On November 3, Apple (AAPL.O) reported its fourth-quarter results for fiscal year 2026. Revenue rose 12% year over year to $114.5 billion, surpassing the market expectation of $113.5 billion, though growth slowed from 16% in the previous quarter. Greater China revenue grew 21% year over year to $17.53 billion, missing the market forecast of $18.75 billion. The company faces multiple headwinds: the standard iPhone was not refreshed in September as usual, product supply remained constrained, services growth decelerated, and progress in AI lagged behind competitors. Services revenue grew by less than 10% in the quarter—the slowest pace since 2022—spanning iCloud storage, App Store commissions, AppleCare warranty services, and licensing revenue from Google's search engine. Capital expenditure for the quarter was just $2.24 billion, below the market expectation of $3.33 billion and far short of the AI infrastructure investments made by other major tech companies. Investors are now focused on how much the foldable iPhone Duo will contribute to holiday shopping season sales and on when the company will ease supply constraints. Following the earnings release, Apple's U.S. shares dipped slightly in after-hours trading.