Overview
- Apple reported a record June quarter with $109.4 billion in revenue and 16% year‑over‑year growth, with iPhone and Mac each setting June‑quarter records.
- Management guided September‑quarter revenue growth to 9%–11% and said gross margin should fall to about 47%–48% because rising memory costs will raise component spending and currency will modestly weigh on results.
- Apple described current supply limits as a demand‑forecast miss rather than weak demand, saying it pulled supply forward and now faces constrained flexibility from scarce advanced chip nodes.
- Investors reacted strongly, sending the shares down roughly 7%–10% after the July 30 report, and services revenue of $30.7 billion fell short of analyst expectations.
- The company is shifting its AI approach toward renting large‑model capacity and will hand CEO duties to John Ternus on September 1, and reports of a possible foldable iPhone this fall remain unconfirmed.