Apple Chief Executive Tim Cook on Thursday gave a forecast for holiday quarter iPhone sales and overall revenue that beat Wall Street expectations, powered by orders for iPhone 17 models that the company is racing to fulfill amid continuing supply constraints.

The constraints, as well as delays in shipping new phones to China, led Apple to miss iPhone sales forecasts in the fiscal fourth quarter, although the shortfall was made up for by strength in other areas such as new AirPods that use AI to translate languages, and profit topped Wall Street targets.

Apple shares rose 3.8% in after-hours trading on Thursday.

The results showed that the biggest risks many investors saw to Apple’s business – its exposure to US- China trade tensions and its lag in rolling out AI features – played

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