Tim Cook reports strong iPhone sales and revenue growth during final earnings call as Apple CEO
Tim Cook reported that Apple achieved a strong fiscal third quarter, with total revenue reaching $109.42 billion and earnings per share of $2.02, both exceeding analyst expectations. While iPhone revenue hit $54.25 billion, marking a 22% increase in sales, the services division reported $30.74 billion, slightly missing projections. During the call, Tim Cook warned of a global memory shortage and supply constraints in chip manufacturing that have already forced price increases on Macs and iPads. While iPhone prices remain stable for now, analysts expect hikes in the coming months. The report marks Tim Cook's final earnings call before John Ternus takes over as CEO on September 1. Despite the positive sales figures, Apple's stock fell nearly 8% in after-hours trading as investors weighed the supply chain challenges against the strong hardware performance. The company continues to navigate a challenging macroeconomic environment while preparing for a new era of leadership under John Ternus.