"On the pricing front, we reluctantly raised prices, I would say," outgoing Apple CEO Tim Cook said on a late Thursday earnings call. "We did it because we're in what I would characterize as a 100-year flood on the memory pricing, with exponential increases in memory prices." The shortage has pushed memory prices sharply higher and given suppliers greater pricing power after several years of weak industry conditions. Experts expect memory supply to remain constrained into 2027, creating a favorable backdrop for the industry's largest producers. For the third quarter, Apple posted earnings per share of $2.02 on revenue of $109.4 billion.