Apple’s earnings are in, and as promised, the iPhone maker put up some big numbers.
CEO Tim Cook said iPhone demand was “staggering” and “unprecedented” in the holiday quarter. Both Apple’s reported revenue of $143.76 billion and earnings per share of $2.84 handily beat analyst estimates.
The company also put concerns around Greater China to rest for now, reporting revenue of $25.53 billion for the region, up 38% year over year and clearing the consensus estimate of $21.82 billion. Cook vowed last quarter to turn around a decline in China.
Hot on the heels of its big AI deal with Google, which will help power Apple’s AI efforts, including its long-awaited Siri overhaul (“coming this year”), Cook said investors should think of the relationship between Google and Apple’s Foundation Models as a “collaboration.”
Apple is “very happy” with the Google partnership, the CEO added.
One challenge Apple is facing is the memory shortage. Prices for memory — a key component in chips and devices — have soared amid the AI boom, and Cook said he expects memory prices to continue to increase. Asked if Apple would consider raising prices amid rising memory costs, Cook said he didn’t want to speculate.
Apple’s stock price rose about 2% after hours following the results.
Scroll on for the full play-by-play from Apple’s earnings call with analysts:
