Overview
- Apple brought the incoming CEO onto Thursday's earnings call for brief remarks, where he vowed to maintain Tim Cook's fiscal discipline and praised an 'incredible' roadmap.
- The company reported $111.2 billion in Q2 revenue, up 17% from a year ago, with iPhone sales rising about 22%.
- Tim Cook said strong results, an 'incredible' pipeline, and John Ternus's readiness made now the right moment, with his move to executive chairman set for September 1, 2026.
- Cook told investors that AI is a top priority and that Apple uses a hybrid model that mixes its own data centers with outside providers, with AI updates slated for June's Worldwide Developers Conference.
- Cook flagged near-term pressures from supply constraints, higher memory costs, and the war in Iran, which he said are limiting device availability and raising input costs.