Apple reported revenue of $114.5bn for the quarter to the end of September, beating Wall Street expectations in the first set of results delivered under new chief executive John Ternus. The figures, posted on Monday, were up 12% on the same period a year earlier and marked a record-breaking quarter for iPhone sales.

The results are the first to fully reflect Apple’s decision to start raising prices across its device line-up in late June. The iPhone maker’s shares fell in after-hours trading after it told investors that the higher prices would eat into its profit margins.

Profit for the quarter came in at $30.7bn or $2.10 per share, with iPhone revenue reaching $57.58bn. Apple managed its record iPhone quarter despite not releasing a standard model during its latest refresh.

Guidance for the current quarter weighed on sentiment. The company forecast a gross margin of 45% to 46% for the December quarter, below the 46.3% analysts had expected. It also warned of rising memory-chip costs and slower growth in its services business, which sent shares lower in extended trading.

Ternus, an American engineer and business executive, has led Apple since September 2026. He took over at a point when Apple had emerged as the preferred megacap technology stock on Wall Street and his early period has included the release of the foldable iPhone Duo. He now has to sell Wall Street on Apple’s next era.

The results come three months after Apple forecast that sales for the quarter would grow more slowly than Wall Street targeted, citing difficulty getting the parts it needed to deliver products, a warning that sent shares down 6% in after-hours trade at the time.