Dave Lee, Columnist

Apple Gives Itself the Toughest Act to Follow

January 30, 2026 at 10:30 AM UTC

Dave Lee is Bloomberg Opinion's US technology columnist. He was previously a correspondent for the Financial Times and BBC News.

Raising the bar.
Photographer: Angela Weiss/AFP/Getty Images

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Apple Inc. had a very, very merry Christmas. “Unprecedented” demand for the latest iPhone pushed revenue for its top device up 23% year-on-year to a staggering $85.27 billion in the holiday quarter. Revenue in China surged 38%. Gross margins stayed at a remarkable 48%.

Terrific! Same again this year? That Apple’s shares were mostly flat in after-hours trading following the announcement on Thursday indicates that investors believe this might be as good as it gets for a while.