Apple outpaces sales expectations as it continues to battle surging memory chip costs

The iPhone maker posted revenue of $114.5 billion in its fiscal fourth-quarter, up 12% year-over-year and above Wall Street targets of $113.4 billion. Its profit was $30.7 billion, or $2.10 per share.

Ternus extolled the company’s expanding lineup of products during a conference call with analysts, including the all-important iPhone business, which grew 17%, to $57.58 billion, in the three months ending on Sept. 26.

Apple said that it expects overall revenue to grow between 7% and 10% year-over-year in the current, holiday quarter, seasonally Apple’s strongest quarter of the year.