Apple beats earnings forecasts in first quarter under new chief executive

Apple Inc has reported third-quarter revenue that exceeded market expectations, providing an encouraging start for John Ternus, who assumed the role of chief executive in September. The technology giant recorded earnings of $30.71 billion, or $2.10 per share, for the July to September period. This represents a 12 per cent increase from the $27.47 billion, or $1.85 per share, reported in the same quarter last year. The company noted that its earnings included five cents per share derived from tariff refunds.

Total revenue rose 12 per cent to $114.5 billion from $102.5 billion in the previous year. These figures surpassed the average analyst estimates of $1.99 per share on revenue of $113.4 billion, according to a poll conducted by FactSet. The strong performance contrasts with recent results from other major technology firms, including Alphabet, Amazon and Intel, which have reported disappointing quarterly outcomes amid broader market concerns.

Jacob Bourne, an analyst at Emarketer, attributed Apple’s success to record iPhone sales and robust growth in China, which demonstrate the resilience of the business. He noted that the company’s cautious approach to artificial intelligence infrastructure spending helps preserve cash flow. Meanwhile, partnerships with peers such as may allow Apple to enhance its AI capabilities without assuming the same financial risks as its competitors.