Apple reported a 16% year-over-year revenue increase to $109.4 billion for its 2026 fiscal third quarter, the last earnings call under CEO Tim Cook before John Ternus takes over. iPhone sales surged 22% to $54 billion, Mac sales rose 29%, and earnings per share climbed 29% to $2.02, while gross margin expanded to 50.1%. Despite the strong results, Apple stock fell 9% after the company guided for fourth-quarter revenue growth of 9% to 11%, below the 12% analysts expected, citing currency headwinds and supply constraints. Services revenue growth slowed to 12% from 16% in the prior quarter, and the company announced price increases on some products due to soaring memory costs. Apple's market capitalization briefly reached $5 trillion for the first time ahead of the report.
Apple Inc.Guidance for Q4 revenue growth below expectations despite strong Q3 results.