Apple expects Q1 revenue to rise 7%-10% YoY, above 6% est., and gross margins of 45%-46%, below 47% est., as John Ternus says memory costs are "unprecedented" (Michael Acton/Financial Times)

Apple has announced its "best fiscal year ever," reporting quarterly revenue of $114.5bn, a 12% increase year-over-year. Net product sales reached nearly $83bn. iPhone sales grew by 17.5% to more than $57bn following recent launches. While sales grew across most segments, Silicon Republic reports that iPad, wearable, and other gadget categories saw a drop in sales, and growth was not seen in Japan.

The company reported a gross margin of 47.9%, which Silicon Republic notes includes favorable impacts from tariff refunds. However, Techmeme reports that Apple expects Q1 revenue to rise between 7% and 10% year-over-year and anticipates gross margins of 45% to 46%.

During his first earnings call as CEO, John Ternus described current memory pricing as "unprecedented." According to Silicon Republic, Ternus noted that memory costs were higher than in the June quarter and warned that the company expects even higher memory costs for the December quarter. Following the announcement, Apple shares fell by more than 7.5% in overnight trading on November 2.

Brief written by urgent.news from Techmeme, Silicon Republic — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.