[CITIC Securities Foresight] Apple (AAPL) FY26Q3 Quarterly Report Rapid Review: FX Losses and Memory Price Increases Lead to Weak Next-Quarter Guidance

English summary

[Financial Data] 1) Quarterly revenue of $109.4 billion (+16% YoY, -2% QoQ), above Bloomberg consensus of $108.9 billion. 2) Quarterly gross margin of 50.1% (+3.6ppts YoY, +0.8ppts QoQ), above Bloomberg consensus of 48%. Tariff rebates brought about a favorable impact of approximately 2 percentage points. 3) Quarterly net profit of $29.8 billion (+27% YoY, +1% QoQ), above Bloomberg consensus of $27.7 billion. 4) Quarterly Greater China revenue of $18.8 billion (+22% YoY, -8% QoQ), below Bloomberg consensus of $19.6 billion. 5) Guidance: Company guides FY26Q4 revenue growth of 9%-11% YoY, corresponding to revenue of $111.7-$113.7 billion, below Bloomberg consensus of $114.9 billion. Company guides FY26Q4 gross margin of 47%-48%, including a favorable impact of approximately 1 percentage point from tariff rebates, with the midpoint above Bloomberg consensus of 47.36%.…