Apple’s fiscal 2026 Q4 earnings call showed mixed signals: executives forecast total revenue to grow 7%-10% next quarter to a record high, though some Wall Street firms had expected growth above 10%, and services growth has slowed. CEO Tim Cook outlined for the first time an AI monetization strategy: by imposing “usage caps” on cloud-based AI features, he aims to encourage heavy users to subscribe to iCloud+. After the U.S. stock market closed on Monday, November 2, Eastern Time, Apple reported fourth-quarter revenue of $114.477 billion, up 11.7% year over year, surpassing Wall Street’s estimate of about $113.47 billion and exceeding Apple’s earlier guidance range of 9%–11%. Fourth-quarter revenue exceeded analysts’ expectations, but weak sales in Greater China and holiday-season guidance below some optimistic forecasts weighed on the stock, sending it down about 4% in after-hours trading. Newly appointed CEO John Ternus described China’s performance as “very strong,” said production ramp-up for the iPhone Duo foldable phone is progressing smoothly, and acknowledged that memory chip costs have risen to an unprecedented level and supply constraints will continue to weigh on the current fiscal quarter. Total fourth-quarter revenue reached $114.5 billion, up 12% year over year, surpassing Wall Street’s prior estimate of $113.47 billion; iPhone revenue totaled $57.58 billion, exceeding the expected