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Earnings Updates: Apple (AAPL), Amazon (AMZN), Meta (META), Microsoft (MSFT)

For Quarter Ending March 31, 2025

Author

Yimin Xu
May 04, 2025

Hi YXI friends,

Today’s article will only focus on the latest earnings of Amazon, Apple, Microsoft, and Meta. We won’t cover the price technicals in this update.

Tomorrow morning, the usual macro note for SPY, QQQ, TLT, BTC, Mag-7 will be posted before the market open.

Announcement: QQQ daily model signals are ready for launch tomorrow (Monday 5). Microsoft and Google Signals will follow in the coming weeks.

Table of Contents


DISCLAIMER: This newsletter is strictly educational. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.

1) Apple (AAPL)

Quarterly Revenue

Apple’s Q2 (March 31, 2025) continues to chug along at mid single-digit growth, up 5% YoY to reach $95 billion.

This is thanks to a 12% growth in the Services ($27 billion) segment but only 3% growth in Products ($68 billion)

Among the Apple products, iPhone sales reached $46.8 billion, up just 2% YoY. Apple launched the new iPhone 16e with A18 chip in the quarter. But there isn’t visible revenue acceleration from last year’s Apple Intelligence launch. From a product point of view, many of Apple’s competitors have better adopted AI features in their handsets (e.g. Google Pixel or Samsung).

Mac did a bit better, up 7% YoY to reach $8 billion. This was due to rising popularity in the new M4-powered MacBook Air and the new Mac Studio with M4 Max and M3 Ultra chips.

iPad saw the most significant growth, reaching $6.4 billion and up 15% YoY. This is thanks to the new iPad Air with the M3 chip

Wearables, Home & Accessories sales declined by 5% to $7.5 billion. Apple Vision Pro and Watch Ultra 2 this time last year performed well, but have since then fizzled out.

Regionally, Europe and Greater China sales were essentially flat. Japan saw a nice 17% increase YoY to $7.3 billion. Americas, being the biggest market, saw a respectable 8% growth to reach $40.3 billion.

TTM Revenue Growth

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