Apple increases revenue but pressure from chip prices puts outlook below expectations

Apple reported a 12% increase in revenue for Q3, surpassing expectations, but faces challenges due to high chip prices affecting future margins. The company, now led by CEO John Ternus, achieved $114.48 billion in revenue, with iPhone sales contributing significantly. Despite positive results, market reactions are negative, with a 3.84% drop in stock prices due to concerns over rising component costs and lower iPad sales projections for Q4 2026.