Apple reported fiscal third-quarter results with revenue of $108.65 billion and earnings per share of $1.89, exceeding analyst expectations. This marks Tim Cook’s final earnings call as CEO before he hands over the reins to John Ternus on September 1. Apple’s stock is up 24% year-to-date, driven by projected revenue growth of 16% from $94 billion a year ago. The company is navigating a global memory shortage and chip manufacturing capacity constraints, forcing it to raise prices on Macs and iPads while analysts expect similar hikes for iPhones. Apple is also preparing to launch a redesigned Siri using Google technology alongside new iPhone hardware in September, a critical test as investors worry the company has fallen behind in artificial intelligence.
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