As Tim Cook steps down, Apple hit record sales — but a chip shortage looms
Apple reported a record-breaking March quarter with $111.2 billion in revenue, driven by strong iPhone 17 demand, as outgoing CEO Tim Cook highlighted ongoing supply chain challenges due to rising memory chip costs. Cook warned of increasing memory expenses linked to high AI industry demand, a trend dubbed 'RAMaggedon,' which could pressure future profitability. Incoming CEO John Ternus inherits these challenges but will benefit from Cook's continued involvement as executive chairman.
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Apple reported a record quarter on Thursday. Yet outgoing CEO Tim Cook warned of some gathering storm clouds in the form of memory chip supply issues that could impact business in the near future. “Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment,” Cook said during Thursday’s earnings call. “iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup.” Less rosily, Cook relayed that Apple spent more on memory chips in March than in previous quarters though the company’s costs were offset by its ability to sell stockpiled inventory.
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