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Holy Margins! But China Sucks: Recapping Apple's Actuals vs. Consensus

Consensus Expectation Benchmarking + Valuation Context

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Consensus Media
Jul 30, 2026
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Where are these margins coming from for Apple? 200bps of upside, and with Services the weak spot. Shares were far too hot into the print though, driving the modest weakness in shares alongside the big miss in China:

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