Key facts: Apple Inc. $109.4B rev; A20 Pro tops PCs; iPhone Duo

Apple's iPhone 18 Pro series launch in India caused long queues and overnight waits at major outlets, including Mumbai's Bandra-Kurla Complex. The iPhone 18 Pro starts at ₹1,64,900, and the Pro Max at ₹1,79,900. High demand led to limited stock for some configurations, with customers traveling from distant locations.

Apple (AAPL) reported a 16% revenue increase in Q2, with iPhone and Mac sales up 22% and 29% respectively. However, gross margins declined to 48.1% (49.3% in Q1) due to rising memory costs, with guidance for Q3 at 46.5%. The company faces supply constraints and expects slower growth in Q3. The stock trades at 37.7x trailing earnings, near its 10-year high.

Apple plans to launch Apple Pay in India next month with Axis Bank's credit cards, according to sources. The company is also in talks with HDFC Bank and ICICI Bank but has not yet reached agreements. Apple aims to expand support among Indian lenders over time, starting with a single major banking partner. Apple's smartphone market share in India has doubled to 8% since 2022, per Counterpoint Research. The Reserve Bank of India recently allowed biometric authentication for card payments, enabling

Apple launched the iPhone Duo, its first foldable phone, priced at $1,999, with availability from October 23. The device features a 7.6-inch inner display and a cover screen. Foldables offer benefits like larger screens and hands-free use but also present barriers, including dexterity requirements, layout changes, and weight. Apple's iPhone Duo is the heaviest iPhone to date at 254 grams. Other foldable models from Samsung, Google, and Motorola were also mentioned with varying weights and prices

Apple (AAPL) is legally challenging a secret UK government order requiring an iPhone encryption backdoor, arguing it could compromise global device security. The company seeks public acknowledgment of the directive and an end to related gagging rules. The outcome may impact Apple's regulatory risk, privacy stance, and hardware pricing power, with potential effects on its global user base.

Apple contested the UK government's secrecy around an order for encrypted data access in court. The government neither confirms nor denies such orders, but Apple argues this undermines open justice. The case focuses on secrecy, not the order's legality. The UK previously targeted global users but later narrowed the scope to UK users only. Apple removed Advanced Data Protection for UK iCloud users in response to the order.