The company reported quarterly revenue of $114.5 billion, a 12% increase compared with the same period last year.

The earnings call, held on Monday, was Apple's first since Ternus took over as CEO from Tim Cook.

Apple recorded a net profit of $57.6 billion for the three months from July to September, up 17% from $49 billion a year earlier.

iPhone Duo Faces Supply Shortages

Ternus described the quarter as one of the most significant launch periods in Apple's history.

He called the iPhone Duo “the most transformational iPhone since the original” and said the company was working to meet customer demand.

“We have been thrilled with the early response from reviewers and customers, and we are working hard to get iPhone Duo into customers' hands as quickly as we can,” Ternus said.

The iPhone 18 Pro and Pro Max were among Apple's major product launches during the quarter. However, iPhone Duo orders opened too late to be included in the financial results.

Apple's first foldable smartphone attracted strong interest before its September launch. Preorders reportedly sold out within hours, despite a starting price of $1,999.

The device remains on backorder, with Apple indicating that shipments could resume in late January next year.

Apple executives have not provided a clear timeline for when supply will meet demand.

COO Sabih Khan said the company was increasing production but could not predict when the shortage would end.

“iPhone Duo is constrained as of today,” Khan said during the earnings call.

Apple Acknowledges Rising iPhone Prices

Apple's revenue growth comes amid increasing manufacturing costs, partly driven by rising demand for memory chips linked to the artificial intelligence boom.

The company raised prices on several iPhone models in September, including the iPhone 16, iPhone 17, iPhone 17e and iPhone Air.

Some older models are now more expensive than they were when they first launched. Apple also increased prices for certain iPad and Mac products in June.

Former CEO Tim Cook said the company was trying to reduce the impact of memory shortages on customers but acknowledged that price increases were difficult to avoid.

With strong demand for its latest devices and continued pressure on production costs, Apple faces the challenge of maintaining sales growth while managing supply shortages and higher prices.