...November 19, 2024 S&P Global Ratings expects Apple will increase its revenue by about 5% in fiscal year 2025 and 7%-8% in fiscal year 2026 on an AI-led iPhone refresh cycle and a resilient performance in its services segment. The company expanded its revenue by 2.0% year over year in fiscal year 2024 (ended September 2024), which followed a 2.8% decline in 2023, due to improving consumer demand amid the stabilizing macroeconomic environment, strong growth in its higher-margin services segment, and a modest recovery in iPhone sales. Specifically, the improvement in Apple's revenue mainly stemmed from the strong performance of its services segment, which increased its revenue by 13% year over year to an all-time record as it benefitted from the expanding installed base of its devices that led to growing demand for its services, such as app store, advertising, cloud, Apple TV+, Apple Care, Apple music, and its payment platforms. The company's iPhone sales rose slightly during the fiscal year,...
