Apple has warned that it cannot predict when its new foldable iPhone Duo will return to stock ahead of the Christmas shopping season. The device, which launched just over a week ago, sold out quickly despite its high price of nearly $2,000. The company cited "constraints" in sourcing key components and admitted it was "really hard to predict when supply and demand will be in balance." Meanwhile, Apple's new CEO John Ternus highlighted an "unprecedented" rise in memory costs, driven by the AI industry's investment in data centers.
Apple's latest financial results, released on Monday, showed strong growth in iPhone and Mac sales. iPhone revenue rose 17% to $57bn, while Mac sales increased 27% to a record $10.7bn. Overall, sales between July and September climbed from $102bn to $114bn, with pre-tax profit rising from $32.8bn to $36.1bn. However, iPad and wearable sales fell by 10% and 7%, respectively. Chief operating officer Sabih Khan noted that supply constraints, particularly for advanced microprocessors, would continue into next year.
Ternus expressed enthusiasm for the iPhone Duo's early reception, while Khan emphasized efforts to restock the device as quickly as possible. The results did not include Duo sales, as it launched at the end of October. Despite the challenges, Sunil Krishnan from Aviva Investors described Apple's performance as "reasonably solid," with impressive margins. However, Apple's share price dropped 1.8% in after-hours trading.