Tim Cook exits Apple CEO role after record $109.4B quarter with weak outlook

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Apple reported record Q3 2026 revenue of $109.4 billion, a 16% year-on-year rise, in what became Tim Cook's final earnings call as CEO. iPhone revenue surged 22% to $54.25 billion, while Mac sales jumped 29% driven by strong demand for the MacBook Neo. Despite the strong results, Apple shares dropped as much as 8% following weaker-than-expected guidance for the September quarter. Cook attributed part of the pressure to surging memory costs, describing the situation as a once-in-a-century pricing event. Hardware chief John Ternus is set to succeed Cook as CEO on September 1.

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