Apple reported fiscal third-quarter revenue of $109.42 billion, up 16.4% from a year earlier and ahead of analyst estimates, but its forward guidance disappointed investors as supply-chain constraints and questions around future iPhone pricing weighed on expectations. Chief Financial Officer Kevan Parekh told analysts that Apple expects revenue growth of 9% to 11% in the next quarter, below the 12% growth expected by Wall Street. He forecast iPhone revenue growth at a mid-teens rate, compared with an analyst target of 17.6%, and projected gross margins between 47% and 48%.
The company’s fiscal third-quarter profit was $2.02 per share, including 11 cents tied to tariff refunds from the U.S. government. Excluding those refunds, profit still exceeded Wall Street expectations of $1.89 per share. iPhone sales rose 21.7% to $54.25 billion, above estimates of $53.86 billion, making it Apple’s best-ever iPhone performance for a third quarter. Mac sales rose 29%, supported by demand for the entry-level MacBook Neo and high-end MacBook Pro, despite price increases.
Chief Executive Tim Cook said the main supply constraint in the just-ended quarter was an industry shortage of advanced chipmaking technology used to produce Apple silicon. That constraint was particularly visible in the Mac lineup, where demand exceeded expectations but supply-chain flexibility was limited. The company has so far avoided raising prices for the iPhone, but analysts increasingly expect a potential price increase around the September launch cycle after global memory-chip pressure led Apple to raise Mac and iPad prices.
The update has direct relevance for India’s consumer electronics and manufacturing landscape. Apple has been expanding India’s role in its global supply chain, and stronger iPhone demand increases the importance of resilient component access, assembly capacity and export-linked manufacturing execution. At the same time, any global price movement around iPhones could affect premium smartphone demand in India, where Apple has gained share but still operates in a market with sharp affordability bands and financing-led purchasing behaviour.
The advanced chipmaking constraint also reinforces the strategic value of India’s semiconductor and electronics-manufacturing push. Apple’s bottleneck is tied to the most advanced parts of the global chip supply chain, where India is still building capability. However, the broader pattern is clear: consumer electronics growth, AI devices, PCs and smartphones are all increasingly exposed to semiconductor capacity, packaging and memory availability. For Indian suppliers, policymakers and enterprise buyers, Apple’s quarter shows how quickly demand strength can turn into supply-chain pressure when advanced components become scarce.
