Ternus takes the earnings stage

John Ternus gave his first earnings report as Apple CEO on Monday, taking over from Tim Cook on September one. He called it an amazing time at Apple.

“It's a privilege to be with you for the first time as Apple CEO.”

Revenue beats Wall Street estimates

Apple's third quarter revenue was one hundred fourteen point five billion dollars, surpassing Wall Street estimates of one hundred thirteen point four six billion dollars.

iPhone sales power the beat

iPhone revenue hit fifty seven point five eight billion dollars, beating analyst estimates of fifty six point four eight billion dollars. Gross margin was forty seven point nine percent.

China and iPad disappoint

China revenue came in at seventeen point five four billion dollars, missing estimates of eighteen point seven five billion dollars.

Analyst warns of a pattern

Investing dot com senior analyst Jesse Cohen said Greater China came in about one billion dollars below forecast. He noted wearables, home and accessories also missed, suggesting Apple's non-iPhone businesses are struggling.

“Greater China came in about $1 billion below forecast; that's not a rounding error, it's a worrying pattern.”

Ternus faces supply chain headwinds

Ternus begins his tenure as Apple faces soaring memory costs and supply chain constraints that have led the company to boost hardware prices. Wall Street will watch for iPhone Duo early order pacing.