Apple soars past Wall Street expectations as CEO Tim Cook prepares to step down | Apple
Apple beat Wall Street expectations in its first earnings report since CEO Tim Cook announced he would step down.
Chef reported Apple’s “best March quarter ever” and “double-digit growth in every geographic segment.” He also noted that there was “extraordinary demand for the iPhone17 series.”
Apple surpassed Wall Street’s $110 billion revenue expectations with an increase of $111.2 billion in the second quarter of 2026. This trend continued in China, where revenue reached $20.4 billion. Apple also reported $2.01 in earnings per share, beating Wall Street expectations of $1.96.
Apple’s shares rose in after-hours trading following the announcement.
Apple’s April 20 announcement that John Ternus will take over as the company’s chief executive in September comes at a critical juncture for the iPhone maker.
Apple hasn’t invested in AI as much as its biggest rivals, but it’s still bearing some of the costs brought on by the AI boom. OpenAI, Google and Microsoft are buying most of the world’s memory chip supply we made them more expensiveThe costs of producing Apple’s products are increasing.
Ternus also inherits a complex legacy of secrecy. While Cook fought hard for these protections in the United States, he made significant concessions in China, Apple’s second largest and fastest-growing market.
Ternus, currently senior vice president of hardware, joined Apple’s product design team in 2001. Apple said his contributions were instrumental in introducing many new products, including the iPad and AirPods, as well as multiple generations of iPhone, Mac and Apple Watch products. Ternus is expected to be on duty during Apple’s launch. first foldable iPhone later this year.
