Apple may report the biggest jump in quarterly revenue in two years. The company owes these results to the high demand for the iPhone 16 at the end of the fiscal year, particularly in China, Reuters reports.

The financial report will provide investors with more information about the demand for the new iPhone 16 models. However, the main focus will be on management’s comments for the first quarter amid concerns that the slow release of Apple Intelligence features could hurt sales.

The company’s total revenue for the fourth quarter of 2024 is expected to grow by 5.7%, which will be the highest growth in the last two years. Revenue in China is also projected to grow by 6.6% in the last quarter.

It is also expected that iPad sales will grow by 10.1% or $7.09 billion. Over the past three months, sales grew by 23.7%, in particular due to the iPad Pro with the M4 chip. Revenue from Apple’s service business, such as the App Store, will grow by 13.3%, which is less than in previous quarters.

Apple will officially release its quarterly financial report on Thursday, October 31, 2024.