Apple reported quarterly revenue and earnings above market expectations, but projected a gross margin of 45% to 46% for the December quarter, which covers the holiday season, falling short of analysts' average estimate of 46.3% compiled by LSEG, CNBC reported. CFO Kevan Parekh stated that this primarily reflects rising memory costs and expenses related to Siri AI development. Apple also anticipates supply constraints for iPhones and Macs during the holiday season, mainly due to memory shortages. COO Sabih Khan said that to secure supply, the company's purchase obligations increased by $33 billion from the June quarter to the September quarter.