Apple's earnings all exceeded expectations, yet the stock fell 4% after hours. New CEO John Ternus: "This was our best fiscal year ever." Revenue: $114.5 billion EPS: $2.10 iPhone sales: $57.58 billion, a record for the September quarter Services: $31.57 billion, also a new high — All metrics beat expectations, yet the stock still dropped The main reason: guidance for next quarter Gross margin guidance: 45–46% (below expectations) Services growth guidance: 8–9% (below expectations) This quarter’s gross margin of 47.9% included approximately 1 percentage point from tariff refunds; the true margin was 46.5% after adjustment. On earnings night, it’s not about how good the results are—it’s about how much they exceed expectations. Apple didn’t disappoint users or the market—the market’s expectations were simply too high!!! $AAPL