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Record revenue for Apple despite chip crisis: Tim Cook says goodbye, price hikes on the horizon

Despite the global chip crisis, Apple generated $109.4 billion in revenue in the third quarter. As CEO Tim Cook prepares to step down, signals of price hikes for the new iPhone series have been given.

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US-based technology company Apple announced that it generated $109.4 billion in revenue in the third quarter, despite global memory and component supply crises. According to the financial results released by the company, this increase was driven by a 22 percent growth in iPhone sales and a 29 percent increase in Mac computer sales.

Apple exceeded expectations in the third quarter, achieving record revenue.

The released balance sheet was the final financial report presented by Tim Cook, who has served as CEO since 2011. Cook, who will step down from his position as of September 1, will hand over his seat to John Ternus, the Senior Vice President of Hardware Engineering.

The company saw a 22 percent increase in smartphone sales.

Speaking at the earnings call, Apple Chief Financial Officer (CFO) Kevan Parekh stated that supply constraints on iPhone, Mac, and iPad production lines will increase in the coming months. Tim Cook pointed to rising memory costs in production processes, stating that the component shortage could last until 2027.

Mac computer sales rose by 29 percent.

EXPECTATION OF PRICE HIKES FOR IPHONE 18

Cost increases are expected to be reflected in product prices. The company, which raised prices on Mac and iPad models in June, had increased the price of the MacBook Neo model from $599 to $699. Market analysts predict that price increases of up to $200 could occur in the iPhone 18 series, which is planned to be introduced in the fall.

Supply chain issues are expected to continue until 2027.

The new iPhone 18 series is expected to come with a personalized Siri artificial intelligence that analyzes content on the screen, performs cross-app searches, and offers advanced task automation. Additionally, the company has launched an "Upgrade" program where users can rent devices by paying a fixed monthly fee.

Artificial intelligence integrations and rental models will stand out in the new era.

GROWTH IN SERVICE REVENUES

The company's service revenues reached $30.74 billion with the contribution of platforms such as Apple TV and Apple One, while the global subscriber count surpassed 1.5 billion. While the wearable technology category generated $7.88 billion in revenue, iPad sales remained below expectations at $6.2 billion.

Global developments in the technology sector are being closely monitored.
Other major players in the sector are also going through similar supply and restructuring processes.