Strong demand for the iPhone 18 Pro and iPhone 18 Pro Max, along with higher prices, helped Apple deliver record iPhone and overall revenue in the third quarter. iPhone sales rose 17.5% year over year to $57.56 billion, about $1 billion above analysts’ average estimate, according to the company. The iPhone remains Apple’s most important product by a wide margin.
Apple reported total revenue of $114.48 billion for the quarter, up 12% from a year earlier. Net profit also increased 12%, to $30.7 billion.
The results were the first presented by John Ternus as Apple’s CEO. The former head of hardware took over from Tim Cook during the quarter and told investors that Apple sees the iPhone as a central way for people to access artificial intelligence services. Ternus said the company aims to make products that meet high standards for quality, performance, design and durability.
Apple’s first foldable phone, the iPhone Duo, was not included in the quarterly figures. Ternus told CNBC that supply constraints remain, and the model went on sale only a few days ago.
Recent price increases across several products also supported revenue. Apple has raised prices in response to rapidly rising memory-chip costs, which Ternus described as unprecedented and ongoing. The company is trying to offset some of the increase by reducing costs for other components.
For the current quarter, Apple expects slower growth and a gross margin of 45% to 46%, down from about 48% in the quarter just reported, as memory-chip costs continue to climb. The outlook weighed on investor sentiment, and Apple shares were down as much as 4% in after-hours trading.
Sources: Tagesschau.