iPhone and Mac delivered standout growth (iPhone revenue about $54.3 billion, up ~22%; Mac about $10.4 billion, up ~29%), while Services and Greater China came in softer than some forecasts. Gross margin reached 50.1%, aided by roughly 2 percentage points from tariff refunds (about $0.11 of the EPS beat). GF Securities downgraded Apple to Hold from Buy, arguing that valuation appears full after the stock’s recent outperformance. Overall Street consensus remains a Moderate Buy, with a roughly even split of Buys/Overweights versus Holds and a small number of Sells/Underweights. Investors will watch upcoming product launches, component availability updates, and any further analyst estimate revisions as the September quarter unfolds.