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StocksMediumUpdated×3•Originally published 16 April 2026•Updated 17 April 2026•

1 min read

Apple Hits Record $143B Revenue on iPhone 17 Strength Despite Valuation Risks

Key Facts

1Apple entered FQ2 with inventory levels at a multiyear low, signaling robust demand.

about 2 months ago

Version History

Version 3about 2 months ago

What changed: Updated with record $143B revenue, iPhone 17 growth figures, aggressive RAM procurement strategy, and new valuation risks including high P/E and PEG ratios.

Version 2about 2 months ago

What changed: The story was updated to include the 5% stock drop due to foldable iPhone delays, while highlighting Apple's cost advantage in the memory market and ASP outlook.

Version 1about 2 months ago

What changed: Updated the story to include Apple's unified memory architecture advantages, its appeal to privacy-sensitive industries, and Celestica's raised guidance and CapEx.

Apple delivered record quarterly revenue of $143 billion, fueled by a 23% surge in iPhone 17 sales and robust performance in China. The company is currently pursuing an aggressive supply chain strategy, overpaying to secure RAM supplies to disrupt competitors and capture a larger share of the low-cost laptop market. This follows Apple entering the second fiscal quarter with multiyear low inventory levels, further supporting expectations for higher Average Selling Prices (ASP). However, valuation concerns are intensifying as the stock trades at a forward P/E ratio exceeding 30x, with a PEG ratio 121% above the sector average. Despite these risks, Apple continues to leverage its unified memory architecture for local AI execution, strengthening its position as a high-margin digital 'toll collector' and sustaining its long-term EPS outlook.