Apple beats Q4 earnings expectations under new chief executive John Ternus

Apple posted fiscal fourth quarter revenue of 114.5 billion dollars, surpassing Wall Street estimates of 113.46 billion dollars, Business Insider and SiliconANGLE reported on Monday. Earnings per share reached 2.10 dollars, beating analyst expectations. Business Insider, SiliconANGLE, and Deadline all reported that the company's total quarterly revenue grew by 12 percent for the period ended in September. [1][2][4]

The earnings call was the first led by John Ternus since he became chief executive officer on September 1, SiliconANGLE and MacRumors reported. However, news outlets reported conflicting outcomes for hardware performance. SiliconANGLE said Apple missed expectations on iPhone sales, whereas Deadline, 9to5Mac, and Yahoo Finance reported strong or record sales for the device. Business Insider and Deadline noted that iPad revenue fell short of estimates. [1][2][3][4][5][10]

Supply chain issues continue to impact product availability. 9to5Mac and MacRumors reported that Ternus acknowledged supply constraints for the iPhone Duo in an interview with Reuters. MacRumors added that Apple has no timeline for when supply will catch up with customer demand. 9to5Mac noted that Ternus also addressed units returned for display issues, while Apple's stock dropped in late trading following weak forward guidance, according to SiliconANGLE. [2][5][6]

Ternus joined Apple's product design team in 2001 and served as senior vice president of hardware engineering from 2021 until taking over as chief executive. As FTMQ Creators reported earlier, shipping delays for the iPhone Duo are expected to extend into next year following its launch on October 23. Ternus and chief financial officer Kevan Parekh hosted the conference call on Monday, MacRumors reported. [3][13][16]