Apple CEO Tim Cook predicts record revenue for the December quarter, driven by strong iPhone 17 sales.

Apple Inc.’s iPhone Air went on sale in China on Wednesday, eliciting a subdued consumer response in the world’s biggest smartphone arena.

Despite that, Apple stock rose more than 3% following the report on upbeat guidance from CEO Tim Cook who told CNBC he believes the company will see double-digit iPhone revenue growth in the December quarter.

Fierce competition and supply constraints lead to a sales decline, but Apple’s boss says demand for newest iPhone series will spur a rebound.

According to a report from the South China Morning Post, the iPhone Air “sold out within minutes of its launch in China” earlier today. The report explains that “minutes after” pre-orders began on Friday morning, the iPhone Air was sold out “at all bricks-and-mortar stores in Beijing and Shanghai, as well as in cities like Tianjin.”

For the quarter, Apple is expected to report earnings per share of $1.77 on revenue of $102.1 billion, according to Bloomberg consensus estimates. That's up from the $1.64 and $94.9 billion the company saw last year.

The new lineup – which dropped in September – beat the iPhone 16 line by 14% over their first 10 days on sale in two of the company’s largest markets, according to data from Counterpoint

Chinese startup Noetix Robotics has developed a humanoid robot priced lower than an iPhone by redesigning its components, structure, and production chain from the ground up.

Apple shares rise 2% as record iPhone 17 demand drives upbeat holiday-quarter forecast despite China weakness and lingering AI concerns.