Daily newsletter · Mon 2 Nov 2026
Apple reports on Tuesday morning, and memory chip prices are the line to watch
Apple reports its September-quarter results after Monday's close in New York. The call starts at 11am on Tuesday in Auckland and 9am in Sydney, and it is John Ternus's first as chief executive.
So what is Wall Street expecting? Analysts expect revenue of about US$113.4 billion, up roughly 11% on a year earlier, and earnings of US$1.99 a share. Apple's own guidance was for growth of 9% to 11%.
Memory is the squeeze. AI data centres are buying up memory chips, and that has pushed up the cost of the chips inside every iPhone and Mac.
Apple guided to a gross margin of 47% to 48% for the quarter. That is the share of revenue left after the cost of making its products, and it was 50.1% in the June quarter.
Some of the cost has gone to customers. Apple raised the starting prices of the iPhone 18 Pro and Pro Max, which went on sale in September. Options prices imply a move of about 3.5% either way after the results, according to Pepperstone.
the December-quarter forecast. That quarter carries the first full holiday season of iPhone 18 sales, and its margin guidance will show how much of the memory bill Apple can absorb.
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All stories →- Friday 13 November Jensen Huang resigned on Thursday morning and Nvidia closed down 4.34%
- Tuesday 3 November Apple set a September-quarter record in John Ternus's first results as chief executive
- Friday 30 October Alphabet had its worst day since listing in 2004, and Amazon's cash flow sank further below zero
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