CEO of Apple Tim Cook looks at the new iPhone 16 with Siddharth Suryanarayan and Aditi Rao Hydari as Apple holds an event at the Steve Jobs Theater on its campus in Cupertino, California, U.S. September 9, 2024.
It's a familiar story for Apple, which sees the strongest growth when it introduces new iPhone models that expand the lineup. But since it went to a four-phone lineup in 2020, Apple has struggled with the fourth phone's sales, which have lagged behind the basic iPhone and the Pro models. Since 2020, Apple swapped out the "Mini" iPhone for a "Plus" iPhone with a bigger screen, and now, it's trying the "Air."
"Some reports have highlighted a more muted iPhone 17 Air uptick than we believe some had initially anticipated," Wells Fargo analyst Aaron Rakers wrote this month.
But the newest iPhone model, the iPhone Air, doesn't appear to be selling well so far.
Third-party estimates from analysts and industry researchers have signaled that iPhone sales are up this cycle, especially for the entry-level iPhone 17, which got the fastest chip and a screen with a faster refresh rate, and the iPhone 17 Pro models, which have a full aluminum frame and improved battery life.
But investors will be watching closely about what Apple says regarding demand to see if this year ends up being a "super-cycle," or the first year of growth after iPhone revenue peaked in fiscal 2022. Analysts polled by FactSet expect that Apple surpassed that high mark in fiscal 2025.
The report covers sales through the end of September, which includes a little more than a week's worth of sales data for the latest Apple smartphones that went on sale Sept. 19. In recent weeks, Wall Street has been boosting Apple's stock because it looks like the iPhone 17 is a hit based on early industry estimates .
Apple's Thursday earnings report is critical for investors because it includes the first official sales figures for the iPhone 17.
A new iPhone Air is on display during an Apple special event at Apple headquarters on Sept. 9, 2025 in Cupertino, California.
While Apple doesn't separate sales numbers for individual devices, CEO Tim Cook and CFO Kevan Parekh often provide some color during earnings calls about product launches during the quarter and how much demand the company is seeing.
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