OpenAI names former Army secretary Driscoll to national security role
Dan Driscoll will advise the company's leadership and work with outside partners on AI applications for national security and cybersecurity.
Apple beats earnings estimates as iPhone sales reach $57.58 billion
Higher prices helped cushion rising memory-chip costs, while Apple said it could not yet meet demand for its foldable iPhone Duo.
Apple reported fiscal fourth-quarter revenue of $114.48 billion on November 2, exceeding Wall Street forecasts as early demand for the iPhone 18 Pro lineup supported sales. Earnings reached $2.10 per share, while the stock fell roughly 1% in volatile after-hours trading.
Analysts had projected revenue of $113.39 billion and earnings of $1.99 per share, LSEG data showed. Profit exceeded expectations even after excluding a tariff-refund benefit worth 5 cents per share. Apple reported a gross margin of 47.9%, compared with the 47.5% analysts expected.
Quarterly iPhone revenue totaled $57.58 billion, beating the $56.54 billion forecast. Those figures included iPhone 18 Pro models but excluded the Duo. CEO John Ternus said Apple remained unable to satisfy demand for the foldable device and could not predict when supply would catch up.
Following customer complaints about cracked Duo screens, Ternus said in an interview that display-related returns represented a very small share of units and that Apple was replacing affected phones.
Apple raised iPhone 17 prices by $100 and increased prices for some MacBooks. Ternus said those changes partly cushioned higher memory costs, alongside benefits from inventory holdings and lower costs for certain other components.
Ternus, who became CEO in September, is overseeing a revised product schedule. Pro and Duo phones are shipping this year, with other iPhones expected next year. Apple also introduced its first touchscreen laptops and smart-home hub in the current holiday quarter. Analysts said the staggered launches aim to reduce seasonal swings in revenue.
Mac revenue reached $10.79 billion, surpassing the $9.61 billion estimate. Services generated $31.57 billion, broadly matching expectations of $31.58 billion. Both iPad revenue, at $6.23 billion, and wearables revenue, at $8.30 billion, missed forecasts.