iPhone 17 will drive strong Q1 results, Apple’s biggest bull declares

Days before Apple earnings, Morgan Stanley has chimed in on the quarter, and believes that high iPhone 17 demand means Apple will beat its own revenue expectations, but the memory shortage is looming.

iPhone 17 Pro Max

The first-quarter results of 2026 will be favorable for Apple, Monday’s note to investors from Morgan Stanley reads, with overall revenue at $139.5 billion for the quarter. That represents a year-over-year growth of 12.3%, and be accompanied by an earnings per share of $2.70.

At the time of the Q4 2025 results, CEO Tim Cook said in interviews that Apple expected an overall revenue increase of between 10% and 12% year-over-year for Q1 2026. He added an expectation that it would be the best quarter ever in the history of the company, thanks to the “off the chart” reception of the iPhone 17.

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