John Ternus delivered his first earnings report as Apple CEO this week, with the company posting record September-quarter revenue of $114.5 billion, up 12 percent year over year. iPhone sales hit $57.6 billion, but the new iPhone Duo remains heavily constrained, with many orders still showing delivery windows into early 2027. Rising memory-chip costs are expected to pressure gross margins to 45-46 percent in the holiday quarter, a point Ternus called unprecedented on the call.