Apple Faces Supply Constraints as $1,999 Foldable iPhone Duo Sells Out Into January

Apple's new $1,999 foldable iPhone Duo has sold out well into January amid persistent microprocessor shortages from TSMC. The company warned that supply constraints across multiple product lines will extend into next year. The sellout follows record quarterly iPhone revenue of $57 billion, up 17% year-over-year, which lifted annual sales to $479 billion. However, rising memory and data center storage costs prompted roughly 20% hardware price hikes, leading management to guide December quarter gross margins to between 45% and 46%.