Apple Posts Record $114.48 Billion Quarter Under Ternus

Apple reported record September-quarter revenue of $114.48 billion, up 12% from a year earlier, in the first quarterly results under CEO John Ternus. Diluted earnings rose 14% to $2.10 a share, and net income increased to $30.71 billion from $27.47 billion. The fiscal fourth quarter ended September 26. The results exceeded analysts’ average forecasts of $113.39 billion in revenue and $1.99 per share in earnings. Apple’s iPhone business was the main revenue driver, bringing in $57.58 billion, up about 17% year over year and above estimates. The quarter included eight days of sales of the iPhone 18 Pro. It ended before sales of the iPhone Duo began, so that device’s revenue was not included. Services revenue reached $31.57 billion, up 9.8% and a record for the segment. The business includes offerings such as the App Store, iCloud, Apple Music and Apple TV. Mac revenue rose nearly 24% to $10.79 billion. iPad revenue, by contrast, fell more than 10% to about $6.23 billion, below analysts’ $6.70 billion estimate. Apple’s gross margin was 47.9%. The company said tariff refunds added about one percentage point to the margin and five cents to diluted earnings per share. Chief...