- Apple CEO Tim Cook introduced successor John Ternus, who teased an “incredible roadmap” to shareholders for when he takes over in September
- Apple posted fiscal second-quarter earnings and revenue that beat Wall Street expectations, with revenue hitting $111.18 billion, up 17% year-over-year
- Services hit an all-time revenue record of $31 billion, with Cook flaunting the returns of series “Your Friends and Neighbors,” “Shrinking” and “For All Mankind,” as well as new series “Widow’s Bay.”
Apple’s investor conference call on Thursday acted as an unofficial introduction of incoming CEO John Ternus, who used his brief time to tease an “incredible roadmap” before he’s set to take the reins from Tim Cook.
“This is an especially exciting moment for Apple,” Ternus, who currently serves as SVP of hardware engineering, said on the call. “We have an incredible roadmap ahead, and while you’re not going to get me to talk about the details of that roadmap, suffice it to say this is the most exciting time in my 25 year career at Apple to be building products and services. There are so many opportunities before us, and I couldn’t be more optimistic about what’s to come for now.”
Ternus also applauded Cook’s “deep thoughtfulness, deliberateness and discipline when it comes to the financial decision making of the company,” reassuring shareholders that he aims to continue that goal alongside CFO Kevan Parekh when he officially takes over as CEO on Sept. 1.
While Ternus’ comments were limited to the beginning of the earnings call before turning it back over to Cook and Parekh, Cook addressed the regime shift at the top of the call, which he noted marks his 89th earnings call after recently hitting his 28th anniversary of working at Apple.
“This moment for the transition is the right one for a number of reasons — first, our business has been performing extremely well. The first half of this year was very strong, growing double digits year over year. Second, our roadmap is incredible, and most importantly, we have the right leader ready to step into the role,” Cook said, applauding Ternus as a “brilliant engineer, a deep thinker, a person of remarkable character and a born leader.”
“As I have said, There is no one on this planet I trust more to lead Apple into the future than John Ternus,” Cook said, noting that he will be working alongside Ternus in the coming months to ensure a smooth transition.
Record March results
Their comments come as Apple posted fiscal second-quarter earnings and revenue that beat Wall Street expectations, with revenue hitting $111.2 billion.
Second-quarter revenue soared past the analyst estimate of $109.73 billion, as did Apple’s earnings, which hit $2.01 per share this quarter, as compared to the Wall Street estimate of $1.94 per share. Revenue was up 17% year-over-year and earnings per share saw a 22% rise compared to last year. Net income was $29.58 billion, compared to $24.78 billion a year ago.
After last quarter saw “staggering” demand for the new iPhone 17, sales for the new upgrade continued to trickle into the second quarter, with iPhone sales hitting a March quarter revenue record with $56.99 billion, compared to $46.84 a year ago, rising 22% percent. Cook noted the milestone happened “despite supply constraints” during the quarter.
Apple services also strong
Apple’s services, which includes Apple TV, Apple Music, iCloud, its App Store and more, also saw an all-time revenue record, with the division bringing in $30.98 billion. That’s up more than 16% from a year ago, when the second-quarter of 2025 saw services bring in $26.65.
On the earnings call, Cook specifically flaunted the returns of series “Your Friends and Neighbors,” “Shrinking” and “For All Mankind,” as well as new series “Widow’s Bay.” “Apple TV has also earned its place among the most-decorated names in entertainment with more than 800 wins and more than 3,400 nominations in the six years since launch,” Cook said.
Part of the roadmap Ternus teased with inevitably include further investment in AI, with Parekh saying during the earnings call, “we believe AI is a really important investment area for Apple, and we’re going to be doing that incrementally on top of what we normally invest in our product roadmap.”
