Overview
- Apple reported a record June quarter with $109.4 billion in revenue and $2.02 diluted EPS, driven by a $54.3 billion iPhone haul, according to its July 30 earnings release.
- Management guided September‑quarter revenue growth to 9%–11% and said supply limits stem from pulling forward inventory and constrained advanced‑chip node capacity rather than weak end demand.
- CFO Kevan Parekh blamed sharply higher DRAM and NAND costs for a guided gross‑margin drop from about 50.1% to roughly 47%–48%, and called memory pricing an extreme market event.
- Markets reacted strongly: shares fell roughly 7% to as much as 10% in the hours after the report as investors weighed near‑term margin risk despite the strong quarter.
- Apple is keeping capex modest, reported using third‑party AI compute arrangements rather than building large in‑house farms, and announced a CEO transition to John Ternus effective Sept. 1, factors that shape its longer‑term investment and product strategy.