Apple posts Q4 revenue of $114.48 billion, beats forecasts on iPhone 18 Pro demand

Apple announced fiscal fourth-quarter revenue of $114.48 billion, topping the $113.39 billion forecast compiled by analysts, according to LSEG data. Earnings per diluted share came in at $2.10, ahead of the $1.99 estimate, even after excluding a $0.05 per-share tariff refund. The company’s shares rose 0.8 % in after-hours trading.

The stronger results were driven by early demand for the newly launched iPhone 18 Pro models and price adjustments that helped mitigate higher memory-chip costs. iPhone sales, which included the 18 Pro line but excluded the newly introduced iPhone Duo, generated $57.58 billion, exceeding the $56.54 billion consensus.

Apple’s latest quarter also featured the debut of its first touchscreen laptops and a smart-home hub, part of a strategy to smooth the traditionally seasonal revenue pattern that relied heavily on holiday-quarter iPhone sales.

In a Reuters interview, CEO John Ternus said a “very small percentage” of iPhone Duo units had been returned for display issues and that the company is replacing them. He added that the Duo remains “constrained as of today” and that Apple is working to increase supply, though no timeline was provided.

“The ramp is going well, and we’re working hard to get it to as many customers as quickly as possible, but at this point, we’re not able to predict when supply and demand will be in balance,” Ternus said.

Apple also raised the price of iPhone 17 models by $100 and increased certain MacBook prices, actions that Ternus said helped offset higher memory-chip expenses.

“We did see higher memory costs as compared to the June quarter, which was partially offset by the benefit of carrying inventory and lower costs on certain non-memory components. These price increases provided some offset,” he told Reuters.

Gross margins improved to 47.9 % versus the 47.5 % expected. Services revenue matched forecasts at $31.57 billion, while Mac sales reached $10.79 billion, above the $9.61 billion estimate. iPad and wearables revenues fell short of expectations, reporting $6.23 billion and $8.30 billion respectively.

“Now we have the Siri that we always wanted, which we really built from the ground up,” Ternus added, noting the AI-enhanced assistant is handling about 2.5 billion requests per day.