Apple’s profits are out, and as promised, the iPhone maker released some big numbers.
Chief Executive Officer Tim Cook said iPhone demand in the holiday quarter was “staggering” and “unprecedented.” Apple reported revenue of $143.76 billion and earnings of $2.84 per share, both of which easily beat analysts’ expectations.
The company also put to rest concerns about Greater China, reporting sales in the region rose 38% year over year to $25.53 billion, beating the consensus estimate of $21.82 billion. Last quarter, Cook vowed to turn around China’s economic slump.
Cook, on the heels of a major AI deal with Google that will help strengthen Apple’s AI efforts, including a long-awaited Siri overhaul (“scheduled for later this year”), said investors should think of Google and Apple’s foundation model relationship as a “cooperation.”
The CEO added that Apple is “very pleased” with its partnership with Google.
One of the challenges Apple is facing is running out of memory. The price of memory, a key component of chips and devices, has soared amid the AI boom, and Cook said he expects memory prices to continue rising. When asked if Apple would consider raising prices due to rising memory prices, Cook said he didn’t want to speculate.
Apple’s stock price rose about 2% after hours following the results.
Scroll to watch Apple’s full earnings call with analysts.
