Apple:

The Company posted quarterly revenue of $102.5 billion, up 8 percent year over year.

“Today, Apple is very proud to report a September quarter revenue record of $102.5 billion, including a September quarter revenue record for iPhone and an all-time revenue record for Services,” said Tim Cook, Apple’s CEO.

And:

“Our September quarter results capped off a record fiscal year, with revenue reaching $416 billion, as well as double-digit EPS growth,” said Kevan Parekh, Apple’s CFO.

The market loved the results, briefly pushing Apple’s after-hours stock price over $284 (from a $271.40 close), before settling in just under $278.

There were two notable and related “forward-looking statements” in the earnings call. First, from Tim Cook:

We expect the December quarter to be the best ever for the company, and the best ever for iPhone.

Then, from Kevan Parekh, Apple’s CFO:

We expect our December quarter total company revenue to grow by 10 to 12 percent year over year, which would be our best quarter ever. We expect iPhone revenue to grow double digits year-over-year, which would be our best iPhone quarter ever.

If these “statements” prove accurate, that would translate to:

• $136.73 to $139.216 billion in total revenue (December 2024 revenue: $124.3 billion)
• $76.051 billion in iPhone sales (December 2024 iPhone sales: $69.138 billion)

That alone might justify Bank of America’s $320 price target, which is now looking almost conservative.

As usual, Jason Snell at Six Colors offers additional details, as well as his always helpful transcript and multi-color charts.