Apple’s iPhone and Mac sales are on the rise even as a global memory shortage squeezes device makers. In its third-quarter earnings report released on Thursday, Apple revealed that iPhone sales jumped 22 percent to $54.25 billion and Mac sales increased 29 percent to $10.35 billion, driving the company’s overall revenue to $109.4 billion.
The company expects supply chain constraints to worsen in the coming months. During an earnings call, Apple chief financial officer Kevan Parekh said Apple expects “supply constraints to increase significantly” in the next quarter, adding the shortage will impact the iPhone, Mac, and iPad. Meanwhile, Apple CEO Tim Cook warned that the company predicts it will “pay even higher memory costs” in the coming months.
Apple hasn’t raised the prices of its iPhones yet, but analysts predict that the iPhone 18 could cost up to $200 more when the lineup launches this fall. Apple is planning to widely release its more personalized Siri AI alongside the iPhone 18, allowing its assistant to answer questions about what’s on your screen, search across apps, and perform tasks, like adding events to your calendar.
This week, Apple also announced a new Upgrade program that will let you lease an iPhone, iPad, Apple Watch, or Mac for a set monthly price.
Additionally, Apple reported $30.74 billion in services revenue, which incorporates subscriptions like Apple One and Apple TV. Parekh added during the earnings call that the company now has more than 1.5 billion subscribers across its services. Apple also reported $7.88 billion in revenue for wearables and a lower-than-expected $6.2 billion in iPad revenue.
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