Apple posts record June quarter revenue of $109.4 billion; flags higher memory chip prices as pressure point
Apple reported record June quarter revenue of $109.4 billion, a 16% year-on-year increase, driven by strong sales across emerging markets, including a 21.7% rise in iPhone sales. Despite this success, the company warned of potential challenges ahead due to rising memory chip prices and supply constraints. Apple CEO Tim Cook noted significant growth in regions like Greater China and India, while the company's gross margin stood at 50.1%.