Apple reported better-than-expected earnings and revenue, including for iPhone, but guided gross margin for the December quarter to 45% to 46%, below the 46.3% analyst average according to LSEG. CFO Kevan Parekh attributed the drop mainly to higher memory costs and some costs tied to the ramp of Siri AI. Shares fell about 3% in extended trading after a near 2% decline during the regular session. CEO John Ternus, who succeeded Tim Cook on Sept. 1, said memory pricing is unprecedented and expected to keep rising beyond the December quarter. Apple also expects iPhone and Mac supply constraints in the holiday quarter, and its purchase obligations rose by $33 billion from the June quarter to the September period.
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Related tickers and likely impact
AAPL
▼ Likely negativeApple Inc.
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.1T |
| Close on 11/02/2026 | 338.32 |
| Change that session | -1.83% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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