Apple reported strong revenue growth Monday on sustained demand for its smartphones in CEO John Ternus’ first earnings call atop the iPhone maker.
The company showed robust sales growth despite soaring memory costs, which have sandbagged other electronics makers, and which Apple blamed for a $100 price increase on iPhones.
Unique in terms of its relatively conservative approach to AI, Apple has outpaced the rest of the Mag 7 this year, offering investors relief from the vicissitudes of the AI trade.
“The volatility we’re seeing elsewhere in tech reflects how uncertain things seem for them,” an investment analyst told Bloomberg earlier Monday: Apple “should at least remain immune from some of that volatility.”
— Brendan Ruberry
