Apple outpaces sales expectations as it continues to battle surging memory chip costs
Source: Fortune ·
Monday's earnings report is the first under new CEO John Ternus.
From the source
Apple beat its quarterly financial expectations in Chief Executive John Ternus’ first earnings report since taking over Tim Cook’s post in September, though the company continues to be pressured by a surge in memory chip costs. The iPhone maker posted fourth-quarter revenue of $114.5 billion, more than what Wall Street analysts had expected. Its profit was $30.7 billion. iPhone revenue came in at $57.58 billion. Both figures were also higher than projections. Its services revenue, which includes iCloud, the App Store, and other services, was $31.57 billion. Shares in the company were trading slightly down in after-hours trading. Ternus said in a written statement that iPhone revenue reached a September quarter record and Services posted an all-time high, “capping off our best fiscal year ever.” “We’re closing the year with our most ambitious lineup yet,” he said. “Together with the all-new Siri AI, it’s an incredible lineup to carry us into the holiday season.” Many investors have…
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