1. Apple's Q2 FY25 financials show modest growth (5% revenue, 4.8% net earnings) driven by record services revenue ($26.6B, 75.7% margin); 2. iPhone sales stagnate (+2%) with declining market share, while facing $900M tariff risks and escalating AI R&D costs; 3. Valuation concerns persist with ~30x P/E and 2.7x PEG ratios, 46% above sector median despite limited earnings growth.