Technology
Apple's record quarter arrives with a memory bill it cannot yet price
Apple reported September-quarter revenue of $114.5 billion, up 12%, earnings per share of $2.10 and a 47.9% gross margin that included about a point of tariff refunds. The guidance carries the warning: a 45% to 46% margin for the December quarter, compressed by what chief executive John Ternus called unprecedented memory pricing. Inventory rose to $14.54 billion, up 154% year on year, and manufacturing purchase obligations grew by $33 billion in three months.