Apple reported third-quarter fiscal 2026 results beating expectations with revenue of $109.42 billion, up 16% year-over-year, and EPS of $2.02, up 29%, boosted by tariff refunds. Despite the beat, shares fell nearly 6% in after-hours trading as the memory crunch, described by Tim Cook as a « 100-year flood on memory pricing, » weighs on margins and guidance. Gross margin came in at 50.1%, better than expected, but September quarter revenue guidance of 9% to 11% growth fell short of the 12.1% analysts expected. Apple raised its price target to $340 from $300, betting on Apple Intelligence to drive value for the upcoming iPhone 18 lineup. Tim Cook will step down as CEO in September, passing the reins to John Ternus.
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