New CEO John Ternus delivers an Apple earnings beat — but soft China and iPad sales
Apple's new CEO John Ternus delivered his first earnings report, showing revenue of $114.5 billion which beat Wall Street expectations. Despite strong iPhone sales, the company missed targets for iPad revenue and China market performance.
Why it matters
This report marks the beginning of the post-Tim Cook era at Apple, signaling how the company is navigating hardware challenges and new product launches like the iPhone Duo.
John Ternus gave his first earnings report as Apple CEO on Monday. Kyle Grillot/Bloomberg via Getty Images Apple's first earnings report under John Ternus is here. Apple faces skyrocketing memory costs, component shortages, and a lineup that is more expensive after it boosted prices. The company beat on the top and bottom line, but missed on China and iPad sales. Step on up to the earnings plate, John Ternus . The Apple executive with buzz for being a "product guy" oversaw his first earnings report as CEO on Monday. Apple's revenue for the third quarter — its fiscal fourth quarter — was $114.5 billion, surpassing Wall Street's estimates of $113.46 billion. Earnings per share came in at $2.10, topping analysts' estimates of $2. Spoiler alert: the company continues to sell a ton of iPhones. Revenue for the segment was $57.58 billion, compared to analysts' estimates of $56.48 billion.
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