Apple revenue, profits beat expectations on iPhone, Mac sales

Driving Apple's results was a 21.7% increase in iPhone sales to $54.25 billion, above analyst estimates of $53.86 billion, according to LSEG data. Those iPhone sales were Apple's best-ever for a third quarter, when phone sales typically begin to slow as customers anticipate new models during the fall.

But this year, Apple customers are racing to snap up iPhones after a global crunch in memory chip supplies prompted Apple to raise prices of Macs and iPads. Apple has so far spared its signature product, with Wall Street analysts increasingly expecting that Apple will hike iPhone prices around its annual fall launch event in September.

In an interview with Reuters, Apple CEO Tim Cook said that the main supply constraint that Apple had during the third quarter was an industry shortage of advanced chipmaking technology used to produce the Apple Silicon chips at the heart of its devices. Cook said that was particularly true for the company's Mac lineup, whose sales grew 29% on the strength of the entry-level MacBook Neo and the high-end MacBook Pro despite price increases for those models.