Apple beats sales expectations with $114.5 billion in revenue
Apple just posted fourth quarter revenue of $114.5 billion.
The short version
- Profit hit $30.7 billion despite rising memory chip costs. iPhone revenue reached $57.58 billion in a record quarter.
- Gross margin rose to 47.9 percent from last year.
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Apple, the consumer technology giant known for the iPhone and Mac, just beat quarterly financial expectations with $114.5 billion in revenue during its latest report, according to Fortune. The results marked the first earnings report for John Ternus, who took over as chief executive from Tim Cook in September.
The iPhone maker pulled in a profit of $30.7 billion, while iPhone revenue alone hit $57.58 billion for a September quarter record. Services revenue, which includes iCloud and the App Store, reached an all-time high of $31.57 billion. Ternus said in a written statement that the figures capped off the company's best fiscal year ever.
Despite the strong sales, Apple continues to face pressure from a surge in memory chip costs that has investors watching profit margins. Gross margin rose to 47.9 percent from 47.2 percent a year earlier, though it declined from 50.1 percent in the previous quarter.
Apple noted that tariff refunds added about 1 percentage point to the latest margin. Ternus has marked his first months in the job with major product releases, including the foldable iPhone Duo in September and last week's unveiling of Apple's first touchscreen MacBook Pro.
Photo: KAiuphoupPor kou s s, CC0, via Wikimedia Commons
