Apple Reports Record Revenue as Tim Cook Announces Retirement

Apple Inc. reported record financial results for its fiscal 2026 third quarter ended June 27, with revenue reaching $109.4 billion, a 16% year-over-year increase. The company achieved a bottom line of $29.789 billion and diluted earnings per share of $2.02, supported by tariff refunds. Growth was primarily driven by a 22% surge in iPhone sales and record Mac revenue for the spring quarter, although performance in Services and Greater China slightly missed analyst estimates.

Alongside the financial report, CEO Tim Cook announced he will step down from his role on September 1, 2026. John Ternus, the company's hardware engineering chief, will succeed him. In interviews following the announcement, Cook addressed the rollout of AI-powered Siri and stated that the company is reinvesting its tariff refunds into advanced manufacturing within the United States.

Apple faced some operational challenges during the period, specifically soaring memory chip prices that forced the company to raise prices on select iPad and Mac models. Despite these headwinds, the company saw its installed base of active devices reach an all-time high across all major product categories.