Apple soars past Wall Street expectations as CEO Tim Cook prepares to step down
Summary
Apple reported its highest revenue for the March quarter, earning $111.2 billion, beating Wall Street’s predictions. CEO Tim Cook announced he will step down in September, and John Ternus will become the new CEO as Apple continues to face rising costs from the AI technology boom.Key Facts
- Apple earned $111.2 billion in revenue for the second quarter of 2026, surpassing the expected $110 billion.
- The iPhone 17 lineup saw very strong sales.
- Apple made $2.01 per share in earnings, exceeding the expected $1.96.
- Revenue in Greater China reached $20.4 billion.
- Apple’s stock price increased after the earnings report.
- CEO Tim Cook will step down in September, with John Ternus taking over as CEO.
- Apple faces higher costs because AI companies like OpenAI, Google, and Microsoft are buying much of the world’s memory chip supply.
- John Ternus has been with Apple since 2001 and has worked on many important products like the iPad and AirPods. He will lead when Apple releases its first foldable iPhone later this year.
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