{
  "document_id": "replay-001-aapl-earnings",
  "document_type": "article",
  "document_text": "Apple Inc. reported fiscal Q1 2026 results that exceeded Wall Street expectations. Revenue came in at $124.3 billion, up 9% year-over-year, driven by strong iPhone 17 demand and a 22% surge in Services revenue to $26.1 billion. CEO Tim Cook highlighted record-setting performance in emerging markets, particularly India and Southeast Asia.\n\nEarnings per share of $2.41 beat the consensus estimate of $2.35. Gross margin expanded to 46.9%, up from 45.9% a year ago, reflecting favorable product mix and supply chain efficiencies.\n\nAnalysts at Morgan Stanley raised their price target to $245 from $230, citing the Services growth trajectory. However, Greater China revenue declined 4% amid increased competition from Huawei, which Cook acknowledged as a headwind.\n\nApple also announced a $110 billion share buyback program, the largest in corporate history, and raised its quarterly dividend by 5% to $0.26 per share.",
  "known_tickers": ["AAPL"],
  "expected_extraction": {
    "summary": "Apple reported Q1 2026 results beating expectations with $124.3B revenue up 9% YoY, driven by iPhone 17 demand and 22% Services growth, though China revenue declined 4%.",
    "companies": [
      {
        "ticker": "AAPL",
        "company_name": "Apple Inc.",
        "relevance": 0.95,
        "sentiment": "positive",
        "impact_score": 0.8,
        "impact_horizon": "1d_30d",
        "catalyst_type": "earnings",
        "key_facts": [
          "Revenue $124.3 billion, up 9% year-over-year",
          "EPS $2.41 beat consensus of $2.35",
          "Services revenue surged 22% to $26.1 billion",
          "Greater China revenue declined 4%",
          "$110 billion share buyback announced"
        ],
        "risks": [
          "Greater China revenue declined 4% amid Huawei competition"
        ],
        "evidence_spans": [
          "Revenue came in at $124.3 billion, up 9% year-over-year",
          "Earnings per share of $2.41 beat the consensus estimate of $2.35",
          "Greater China revenue declined 4% amid increased competition from Huawei"
        ]
      }
    ],
    "macro_themes": [],
    "novelty_score": 0.5,
    "confidence": 0.9,
    "extraction_warnings": []
  },
  "metadata": {
    "created_at": "2026-04-11",
    "description": "Synthetic Apple earnings article for replay testing",
    "schema_version": "2.0.0",
    "category": "earnings_beat"
  }
}
