Apple's Q3 Earnings Exceed Expectations, But Q4 Outlook Disappoints
Apple's earnings for its fiscal third quarter exceeded expectations, but the tech giant's sales forecast for the current quarter fell short of analyst projections.
The company reported a revenue increase of 16% year-over-year to $109.4 billion, beating Wall Street estimates of $94 billion.
However, Apple's Q4 sales guidance of 9-11% growth, nearly $113 billion at the midpoint, was lower than the consensus estimate of $114.9 billion among analysts.
Celebrating its fiscal third quarter results, Apple's Chief Executive Officer Tim Cook mentioned that memory supply constraints will impact revenue in the coming months, describing the current cost environment as a '100-year flood on memory pricing' due to soaring artificial intelligence infrastructure demand.