Apple posted record quarterly revenue of $124.2 billion in what will be Tim Cook's final report as CEO. The company sold 52 million iPhones during the quarter, up 8% year-over-year, and set new all-time highs in services revenue at $23.1 billion.
Cook, who has led Apple since taking over from Steve Jobs in 2011, announced he will step down at the end of the year. In his earnings call, he warned that a chip shortage — internally dubbed "RAMageddon" — could constrain product availability in the coming year. The shortage specifically affects memory components used in iPhones and Macs.
The dual narrative sums up Apple's current moment: strong demand for its current lineup, but growing uncertainty about its ability to meet that demand. Apple has navigated chip constraints before, but this particular shortage arrives as the company faces heightened competition in China and regulatory pressure in the EU.
Cook's successor will inherit a company firing on all cylinders commercially — but also one entering a period of genuine supply-chain vulnerability.