Apple Earnings Test Memory-Cost Pressure
Businesses that buy memory and hardware components should watch whether Apple's forecast shows price increases passing through to hardware margins.
Updated on Nov. 2, 2026 in Public Companies
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Apple Inc. shares fell 1.05 percent to USD 341 ahead of the company's fiscal fourth-quarter earnings report, due after Monday trading. The report is the first earnings call under CEO John Ternus, who succeeded Tim Cook in September, and it matters for operators because it signals how public-company investors weigh rising component costs against new hardware sales.
Why it matters
Investors are looking to Apple's forecast to see whether newly shipping products can offset rising memory-chip costs, a pressure Tim Cook described as a "100-year flood." For businesses that buy memory and components, the company's guidance is an early read on how hardware costs are passing through the supply chain.
Analysts expect Apple revenue to rise nearly 11 percent to $113.39 billion and net profit to rise about 6 percent to $29.04 billion for the July-September quarter. Services revenue is projected at $31.56 billion, up almost 10 percent, while the company's stock closed down 1.05 percent at USD 341.
The players
Apple Inc.
Apple is a consumer electronics and services company whose iPhone, Mac and services lines make it one of the largest public companies in the United States.
John Ternus
John Ternus is Apple's chief executive, who took over from Tim Cook in September 2026.
Tim Cook
Tim Cook led Apple as chief executive until September 2026 and described rising memory costs as a "100-year flood."
Nasdaq
Nasdaq is the US stock exchange where Apple shares trade.
The details
Apple's first foldable phone, smart home hub and first touch-screen laptops began shipping during the current fiscal first quarter, with the iPhone Duo foldable released on October 23. Investors are using the forecast to judge whether those new products can generate enough revenue to absorb higher memory-chip prices. The earnings call will be the first hosted by John Ternus as CEO.
Timeline
September 2026: John Ternus succeeded Tim Cook as Apple CEO.
October 23, 2026: The iPhone Duo foldable came out.
November 2, 2026: Apple reports fiscal fourth-quarter earnings after Monday trading.
November 3, 2026: US Election Day.
Market Landscape
Apple's guidance is being read against Cook's own description of memory-chip costs as a "100-year flood," a framing that places the pressure as severe rather than cyclical. Investor attention on the forecast reflects whether a new product cycle led by the first foldable and first touch-screen laptops can offset those costs.
Operators who buy memory or depend on consumer hardware pricing should watch Apple's forecast for signs of how component-cost increases are being passed through to end prices. Procurement and finance teams can use the company's guidance as a reference point for how large hardware suppliers are managing memory costs this quarter.
The takeaway
Apple's report will show whether new hardware can offset memory-cost pressure, a signal worth reading alongside your own component-cost trends. Procurement and finance teams should compare the company's margin commentary against their own supplier pricing before the next quarterly planning cycle.
What happens next
Apple will report fiscal fourth-quarter earnings and host its first earnings call under CEO John Ternus after Monday trading on November 2, 2026, when investors will see whether its forecast addresses rising memory-chip costs.
Further reading
Track more public-company earnings and stock moves in the Public Companies section.
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