00:00Apple has beaten market expectations in its latest quarterly results, generating almost
00:05$110 billion in revenue, up 60% year-on-year.
00:10The record June quarter was driven by strong demand, with iPhone sales rising almost 22%
00:16to over $54 billion and Mac revenue jumping nearly 29%.
00:22However, the stellar performance was overshadowed by a weaker outlook.
00:27Apple warned that rising memory chip costs and AI-driven supply constraints will slow
00:32current quarter growth to between 9% and 11%, causing shares to fall by up to 8% in after
00:40-hours
00:40trading.
00:42The company will also no longer benefit from the tariff refunds that boosted its latest profit
00:47margin.
00:50The financial report marks the final earnings call for Chief Executive Tim Cook, who is stepping
00:55down after 15 years.
01:00Hardware Engineering Chief John Ternus will take over as Chief Executive on September 1st.
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