Apple's latest quarterly report beat Wall Street expectations even as rising memory chip costs keep squeezing the company. The iPhone maker brought in $114.5 billion in fourth-quarter revenue and earned $30.7 billion in profit, with both figures above projections. iPhone sales totaled $57.58 billion, and services, covering iCloud and the App Store, generated $31.57 billion. Gross margin improved to 47.9% from 47.2% a year before, although it slipped from 50.1% in the previous quarter. Tariff refunds added roughly one point to the margin, Apple said, versus about two points in June. Ternus, who took over from Tim Cook in September, delivered his first earnings report as chief executive. He said iPhone revenue set a September-quarter record and services hit an all-time high. Shares slipped slightly after hours.
Why it matters: The results show rising memory chip costs are weighing on margins at a major hardware maker, a pressure investors have been tracking closely.
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