Apple Inc

XMUN:APC

Record quarter: Apple reported $109.4 billion of revenue, up 16% year over year, with June-quarter records in every geographic segment despite supply constraints and FX headwinds.

iPhone strength: iPhone revenue rose 22% to $54.3 billion, driven by the iPhone 17 family, with management citing record upgrader activity and strong global share gains.

Memory pressure: Apple said rising memory costs were a major margin headwind, and Tim Cook said the company reluctantly raised some prices because of a sharp memory inflation spike.

Supply tightness: Management expects supply constraints to worsen in the September quarter, affecting iPhone, Mac and iPad, which is a key reason revenue guidance is only 9% to 11% growth.

Services soft spot: Services still hit a June-quarter record at $30.7 billion, but growth was affected by FX and some App Store weakness, especially mobile gaming.

AI focus: Apple highlighted strong early response to Siri AI and said it sees major opportunities in on-device AI, but it did not give a full plan for monetizing compute costs yet.

Leadership transition: Tim Cook said this was his final earnings call and praised incoming CEO John Ternus, who will lead future calls.