Apple iPhone Sales Surge 22%. Here’s What Investors Need to Know.

Apple reported fiscal Q3 results with a surprise 22% surge in iPhone sales, reaching $54.3 billion and driving overall revenue to $109.4 billion, up 16% year-over-year. However, the stock fell 7% after-hours as management guided for slower Q4 growth of 9-11% and lower gross margins of 47-48% due to memory component supply constraints and increased costs.