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What a day! Apple surprised with a much better quarter than it had projected, lifting revenue in the June quarter 10%, thanks to 13% higher iPhone revenue, the best iPhone quarter in four years.͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Jul 31, 2025
The Briefing
By Martin Peers
Supported by
Thanks for reading The Briefing, our nightly column where we break down the day's news. If you like what you see, I encourage you to subscribe to our reporting here.
Greetings!
What a day! Apple surprised with a much better quarter than it had projected, lifting revenue in the June quarter 10%, thanks to 13% higher iPhone revenue, the best iPhone quarter in four years. Amazon, meanwhile, reported the best growth for its online stores in three years. (See below for more on the quarterly results.) The biggest news today, though, was Figma's bubble-like public debut, which made me wonder if some investors were trading while high on some of those (legal in New York and California) edibles.
Not only did Figma's stock rocket 250% from its IPO price of $33 to close at $115.50—it then rose further to above $140 in after-hours trading! You could understand this breakneck enthusiasm if this was OpenAI going public. But Figma is neither an artificial intelligence developer nor a crypto firm. Instead, it's an enterprise software firm, albeit one that's fast-growing and profitable. As my colleague Cory Weinberg noted in our story today, Figma's closing price is about 55 times what bankers expect the company will generate in revenue in 2026, compared with a median forward multiple of 13 for the biggest software firms.
Figma's enterprise value at day's end was $66 billion, more than three times what Adobe was going to pay for the company in a 2022 deal that regulatory opposition in Europe cratered. Seems like Figma shareholders should send flowers to those European regulators! Seriously, though, what's driving the euphoria? Is it a sign that the AI boom, which has caused investors in stocks such as Meta Platforms' to take leave of their senses, has percolated more broadly?
We've already seen a return of the meme stock phenomenon in the past few weeks, centering on also-rans such as Opendoor, so there is a group of investors who no longer pay attention to fundamental analysis. As Cory noted today, only about 37 million shares were sold in the offering (including stock sold by early shareholders), which is about 8% of the company's outstanding shares. With that tight a float, any demand can drive up the price. Whatever the reason, you can bet a few people will lose their shirts on this stock when it eventually falls to earth.
After all, the first-day pop was a little reminiscent of Snowflake's IPO in 2020, when shares of the data storage and analytics firm more than doubled to $245 on its first day. Before too long, Snowflake stock had reached $387. But last September it was trading below its IPO price, and today it was at $223. The lesson: Don't buy on the first day. For more of our coverage on Figma, read about Figma's big IPO winners, a profile of Figma CEO and co-founder Dylan Field and our True Value analysis of the company.
Amazon and Apple
Shares of Amazon sank 6% in after-hours trading as investors signaled their disappointment with the company's earnings. The likely focus? Amazon Web Services, the cloud unit that is Amazon's profit engine, kept its growth rate static with the first quarter at 17%—even as Microsoft's Azure and Google Cloud posted accelerating growth, both above 30%.
Azure and Google Cloud are smaller than AWS, to be sure, so it's harder for the company to grow at the same rate. Still, that doesn't explain why AWS' top-line expansion isn't accelerating, at a time when increasing use of AI services is helping the other two cloud providers.
Certain straws in the wind might explain what's going on. As we've reported, Google's strength in AI is helping it win some customers over AWS. Microsoft, meanwhile, is the main cloud provider for OpenAI, whose ChatGPT is growing very rapidly. That's presumably flowing through to boost Azure's numbers. AWS is the main cloud provider for Anthropic, but there have been signs that AWS has had problems delivering enough capacity for the AI firm.
As for Apple's better-than-expected quarter, it seems that people worried about the impact of tariffs on the price of the iPhone decided not to wait for the new generation of the device, due out in a few weeks. CEO Tim Cook said Apple noticed an "unusual buying pattern" in the U.S. in April, which is when President Donald Trump unveiled a wide array of tariffs. One question the unusual growth raises is what happens to the next two quarters of sales, when the release of the iPhone 17 series would have been expected to provide a boost.
The other big news was that Apple is lifting its capital expenditures. For the first nine months of Apple's fiscal year, capex was up 45% to $9.5 billion, reflecting higher investment in AI, the company said. Cook declared his intention to invest more in the new technology, which is notable given that Apple's AI efforts have so far lagged. (For more, see this story.)
The capex boost is particularly notable: Apple has historically avoided spending a ton of money on capex, as it uses outside manufacturers to make its devices. As a result, it has mostly sat out the capex explosion of recent years—until now.
In Other News
• Paramount Global's streaming revenue rose 15% to nearly $2.2 billion during the second quarter, driven in part by pricing increases. However, the company, which owns the Paramount+ and Pluto TV streaming services, saw streaming ad revenue drop 4% year over year, due to the impact of lower ad prices and more available ad inventory in the overall streaming market.
• Tesla launched a ride-hailing service in the San Francisco Bay Area on Thursday, with humans in the driver's seat of each vehicle operating a version of the company's driving software.
• CoreWeave secured $2.6 billion in debt to help it purchase equipment for its contract with OpenAI, the server rental company said Thursday.
• Comcast's Peacock streaming service reported no subscriber growth in the second quarter when compared to the prior quarter. And while revenues for Peacock continue to grow, that isn't completely offsetting ongoing declines in NBCUniversal's domestic TV advertising business.
• Klarna, the Swedish installment lender, is considering reviving its potential New York IPO as soon as September, as shares in U.S. fintech companies surge, Sky News reported.
• The U.K.'s top antitrust regulator ruled on Thursday that Microsoft and Amazon hold dominant positions in the cloud computing market and should be subject to a formal investigation.
• Coinbase reported $1.5 billion in total revenue, up from $1.45 billion in the year-earlier quarter.
Today in The Information's TITV
Check out today's episode of TITV with insights from Glean CEO Arvind Jain on corporate data wars in AI, and from The Information's Erin Woo on Google's AI efforts.
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