Rising memory costs have finally hit Apple. The results weren't bad: revenue was $114.5 billion, up 12%. But gross margin is expected to fall from nearly 48% to 45%–46% next quarter, due to rising memory costs and continued investment in Siri AI. New CEO Ternus hosted his first earnings call and was criticized by the media for speaking entirely in marketing jargon. Revenue in Greater China rose 21%, but still came in over 6% below expectations. The stock fell nearly 2%.