Apple Results Live: Apple Beats Q4 Estimates on Strong iPhone Sales, But Misses China Revenue

Apple says it expects supply constraints on Macs and iPads in the December quarter, due to memory, due to higher demand than the company expected.

Apple says it has seen strong sales in Greater China from the iPhone and Mac.

Mac revenues saw strong double-digit growth, and Greater China revenues grew 28% year-over-year.

Still, September quarter revenue fell short of Wall Street’s expectations.

Khan says Apple increased its purchase obligations to improve memory supply by $33 billion between the June quarter and the September quarter.

COO Sabih Khan says it’s difficult to predict when supply and demand for the iPhone Duo will be in balance.

He added that Apple is seeing supply constraints for the iPhone, Mac and iPad, related to the availability of its advanced processing nodes.

Apple CEO John Ternus highlighted the massive increase in the price of memory due to the development of AI.

“What we’re seeing right now with the price of memory is unprecedented,” he told investors.

The company reported higher memory costs in the September quarter compared to the June quarter, but benefited from carryover inventory and some non-memory components.

For the December quarter, Ternus expects even higher memory costs, partly offset by product prices, as well as early December inventory.

Beyond December, the company notes that memory prices will continue to rise and profits from carryover inventory will decline.

Ternus says AI agents are promising tools for users, but that Apple wants to make sure they know what they’re giving them access to when they use them.

“We want to make sure this is done in a way that protects security and privacy.”

Apple CEO John Ternus said he asked COO Sabih Khan to join the company’s earnings call to help answer investors’ questions.

Apple Chief Financial Officer Kevan Parekh said he expects total revenue for the December quarter to increase between 7% and 10% year over year and expects it to be the company’s best quarter ever.

Services revenue will increase between 8% and 9%, with challenges related to third-party licensing and exchange rates.

Gross margin will be between 45% and 46%, primarily due to higher memory costs associated with the rise of Siri AI.

Operating expenses are expected to be between $20.4 billion and $20.8 billion.

Chief Financial Officer Kevan Parekh said Apple ended the quarter with $137 billion in cash and marketable securities and $80 billion in total debt.

CFO Kevan Parekh explained that Apple’s wearable and iPad installed bases have reached unprecedented heights, driven by new devices in each category.

Apple Chief Financial Officer Kevan Parekh said that without duty refunds, company and product gross margins would have been 1% lower sequentially due to higher memory costs.

Since the September quarter, Apple has received the majority of refunds related to previously paid rates.

Ternus said Apple now supports more than 450,000 American jobs through thousands of suppliers across 50 states.

Apple’s Ternus said the Emmys were a night to remember for the company, with its shows winning more awards than any other network.

He also shouted out “Widows Bay,” which was the most awarded comedy of all time in a single year.

According to CEO John Ternus, Apple sold more Macs in fiscal 2026 than in any other year. Apple also set a record for new Mac customers in the September quarter.

Apple set a September quarter record for upgrades worldwide, including in the United States and China.

Gil Luria, head of technology research at DA Davidson, comments on Apple’s results.

CEO John Ternus says Apple now has an installed base of more than 2.5 billion active devices worldwide.

Ternus said Apple signed its largest education deal to date, bringing 170,000 MacBook Neos to teachers and students in the Philippines.

“Opportunities like this attract more users to our ecosystem and help fuel our business growth.”

Apple CEO John Ternus said the company just completed one of the most prolific launch periods in its history, including the iPhone Duo, iPhone 18 Pro and Pro Max, AirPods 5, new Apple Watches and HomeView.

It also made use of Apple’s Siri AI. “I feel good about the opportunities that lie ahead for Apple.”

“Apple delivered a record September quarter for net income and EPS. Our record September quarter capped off a strong fiscal 2026, with record revenue of $479 billion and double-digit EPS growth,” Chief Financial Officer Kevan Parekh said in a statement.