Apple projects record festive revenue despite rising memory chip costs
The company reported $114.5 billion in revenue for the September quarter, marking a 12 per cent year-on-year increase.
Apple has forecast better-than-expected sales for the upcoming holiday season despite an unprecedented rise in memory chip prices squeezing profit margins, according to The Telegraph India.
The company reported revenue of $114.5 billion for the quarter ending in September, which is a 12 per cent increase from the previous year. iPhone revenue reached $57.6 billion during this period, up 17 per cent year-on-year, even with supply constraints and foreign-exchange headwinds.
Apple CEO John Ternus stated that the company set a September quarter record for upgraders globally, including in the US, China mainland, and India. However, Ternus noted that memory costs are expected to be even higher for the December quarter and that pricing for memory purchases is expected to continue increasing.
In India, the iPhone 17 was the most-shipped model during the quarter, while the MacBook Neo saw record sales. Tarun Pathak, research director at Counterpoint Research, said consumer aspiration is a major tailwind in India, with financing and local manufacturing turning aspiration into purchases.
Apple CFO Kevan Parekh said the company expects total revenue for the December quarter to grow between 7 per cent and 10 per cent year-over-year. Parekh added that the company expects this to be the best quarter for revenue in its history.
Apple COO Sabih Khan said demand for the iPhone Duo is strong but the product is currently constrained. Khan noted that while the ramp is going well, it is difficult to predict when supply and demand will reach a balance.
