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Apple revenue, profits beat expectations on iPhone, Mac sales
Apple said iPhone sales rose 21.7% and Mac sales 28.7%, helping revenue climb 16.4% and beat Wall Street estimates.
- 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.
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116 Articles
Leading American technology companies Apple and Microsoft significantly increased their annual profit and sales in the third quarter. American stocks rose, mainly in response to Microsoft's results.
Apple revenue forecast lags Wall Street targets as iPhone maker struggles with supply chain
Apple forecast sales for the current quarter ending in September would grow more slowly than Wall Street targeted as the iPhone maker struggled to get the parts it needed to deliver products
·Chennai, India
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These performances mark Tim Cook's latest publication at the head of the American giant, before moving on to John Ternus on September 1st. ...
·Brussels, Belgium
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Coverage Details
Total News Sources116
Leaning Left21Leaning Right20Center31Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
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