- Apple stock reached an all-time high, touching $345.34 shortly after the open and clearing July's $344.57 intraday record, three weeks into John Ternus's tenure as CEO. Shares closed at $316.85 on the day Cook handed over the role, implying a market cap near $4.68T at that point.
- Fiscal Q3 2026 revenue was $109.4B, up 16% y/y, a June-quarter record. EPS of $2.02 rose 29% y/y. iPhone revenue was $54.3B (+22%), Mac $10.4B (+29%), and Services a record $30.7B (+12%) on more than 1.5B paid subscriptions; gross margin was 50.1%.
- September-quarter guidance of 9-11% revenue growth decelerates from mid-teens, driven by advanced-node chip supply constraints and an FX headwind of about 2.5 percentage points sequentially. Tariff refunds added roughly two percentage points to gross margin and 11 cents to EPS in Q3 and are not expected to recur.
- Memory cost inflation is the key margin pressure: Tim Cook called the DRAM pricing environment a "100-year flood," with costs rising each quarter through fiscal 2026 and expected higher again in the September period. Inventory buffers have diminished and Apple raised iPad and Mac prices to pass through part of the component inflation.
- Apple plans to unveil a long-rumored smart home display as soon as October, in tabletop and wall-mounted versions, running a dedicated Siri AI operating system as a hub for smart home control, communication, and media. The device extends Apple's home ecosystem alongside Apple TV and HomePod.
Quotes
“100-year flood”
“While it is still far too early to attribute the rally to Ternus alone, Apple shares have steadily climbed over the past three weeks since he took over as CEO, suggesting investors are responding positively to the leadership change and the company's current roadmap.”
“Apple is reportedly set to unveil its long-rumored smart home display as soon as October”