\n<\/p>\n
Apple blew past Wall Street expectations in its first earnings report since it announced CEO Tim Cook would be stepping down.<\/p>\n
Cook shared his thoughts about the leadership transition on Thursday, saying: \u201cThere\u2019s no one on this planet I trust more to lead Apple into the future\u201d than incoming CEO John Ternus. Asked by an investor what advice he has given Ternus, Cook said: \u201cNever forget the north star for the company. You know, we\u2019re about making the best products in the world that really enrich other people\u2019s lives.\u201d<\/p>\n
Ternus spoke briefly, too, praising Cook\u2019s thoughtfulness in financial decision-making and saying: \u201cThis is the most exciting time in my 25-year career at Apple to be building products and services.\u201d<\/p>\n
Cook reported Apple\u2019s \u201cbest March quarter ever\u201d and \u201cdouble-digit growth across every geographic segment\u201d. He also noted \u201cextraordinary demand for the iPhone17 lineup\u201d.<\/p>\n
Apple crushed Wall Street expectations of $110bn in revenue, racking up $111.2bn for the second quarter of 2026. That trend held in greater China, where revenue reached $20.4bn. Apple also beat Wall street expectations of $1.96 in its earnings per share, and reported $2.01.<\/p>\n
Apple\u2019s stocks rose in after-hours trading after the release.<\/p>\n
Apple\u2019s 20 April announcement that Ternus would take over as the company\u2019s top executive in September comes at a critical juncture for the iPhone maker.<\/p>\n
Apple has not invested as heavily in AI as its biggest competitors but it\u2019s still bearing some of the costs from the AI boom. OpenAI, Google and Microsoft buying up much of the world\u2019s memory chip supply has made them more expensive, increasing costs for Apple to build its products. Cook warned Thursday that there would be \u201csignificantly higher\u201d memory costs in the third quarter, but told investors that the main supply constraint for Apple were the advanced nodes that chips are produced on, not the memory chips. Samsung reported its quarterly earnings the same day, which showed a nearly 50-fold increase in memory chip profit.<\/p>\n
Ternus also inherits a complicated privacy legacy. While Cook has fought hard for these protections in the US, he has made significant concessions in China \u2013 Apple\u2019s second-largest and fastest-growing market.<\/p>\n
Cook said he was thrilled Thursday by increasing revenue in China \u2013 primarily driven by iPhone sales \u2013 and that he sees a \u201chuge opportunity\u201d and is \u201cover-the-moon excited\u201d about India, too. India hosts the second-biggest phone market, and Apple currently has only a \u201cmodest share\u201d there, he said.<\/p>\n
Cook also spoke about how Apple is approaching AI: \u201cnot as a standalone feature\u201d but as an \u201cessential, intuitive part of the experience across our devices\u201d, citing AirPods\u2019 live translation feature and a promise to release a revamped Siri later this year. Cook said the company \u201cunder-called the level of enthusiasm\u201d consumers would show for the newly released, budget-focused MacBook Neo.<\/p>\n
Ternus, currently senior vice-president of hardware, joined Apple\u2019s product design team in 2001. Apple has said his contributions were instrumental in introducing many new products, including the iPad and AirPods, as well as many generations of iPhone, Mac and Apple Watch products. Ternus is expected to be in charge by the time Apple launches its first foldable iPhone later this year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Apple blew past Wall Street expectations in its first earnings report since it announced CEO Tim Cook would be stepping down. Cook shared his thoughts about the leadership transition on Thursday, saying: \u201cThere\u2019s no one on this planet I trust more to lead Apple into the future\u201d than incoming CEO John Ternus. Asked by an<\/p>\n","protected":false},"author":1,"featured_media":48956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[3198,5707,7442,2624,1790,3009,778,895,1276,1167,6263,3518,2339],"class_list":{"0":"post-48955","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-apple","9":"tag-apples","10":"tag-cook","11":"tag-expectations","12":"tag-financial","13":"tag-lap","14":"tag-results","15":"tag-soar","16":"tag-street","17":"tag-takes","18":"tag-tim","19":"tag-victory","20":"tag-wall"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/48955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48955"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/48955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/48956"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}