Apple is set to report fiscal first-quarter results on Thursday, January 29, with analysts forecasting 16% year-over-year growth in iPhone revenue—its strongest expansion since September 2021. Consensus estimates point to a modest revenue beat and a stronger earnings beat, driven by solid demand for the iPhone 17 during the holiday season. Investors will scrutinize commentary on gross margin leverage, particularly how volume gains and long-term memory contracts offset recent component cost headwinds.

Data from TechCrunch indicates Apple’s iPhone market share in India rose to approximately 9% in 2025, up from 7% the prior year. Combined with reports of stronger-than-expected sales in China, these shifts suggest Apple's flagship product continues to gain traction in two of the world’s largest smartphone markets. This geographic diversification is expected to cushion revenue growth against possible softness in mature markets.

Several major brokerages have renewed bullish calls on Apple, citing the improving valuation setup and momentum behind core products. One leading firm upgraded its rating based on the company’s ability to manage gross margin pressure from higher component costs and deliver above-consensus iPhone and Services revenue. Analysts forecast mid-teens growth in Services, supported by multiple non-App-Store initiatives, and expect operating expenses to come in below guidance as AI-related fees shift into later quarters.