Apple’s (AAPL) fiscal first quarter results beat estimates, but iPhone sales fell short. D.A. Davidson managing director Gil Luria joins Morning Brief with Seana Smith and Brad Smith to discuss what Apple CEO Tim Cook called the iPhone maker’s "best quarter ever." "For Apple, what’s really important is are we going to have an iPhone upgrade cycle? And we got some good news in that regard," Luria says, explaining, "The overall iPhone sales were down, but that was really because of the big drag from China … Importantly, Apple is seeing early signs that Apple Intelligence is driving better sales and we’ve only just started introducing Apple Intelligence functionality into the iPhone." The analyst says, "The more [Apple Intelligence] functionality comes in, the better it is, the more integrated it is into our experience, the more people are going to encourage each other to upgrade their iPhone, which is the key to Apple [for] more iPhone sales, more wearable sales, more service sales. That’s how we’re going to get [an] acceleration of revenue growth in Apple and we got enough of that in the quarter that investors are more optimistic." Luria again points to a potential upgrade cycle as a driver for Apple and its devices, but "nobody’s expecting that to happen next quarter." Watch the video above to hear about Luria’s expectations for Apple’s outlook in the Greater China region, DeepSeek’s new AI model, and more.
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