Apple reports higher September-quarter revenue in first earnings report under CEO John Ternus

Apple reported higher revenue and earnings for the July-September quarter in its first earnings report under CEO John Ternus, who succeeded Tim Cook in September. Revenue rose 12% from a year earlier to about $114.5 billion, above the roughly $113.4 billion Wall Street expected, and earnings per share reached $2.10, above the $1.99 analyst average cited in a FactSet poll. iPhone revenue rose 17% to $57.6 billion, including eight days of iPhone 18 Pro sales, even after Apple raised prices on several devices amid a global memory chip shortage. Apple forecast a gross margin of 45% to 46% for the December quarter, below the 46.3% analyst estimate, which it tied mainly to higher memory costs. Ternus called memory pricing unprecedented. Apple shares fell about 3% in extended trading after a nearly 2% drop during regular trading, and on Tuesday the stock declined with most of Wall Street while other Big Tech shares offset some losses.

Right-leaning outlets led with the top-line beat. The New York Post said Ternus appeared to have passed an early test, stressed revenue above expectations and the $100 iPhone price increase, quoted analyst Dan Ives crediting China and the iPhone upgrade cycle, and noted the iPad shortfall. Fox Business led with a record September quarter and the best fiscal year in company history, quoted Ternus saying he was thrilled with customer response, and noted analysts' concern about a tough comparison with the iPhone 17. The left-leaning Guardian led with the beat as a bright spot amid tech sell-offs, quoted analyst Jacob Bourne on record iPhone revenue and Apple's restrained AI spending, and its opening does not mention the margin forecast. Alternative CNBC led with the stock slide and the margin warning, quoting CFO Kevan Parekh on memory costs, while AP focused on Tuesday's market trading. All sides report the revenue beat and iPhone strength; they differ in emphasis, with right sources highlighting records and beats and left and alternative sources highlighting costs, margins and investor reaction.