Apple just reported the best September quarter in its history, and its new CEO still could not give customers the one answer they want. On Monday, November 2, Apple said revenue hit $114.5 billion, up 12 percent from a year ago, beating Wall Street expectations. Then CEO John Ternus told Reuters that the iPhone Duo, the company’s first foldable phone, is constrained, and that Apple cannot predict when supply will catch up with demand.
It is a strange combination: a record quarter, a product selling faster than Apple can build it, and no end date for the shortage. Here is what the earnings actually said, what Ternus said about the Duo, and what it means if you are waiting for one.
The quarter in numbers
Apple’s fiscal fourth quarter, which covers July through September, delivered $114.48 billion in sales against analyst estimates of $113.39 billion, according to LSEG data reported by Reuters. Profit was $2.10 per share, above the $1.99 analysts expected, even after excluding 5 cents per share from tariff refunds. Shares rose about 0.8 percent in after-hours trading.
iPhone sales did most of the work. The quarter’s iPhone revenue was $57.58 billion, above the $56.54 billion analysts expected, driven by early demand for the iPhone 18 Pro lineup and by price increases that helped offset rising memory-chip costs. Apple raised the price of iPhone 17 models by $100 and increased some MacBook prices during the quarter.
One important detail: Duo sales are not in these numbers at all. The quarter ended before the Duo went on sale in October, so the foldable’s real revenue story starts with the current quarter, the December holiday quarter, which is also when Apple expects memory costs to keep climbing.
Ternus on the Duo shortage: no timeline at all
In an interview with Reuters after the earnings report, Ternus was direct about the shortage and vague about its end. “Duo is constrained as of today,” he said. “The ramp is going well, and we’re working hard to get it to as many customers as quickly as possible, but at this point, we’re not able to predict when supply and demand will be in balance.”
Apple’s chief operating officer, Sabih Khan, struck the same note on the earnings call, calling it “really hard to predict” when the balance arrives. That is unusually blunt language from a company that normally manages expectations to the week.
The delivery estimates tell the same story. When pre-orders opened on October 16, shipping dates slipped to January 25, 2027, within about 30 minutes, across all eight configurations. As of this week, new orders still show late January delivery, and stores have had little stock for online reservations. Apple also said it is deepening its partnership with Perryman, a titanium supplier for the foldable, a sign that materials, not just assembly, are part of the constraint.
The display cracks: a very small percentage, says Apple
Ternus also addressed the cracked inner displays some early Duo owners have reported, with photos circulating on Reddit and forums since launch week. He repeated Apple’s earlier line: “a very small percentage” of units have been returned, and Apple is replacing affected units with new models.
Apple said last week that it was aware of an issue affecting the inner display of some units and directed customers with a problem to contact AppleCare. The company has still not said what causes the cracks, and Ternus did not add a cause on Monday either. If your Duo’s inner screen shows a crack along the hinge, the practical advice is unchanged: contact AppleCare promptly rather than waiting, and do not try to repair a foldable display yourself.
Memory costs are the shadow over the whole quarter
The other big theme of the call was memory. Soaring AI demand has pushed memory-chip prices up, and Apple expects costs to keep rising in the December quarter and beyond. Ternus dodged questions about further price hikes, but the company’s recent moves speak for themselves: iPhone 17 prices up $100, some MacBook prices up, and a holiday lineup that includes the first touchscreen MacBook Pro and the first smart-home hub, both arriving into a rising cost environment.
For buyers, this creates a simple tension. Waiting for Duo supply to improve could mean waiting past January, and waiting also means buying into a market where component costs are still rising. Apple has not announced Duo price changes, and the current range remains $1,999 to $3,199 depending on configuration, but the broader pricing direction across the lineup is upward, not down.
What to do if you want a Duo
If you already have an order with a January delivery date, keep it. Nothing in Monday’s comments suggests canceling and reordering will get you a phone faster, and the queue is the queue. Check Apple’s online reservation system regularly, since stores occasionally release small batches for pickup.
If you have not ordered yet, decide how much the foldable form factor matters to you right now. The iPhone 18 Pro lineup is in stock, posted strong sales in this quarter, and gives you the same iOS 27.2 software, including the new Siri AI features, without the wait. The Duo is the more exciting device and the harder one to buy, and based on Apple’s own words, that will stay true for a while.
Apple’s next earnings report, covering the holiday quarter, will be the first to include Duo sales. Until then, the most honest summary of the Duo situation comes from the CEO himself: the ramp is going well, and nobody at Apple will say when it ends.
Sources: Reuters via Apple fiscal Q4 2026 earnings coverage; MacRumors; TechCrunch; 9to5Mac; AppleInsider. Revenue and EPS figures are Apple’s reported results for the quarter ended September 2026.
Related reading: iPhone Duo screens are cracking along the hinge: what owners should do, First iPhone Duo reviews: the hardware is remarkable, the apps are not ready yet, Samsung’s $2,850 W27 is the most expensive foldable you can buy.
