Apple results beat Wall Street expectations on strong iPhone sales

Apple reported strong financial results on Monday, surpassing Wall Street expectations due to robust iPhone sales and strategic price adjustments. The company's fiscal fourth-quarter sales reached $114.48 billion, exceeding analysts' estimates of $113.39 billion. Profit for the quarter stood at $2.10 per share, outpacing the $1.99 per share estimate.

Apple's shares dipped by about 1 percent in after-hours trading following the announcement. This performance follows Apple's experimentation with new product launches under CEO John Ternus, who took over in September. The company introduced its iPhone 18 Pro lineup, priced higher to offset rising memory-chip costs. Additionally, Apple launched new non-iPhone products, such as touchscreen laptops and a smart-home hub, aiming to diversify its revenue streams and mitigate the impact of seasonal iPhone sales.

However, the company is facing supply constraints for its iPhone Duo, a foldable device, which sold out quickly and led to some customer returns. Ternus assured that Apple is working to meet demand, but no timeline has been provided for when production will catch up.