Apple's fiscal fourth-quarter revenue of $114.48 billion beat Wall Street's $113.39 billion forecast, but a weaker holiday outlook pushed its shares lower.

It was the first earnings call led by new chief executive John Ternus, who took over from Tim Cook on September 1.

Profit came in at $2.10 a share against estimates of $1.99. Net income rose to $30.7 billion.

iPhone revenue reached $57.58 billion, up 17% from a year earlier and a record for a September quarter.

Mac revenue was $10.79 billion, ahead of estimates, and revenue in Greater China rose 21% to a quarterly record.

Ternus called the rise in memory prices unprecedented. Apple expects even higher memory costs in the December quarter.

Apple guided December-quarter gross margin at 45% to 46%, down from 47.9% and below the 46.3% analysts had expected.

Shares fell 4% during the call as executives laid out the outlook, then pared losses to a 2% decline, Reuters reported.

The foldable iPhone Duo is still supply constrained, Ternus said, with no timeline for when supply will catch up with demand.

Read the full Apple earnings breakdown on Trends News Stories.