Apple Tops Q1 with $143.8B Revenue and Secures Five-Year India Tax Exemption
Apple reported Q1 revenue of $143.76B, exceeding analysts’ $138.25B estimate, driven by record iPhone sales and over 2.5B active devices. The Indian government granted a five-year tax exemption on foreign-owned machinery for Apple’s contract manufacturers through 2030-31, potentially lowering production costs and accelerating local investment.
1. Historic Steve Jobs–Signed Check Fetches $2.4 Million
The earliest known check drawn on Apple’s original bank account, dated March 16, 1976 and marked “No. 1,” sold for $2,409,886 at RR Auction’s Steve Jobs & the Computer Revolution: The Apple 50th Anniversary Auction in Boston. Written to printed circuit board designer Howard Cantin and signed by co-founders Steve Jobs and Steve Wozniak just over two weeks before incorporation, the check documents one of Apple’s first supplier payments and underscores collectors’ appetite for early Silicon Valley memorabilia.
2. India’s Major Tax Exemption Poised to Accelerate Apple’s Local Production
In its 2026-27 budget, India’s Finance Minister Nirmala Sitharaman enacted a five-year tax exemption for foreign-supplied machinery used by contract manufacturers in designated customs-bonded zones, effective through the 2030-31 tax year. By removing duties on capital goods, tooling and equipment, the policy aims to lower upfront costs for Apple’s partners—such as Foxconn and Tata—and supports Apple’s recent double-digit revenue growth in India, where the company continues to report strong consumer adoption of iPhones, Macs, iPads and Apple Watch.
3. Departure of Four AI Researchers Intensifies Talent Concerns
Bloomberg News reports that Apple has lost at least four AI researchers—Yinfei Yang, Haoxuan You, Bailin Wang and Zirui Wang—to rival firms, including Meta and Google’s DeepMind, over the past month. These departures follow earlier exits of other senior AI staff and contribute to questions about Apple’s ability to compete in foundational model development. Industry observers warn that retention of AI talent will be critical as Apple rolls out operating-system-level “Apple Intelligence” features tied to its ecosystem.
4. Q1 Results Highlight Continued Momentum and India Opportunity
For the fiscal quarter ending December 27, Apple posted revenue of $143.76 billion, up 16% year-over-year, and earnings per share of $2.84, both exceeding consensus expectations. The company reported more than 2.5 billion active devices in its installed base, a milestone driven by record iPhone 17 sales and robust Services revenue, which now represents over one-fifth of total sales. In India, management characterized the quarter as “terrific,” noting that the majority of new device purchasers were first-time Apple customers and reaffirming the region as a key area for future growth.