CNBCYesterday·3 min read·medium

Apple earnings live updates: New CEO John Ternus faces first Wall Street test - CNBC

Kif Leswing

✦AI Summary

Apple reported strong revenue growth in its latest fiscal quarter but missed iPad sales estimates and provided a conservative margin forecast. This was the first earnings report under new CEO John Ternus, who addressed supply chain constraints and rising component costs.

Why it matters

As one of the world's largest companies, Apple's financial performance and supply chain outlook serve as a key indicator for the broader technology sector and global economy.

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Apple reported better-than-expected revenue but came up short of estimates on iPad sales for the fiscal fourth quarter and issued a disappointing margin forecast. The stock slid 3% in extended trading.

Here's how the company did compared to analysts' estimates, according to LSEG.

Here's how Apple's most important product lines performed:

It's Apple's first earnings report since CEO John Ternus took the helm on Sept. 1, succeeding Tim Cook .

On the earnings call, Apple said it expects revenue to increase between 7% and 10% on an annual basis in the December quarter, compared to the 6.1% average analyst estimate, according to LSEG. The company's gross margin forecast for the current quarter is 45% to 46%, trailing the 46.3% average estimate.

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