New York, Jan 22, 2026, 16:32 ET — After-hours
- Apple shares closed up 0.3%, then held steady in after-hours trading.
- Apple has petitioned an Indian court to stop an antitrust request targeting its global financial records; the case is scheduled for a hearing on Jan. 27.
- Wall Street is gearing up for Apple’s Jan. 29 earnings, watching closely for clues on iPhone and Services demand.
Apple shares ended Thursday up 0.28% at $248.35 but dipped 0.03% in after-hours trading. The stock faced pressure from a new legal challenge in India, even as megacap tech stocks rallied more broadly. 1
The India case is crucial now, raising a bigger issue for Apple: how far regulators can push on App Store rules and fees. This comes as the company ramps up its Services segment and approaches a critical holiday quarter earnings report.
Apple has filed a request with the Delhi High Court to block India’s Competition Commission of India (CCI) from demanding its global financial records, court documents reveal. The dispute stems from an ongoing investigation into App Store practices. The hearing is set for Jan. 27. Apple warned that if penalty rules tied to global turnover are enforced, fines could soar to as much as $38 billion. 2
In the U.S., stocks edged up after President Donald Trump eased his tariff stance on Europe. Economic data pointed to a robust economy, with tech shares leading the charge. Brown Brothers Harriman strategist Elias Haddad noted the earlier selloff was likely due to “increased hedging by non-U.S. investors.” 3
Analysts are eyeing earnings closely. UBS held onto a Neutral rating and set a $280 price target. Analyst David Vogt forecasted iPhone “sell-in” shipments hitting roughly 84.5 million to 85.0 million units by December 2025, marking a 12% to 13% rise from the previous year. 4
UBS says the product mix will weigh as heavily as volume, with pricier models pushing average selling prices (ASPs) to roughly $930 per phone. Vogt hinted that if iPhone demand stays strong and production steps up near quarter-end, his earnings-per-share forecast could get a boost.
Apple will hold its fiscal first-quarter earnings call on Jan. 29 at 5 p.m. ET, according to the company’s website. Investors are keenly watching for updates on iPhone sales, the strength of its Services segment, and any immediate insights on regulatory challenges, particularly in India. 5
A solid earnings report might ease jitters after a rocky start to the year for big tech, but it won’t resolve the ongoing debate over the App Store. Legal and regulatory battles usually move at their own pace.
The downside is clear: if the Delhi court denies Apple the break it wants, the CCI could push harder for global financial data as its probe continues, increasing the risk of steeper penalties and tougher remedies in a rapidly expanding market. Meanwhile, component costs—memory included—remain a key wild card for margins heading into 2026.
Traders are now eyeing the Delhi High Court hearing set for Jan. 27, gearing up for Apple’s earnings report on Jan. 29. That’s when management will likely be grilled on demand, margins, and regulatory issues.
