Apple revenue, profits beat expectations on iPhone, Mac sales
iPhone and Mac sales drove the quarter as Apple said supply constraints and higher memory-chip costs will curb near-term growth.
- On Thursday, Chief Executive Tim Cook warned Apple expects "significant" supply constraints to impact iPhone, Mac, and iPad availability in the coming quarter, despite reporting $109.4 billion in quarterly revenue.
- Demand for memory chips in AI data centers is causing a global shortage and skyrocketing prices, which Cook likened to a "hundred-year flood" that forced Apple to reluctantly raise Macs and iPads prices last month.
- IPhone sales jumped 21.7% to $54.25 billion, above estimates of $53.86 billion, while Mac sales surged 28.7% to $10.35 billion, beating estimates of $8.74 billion.
- Apple forecast fourth-quarter revenue growth of 9% to 11%, below analyst expectations of 12%, sending shares down 6% in after-hours trading as investor concerns mounted.
- Incoming Chief Executive Officer John Ternus takes charge September 1 as Cook steps down after 15 years, facing the challenge of adapting Apple to the AI era while European Union negotiations on the redesigned Siri continue.
158 Articles
158 Articles
Apple Stock Falls Despite 'Strongest June Quarter': The iPhone Issue Investors Couldn't Ignore
The Apple stock fell 7.5% during premarket hours on Friday despite delivering one of the strongest June quarters in its history. The iPhone maker reported fiscal Q3 revenue of $109.42 billion, up 16% year over year, while net income surged to $29.79 billion. For the quarter, earnings per share of $2.02 was well above consensus estimates, which combined with growing revenue and stronger iPhone demand, dominated headlines. However, investors likel…
Apple's stock fell 7.3% in the pre-market this Friday, after the technology giant warned that supply restrictions will harm growth, leading investors to look beyond the short-term shortage to assess the impact of an expected increase in iPhone prices. The fall puts Apple on the road to losing about $361.6 billion in market value, if losses remain. The company's projection highlighted a broader challenge for the industry, with demand driven by ar…
Technology giant Apple broke a record by generating $109.4 billion in revenue in the third quarter, despite a global RAM and memory supply crisis. Tim Cook's final financial report as CEO indicated that significant supply shortages and cost increases are expected in the coming period.
Coverage Details
Bias Distribution
- 42% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
