
– Mac Revenue: $8.046 billion
– iPad Revenue: $6.581 billion (difficult compare vs. launch of iPad Air and iPad Pro during Q324)
– Services Revenue: $27.423 billion
– Wearables, Home, and Accessories Revenue: $7.404 billion
• For September assuming current tariffs and no new tariffs, impact will be about $1.1 billion
• Cook: For June quarter, tariff hit was $800 billion
• APPL After hours: $209.30, +$1.73 (+0.83%) @ 5:17:46 PM EDT
• Apple signed deal to invest in rare earth mining and recycling
• Cook covers new accessibility features for Apple OSes and apps
• Apple Store Online launched in Saudi Arabia
• App Store revenue grew double digits YoY setting a June quarter revenue record
• Apple Music turned 10 years old during Q3
• “F1 The Movie” is an unforgettable blockbuster
• Apple TV+ has the highest-rated content of any streamer
• Apple TV+ garnered 81 Emmy nominations
• Services Revenue: $27.423 billion
• Cook talks health – hearing aids on AirPods Pro, fall detection, heart monitoring, etc.
• Cook touts Vision Pro and visionOS 
• June quarter record to users upgrading to Apple Watch
• Wearables, Home, and Accessories Revenue: $7.404 billion
• Cook calls iPadOS 26 with windowing system Apple’s biggest iPad OS update ever
• iPad Revenue: $6.581 billion
• Cook touts Mac Studio, Mac mini, and macOS 26
• Mac Revenue: $8.046 billion (driven by the strength of the M4 MacBook Air)
• Cook touts iOS 26
• iPhone Revenue: $44.582 billion
• 3 billionth iPhone shipped during Q325
• Cook: We believe our devices are the best for running Generative AI
• Cook: We are making good progress on a more personalized Siri – coming next year
• Apple is significantly growing its investment in AI
• Apple sees AI as one of the most profound in our lifetimes
• Cook discussed Apple Intelligence developments from WWDC in June
• Cook touts Liquid Glass
• Services set another quarterly revenue record
• Mac continued to see excellent results
• June quarter revenue records across the globe; double-digit iPhone, Mac, and Service growth
• earnings per share of $1.57, up 12 percent year over year
• Cook: Apple is proud to report a June quarter revenue record of $94.0 billion, up 10 percent year over year
• Apple CEO Tim Cook and CFO Kevan Parekh will speak on the call today
• AAPL After hours: $210.05, +$2.48 (+1.19%) @ 4:57:37 PM EDT
• AAPL After hours: $211.00, +$3.43 (+1.65%) @ 4:55:53 PM EDT
• Cook said Apple, which has thus far not engaged in the massive capital expenditures of its Big Tech rivals to pursue AI, is “significantly growing” its investments in artificial intelligence: “Apple has always been about taking the most advanced technologies and making them easy to use and accessible for everyone, and that’s at the heart of our AI strategy.”
• Apple has delayed the release of an AI-enriched version of Siri, its virtual assistant, but Cook said the company is “making good progress on a personalized Siri.”
• “We saw evidence in the early part of the quarter, specifically, of some pull-ahead related to the tariff announcements,” Cook told Reuters, though he also said the active user base for iPhones hit a record high in all geographies.
• In an interview with Reuters, Apple CEO Tim Cook said the company set seasonal records for upgrades of iPhones, Macs, and Apple Watches. He said Apple estimates about one (1) percentage point of its 9.6% of sales growth in the quarter was attributable to customers making purchases ahead of potential tariffs.
• Reuters: “Apple crushes Wall Street expectations as iPhone sales soar”
• AAPL After hours: $213.90, +$6.33 (+3.05%) @ 4:48:40 PM EDT
• AAPL After hours: $212.06, +$4.49 (+2.16%) @ 4:43:35 PM EDT
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