Apple is set to report fiscal first-quarter results on Thursday, January 29, concluding its holiday season. Analysts forecast a year-over-year rise in total revenues driven by iPhone 17 demand, with several firms projecting double-digit iPhone revenue growth—the strongest since late 2021. Operating expenses are expected to come in below guidance, as fees for foundational AI model access are slated to ramp in the following quarter. Investors will closely monitor gross margin trends, particularly how scale advantages and long-term memory contracts help offset higher component costs.

Recent consumer data indicate Apple’s iPhone increased its share of the Indian smartphone market to approximately 9% in 2025, up from 7% in 2024. This gain follows reports of robust sales in China and suggests wider acceptance of the iPhone 17. Strong performance in the world’s second-largest smartphone market supports the view that Apple can sustain momentum outside mature regions, reinforcing revenue forecasts and bolstering confidence in supply-chain resilience.

JPMorgan analysts raised their price target on Apple to $315, citing an improving risk-reward profile ahead of the earnings release. They note Apple shares have underperformed the S&P 500 over the past two months, reflecting memory-cost concerns and elasticity questions. With the stock trading at roughly 30 times forward earnings—below historical peaks seen before major product cycles—the firm sees room for upside. Analysts also highlight Apple’s AI strategy, including the recent partnership to leverage Google’s Gemini models, as a potential catalyst for Services revenue and future product differentiation.