Oncast Money · Morning Brief

Apple Beats, Stock Still Drops

· Fact-checked before it aired. Unconfirmed claims from this segment are not shown.

Apple reported fiscal Q4 2026 results on Nov. 2, 2026. Revenue was $114.48B, above estimates of about $113.4B, and EPS was $2.10, above estimates of about $1.99–2.00. iPhone revenue was strong at $57.58B. China revenue missed at $17.54B. But Apple guided December-quarter gross margin to 45–46%, down from 47.9% in the latest quarter, and services growth of 8–9%, below the roughly 10.7% analysts expected. Shares fell about 4% initially in after-hours trading, then pared losses to about a 2% decline.

The results were helped by iPhone 18 Pro demand and price increases, but investors focused on the outlook: Apple warned memory-chip costs would keep rising, pressuring margins. The company is also dealing with iPhone Duo supply constraints and some display issues. This was Apple's first earnings call under new CEO John Ternus.

Polymarket did list a market asking whether France's 2027 presidential election will be delayed; early trading showed about 9% odds for “Yes,” with very low volume.

Apple's fiscal Q4 2026, reported Nov 2, 2026, beat expectations: revenue was $114.48B vs about $113.4B expected, EPS was $2.10 vs about $1.99 expected, and iPhone revenue was $57.58B vs about $56.5B expected. Apple shares still fell roughly 2% after hours/early the next day because the December-quarter margin and services-growth outlook disappointed.

Fact-check

VERIFIED TRUE

Apple's fiscal Q4 2026, reported Nov 2, 2026, beat expectations: revenue was $114.48B vs about $113.4B expected, EPS was $2.10 vs about $1.99 expected, and iPhone revenue was $57.58B vs about $56.5B expected. Apple shares still fell roughly 2% after hours/early the next day because the December-quarter margin and services-growth outlook disappointed.

$AAPL Apple is down around 2% after a clean earnings beat. iPhone sales exceeded expectations, while gross margins held within guidance. HEADLINE PRINT 🟢 Revenue: $114.48B vs $113.39B expected 🟢 EPS: $2.10 vs $1.99 expected WHAT CHANGED 🟢 iPhone revenue: $57.58B vs $56.48B htt

Original post · Emma (@EmmaStockNotes)

[investing.com](https://www.investing.com/news/stock-market-news/apple-results-beat-wall-street-expectationson-strong-iphone-sales-4992898), [finance.yahoo.com]

Sources

What the hosts said

AGood morning, Saturday. Apple beat on nearly everything last night, and the stock still fell.
BThat's the story. Emma on X called it a "clean earnings beat."
ARevenue was near 114 and a half billion dollars, above the 113 and a half expected.
BEarnings per share came in at two dollars ten cents, above a dollar ninety-nine.
AAnd iPhone revenue was about 57 and a half billion. That's the bright spot.
BSo the quarter was strong. But the shares dropped about two percent.
AThe market's already living in the next quarter.
BThe next quarter's guidance is where it hurts. Gross margin is guided to 45 or 46 percent, down from nearly 48.
ARight. Memory-chip costs are still climbing. That's a supply bill, not a demand problem.
BSo even iPhone 18 Pro demand and higher prices couldn't offset that.
ANot enough. Services growth is guided to eight or nine percent. Analysts wanted closer to ten point seven.
BServices is the part Wall Street treats like the golden goose.
AChina revenue missed too, at seventeen and a half billion dollars.
BSo strong iPhone, but costs up, China soft, services slowing. I get why the stock dropped, but come on, two percent after a beat?
AThe guidance is literally the next three months, Bill. Investors sold the future, not the past.
BFair, but the quarter still deserved its applause.
AThis was also John Ternus's first earnings call as Apple's CEO. No soft open.
BBob O'Donnell from TECHnalysis says the real challenge is fixing iPhone Duo screen issues while ramping production.
AAnd memory prices are only going one direction.
BUp. That's how they usually go.
ASo Apple is strong where it controls things and squeezed where it doesn't.
BNow something much weirder out of the prediction markets.
APolymarket posted on X this morning, asking, "French presidential election delayed?"
BThat's not my usual six a.m. election.
AThe "yes" side is trading around nine percent, and volume is very low.
BSo nine percent odds. Basically a small bet on political chaos, not evidence of a delay.
ALow volume means it doesn't take much to move that number.
BPrediction markets sometimes list a thing just because the tail risk exists.
ATreat it as an early, thin signal. Interesting, but not a headline.
BMeanwhile in crypto, Scarlett posted a snapshot on X from just after five this morning Eastern.
ABitcoin near seventy-six thousand dollars, Ethereum around twenty-two forty-five.
BSo basically flat overnight. Not a lot to see.
AThere are louder numbers about ETF outflows and liquidations, but the figures vary by data provider.
BRight. Until the official tallies land, it's noise.

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