Apple's Q3 Earnings Beat Expectations, Iphone Sales Soar

WHO:

CNBC - Tim Cook stated, "Today, Apple is proud to report our strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and Services, and in every geographic segment."

Fox Business - Tim Cook stated, "I couldn't be more confident in his leadership, in the executive team and the extraordinary people at Apple."

Fox Business - Tim Cook stated, "I've had an incredible opportunity to work with people that I love to work with ... and it's just been the privilege of a lifetime."

Fox Business - Tim Cook said, "In terms of the U.S.-China relationship, I was over in April for the state dinner, and I think the engagement between the countries is really good, and I've got a favorable view."

Fox Business - Tim Cook will step down as CEO on September 1, 2026, after leading Apple for 15 years.

Deadline - Tim Cook is the outgoing CEO of Apple, and John Ternus will succeed him on September 1.

WHAT:

Euronews.com - Apple reported a quarterly record of $54.25 billion in iPhone sales, a 21.7% increase.

Euronews.com - Mac revenue climbed by 28.7% to $10.35 billion.

Fox Business - Apple’s gross margin for the quarter was reported at 50.1%.

Techmeme - Apple’s diluted earnings per share (EPS) was $2.02, which included a tariff refund of 11 cents per share.

Fox Business - Apple reported a record revenue of $109.4 billion for its fiscal Q3, surpassing Wall Street's expectations of $108.65 billion.

Fox Business - Apple's revenue from China increased by 22% to $18.82 billion, compared to an estimated $19.6 billion.

Fox Business - Apple's net income for the quarter was $29.79 billion, a 27% increase from the previous year.

Fox Business - Apple’s diluted earnings per share (EPS) grew 29% year-over-year to $2.02, aided by tariff refunds that added 11 cents per share.

Fox Business - Apple’s revenue from China rose to $18.81 billion, which was below the estimated $19.5 billion.

Fox Business - Apple’s stock price dropped about 7.7% to $307.75 per share in premarket trading following the earnings report.

Fast Company - Apple's gross margin for the quarter was 50.1%, and diluted earnings per share (EPS) grew 29% year-over-year to $2.02, aided by tariff refunds that added 11 cents per share.

Fast Company - Apple reported services revenue of $30.74 billion for Q3 2026, which was below the expected $31.22 billion.

Fast Company - Apple’s stock price dropped about 7.7% to $307.75 per share in premarket trading following the earnings report.

Fox Business - Apple has committed to spending $600 billion over four years on the U.S. economy, directing tariff refunds back into domestic production.

Fox Business - Apple plans to launch its redesigned AI-powered Siri using Google's Gemini technology in September 2026.

Fox Business - Qualcomm plans to increase prices starting September 1, 2026, to offset higher supply chain costs across semiconductor manufacturing and components.

Techmeme - Apple forecasts Q4 revenue growth of 9% to 11% year-over-year, below a 12%+ estimate, citing supply constraints and currency fluctuations.

Fox Business - Apple plans to launch its redesigned AI-powered Siri using Google's Gemini technology in September 2026.

Fox Business - Qualcomm plans to increase prices starting September 1, 2026, to offset higher supply chain costs across semiconductor manufacturing and components.

Techmeme - Apple forecasts Q4 revenue growth of 9% to 11% year-over-year, below a 12%+ estimate, citing supply constraints and currency fluctuations.

ABC News Business - Apple reported a record revenue of $109.4 billion for its fiscal Q3, surpassing Wall Street's expectations.

Fox Business - Apple’s net income for the quarter was $29.79 billion, a 27% increase from the previous year.

Techmeme - Revenue from Services, including the App Store and Apple TV, grew by 12% year-over-year to $30.74 billion, below the estimated $31.36 billion.

CNET - Tim Cook signaled potential pricing headwinds due to the ongoing RAM shortage during his final earnings call as Apple’s CEO.

Techmeme - Apple forecasts Q4 revenue growth of 9% to 11% year-over-year, below a 12%+ estimate, citing supply constraints and currency fluctuations.

Fox Business - Apple has become only the second corporation to surpass $5 trillion in market value, briefly overtaking Nvidia to reclaim the title of the world's most valuable company.

Fox Business - Apple plans to launch its redesigned AI-powered Siri using Google's Gemini technology in September 2026.

Fox Business - Apple has committed to spending $600 billion over four years on the U.S. economy, directing tariff refunds back into domestic production.

Techmeme - Apple's earnings per share (EPS) for the quarter was $2.02, which included a tariff refund of 11 cents a share.

Techmeme - Revenue from China increased by 22% to $18.82 billion, compared to an estimated $19.6 billion.

ABC News Business - Apple reported fiscal Q3 results with total revenue of $109.4 billion, a 16% increase year-over-year.

Techmeme - iPhone sales increased by 22% year-over-year to $54.25 billion, exceeding the estimated $53.86 billion.

Techmeme - Mac sales rose by 29% to $10.35 billion, while iPad sales decreased by 6% to $6.19 billion, and Wearables, Home, and Accessories increased by 6% to $7.88 billion.

Techmeme - Apple's net income for the quarter was $29.79 billion, a 27% increase.

Techmeme - Revenue from Services, including the App Store and Apple TV, grew by 12% year-over-year to $30.74 billion, below the estimated $31.36 billion.

WHERE:

Techmeme - The financial results were reported by Apple, headquartered in Cupertino, California.

WHEN:

Deadline - Tim Cook's last earnings call as CEO occurred during this reporting period.

Techmeme - The fiscal third quarter ended on June 27, 2026.

Deadline - Tim Cook's last earnings call as CEO occurred during this reporting period.

CNBC - The next earnings call is scheduled for 5 p.m. ET on September 1, 2026.

WHY:

Fox Business - Tim Cook described the surge in memory prices as a “100-year flood,” indicating that Apple expects its memory costs to rise further during the current quarter.

CNBC - Apple’s services revenue fell short of expectations due to government-mandated changes to the App Store in various regions, impacting revenue.

Fast Company - Investors are concerned about future regulations affecting Apple's Services revenue due to government-mandated changes to the App Store in various regions.

Fast Company - Apple’s guidance for Q4 revenue growth is expected to be between 9% to 11%, lower than the 12% most analysts anticipated, due to supply constraints and foreign exchange headwinds.

Fox Business - Tim Cook stated that Apple expects "the impact from the supply constraints to increase significantly sequentially" and the market pricing for memory to keep rising.

Fox Business - Tim Cook stated that Apple is facing a significant increase in memory chip costs, which have risen by as much as 600% over the past two years.

CNBC - Apple is facing challenges due to a global memory crunch and increased demand for chip manufacturing capacity, which has led to price increases on Macs and iPads.

HOW:

Fox Business - Apple plans to direct tariff refunds back into domestic production as part of its commitment to spending $600 billion over four years on the U.S. economy.

Yahoo Finance - Qualcomm reported that its revenue from its Apple modem business will decline faster than previously expected as Apple accelerates the adoption of its in-house modem technology, starting in its fiscal fourth quarter.

Yahoo Finance - Qualcomm reported that its revenue from its Apple modem business will decline faster than previously expected as Apple accelerates the adoption of its in-house modem technology.

Fox Business - Qualcomm plans to increase prices starting September 1, 2026, to offset higher supply chain costs across semiconductor manufacturing and components.

CNBC - Apple is preparing to launch a redesigned Siri using Google technology alongside new iPhone hardware in September, as part of its strategy to address concerns about its position in artificial intelligence.

(UPDATED July 31, 2026 20:20 UTC)

Apple has announced its strongest June quarter ever, with CEO Tim Cook highlighting a remarkable $54.25 billion in iPhone sales, marking a 21.7% increase, and Mac revenue climbing by 28.7% to $10.35 billion. The company's gross margin for the quarter stood at 50.1%, and diluted earnings per share reached $2.02, which included an 11-cent tariff refund. Looking ahead, Cook described the rise in memory prices as a “100-year flood” and confirmed that Apple plans to reinvest tariff refunds into domestic production as part of a commitment to spend $600 billion over the next four years on the U.S. economy.

(UPDATED July 31, 2026 16:29 UTC)

Apple has announced a record revenue of $109.4 billion for its fiscal Q3, exceeding Wall Street's expectations of $108.65 billion, with net income rising to $29.79 billion, a 27% increase from the previous year. Tim Cook expressed confidence in Apple's leadership and highlighted a 22% revenue increase from China, although it fell short of estimates, while also noting that the surge in memory prices is expected to continue. To support its growth, Apple plans to reinvest tariff refunds into domestic production as part of a commitment to spend $600 billion over four years on the U.S. economy.

(UPDATED July 31, 2026 15:39 UTC)

Tim Cook expressed his gratitude for the opportunity to work with people he loves, describing it as "the privilege of a lifetime," while also sharing a positive outlook on the U.S.-China relationship following his visit for a state dinner in April. Apple reported revenue from China at $18.81 billion, falling short of the estimated $19.5 billion, which contributed to a 7.7% drop in its stock price to $307.75 per share in premarket trading. The company’s services revenue was impacted by government-mandated changes to the App Store, and Qualcomm indicated that its revenue from the Apple modem business is expected to decline more rapidly as Apple shifts to its own in-house modem technology starting in its fiscal fourth quarter.

(UPDATED July 31, 2026 14:43 UTC)

Apple reported a gross margin of 50.1% for the quarter, with diluted earnings per share growing 29% year-over-year to $2.02, thanks in part to tariff refunds that added 11 cents per share. However, the company's services revenue for Q3 2026 came in at $30.74 billion, falling short of the expected $31.22 billion, which contributed to a premarket stock price drop of about 7.7% to $307.75 per share. Investors are now worried about potential future regulations impacting Apple's services revenue and the company's guidance for Q4 revenue growth is projected to be between 9% to 11%, lower than the 12% most analysts had anticipated.

(UPDATED July 31, 2026 13:29 UTC)

Apple has announced a significant commitment of $600 billion over four years to boost the U.S. economy, with plans to reinvest tariff refunds into domestic production. Additionally, the tech giant is set to launch a redesigned AI-powered Siri using Google's Gemini technology in September 2026, while also forecasting a Q4 revenue growth of 9% to 11% year-over-year, which falls short of earlier estimates due to supply constraints and currency fluctuations. Meanwhile, Qualcomm plans to raise prices starting September 1, 2026, to counteract rising supply chain costs and has reported that its revenue from the Apple modem business is declining faster than expected as Apple shifts to its in-house modem technology.

(UPDATED July 31, 2026 07:52 UTC)

Apple is set to launch a redesigned AI-powered Siri using Google's Gemini technology in September 2026, while also forecasting a revenue growth of 9% to 11% for Q4, which falls short of previous estimates due to supply constraints and currency fluctuations. In related news, Qualcomm plans to raise prices starting September 1, 2026, to address rising supply chain costs in semiconductor manufacturing, and they expect a quicker decline in revenue from their Apple modem business as Apple shifts towards its own in-house modem technology. Tim Cook has indicated that the impact from supply constraints is expected to increase significantly, alongside rising market prices for memory.

(UPDATED July 31, 2026 06:02 UTC)

Apple has announced a record revenue of $109.4 billion for its fiscal Q3, exceeding Wall Street's expectations, with a net income of $29.79 billion, marking a 27% increase from the previous year. However, revenue from Services, which includes the App Store and Apple TV, grew by only 12% year-over-year to $30.74 billion, falling short of estimates. CEO Tim Cook noted that the company is grappling with a significant rise in memory chip costs, which have surged by as much as 600% over the past two years, while Qualcomm indicated that its revenue from the Apple modem business will decline faster than anticipated as Apple shifts to its own modem technology.

(UPDATED July 31, 2026 04:07 UTC)

In a significant development, Apple has become only the second corporation to surpass $5 trillion in market value, briefly reclaiming the title of the world's most valuable company from Nvidia. During his final earnings call, Tim Cook indicated potential pricing headwinds due to an ongoing RAM shortage, which may impact future earnings. Additionally, Apple is forecasting Q4 revenue growth of 9% to 11% year-over-year, falling short of the previous estimate of over 12%, citing supply constraints and currency fluctuations as contributing factors.

(UPDATED July 31, 2026 01:29 UTC)

Tim Cook will step down as CEO of Apple on September 1, 2026, after a remarkable 15-year tenure. In the same month, Apple is set to launch its redesigned AI-powered Siri, utilizing Google's Gemini technology, while also committing to invest $600 billion over the next four years into the U.S. economy by redirecting tariff refunds to bolster domestic production. This shift comes as Apple faces a dramatic rise in memory chip costs, which have surged by as much as 600% in the last two years, prompting Qualcomm to announce price increases starting September 1, 2026, to manage higher supply chain expenses.

(UPDATED July 30, 2026 23:19 UTC)

Apple reported earnings per share of $2.02 for the quarter, which included a tariff refund of 11 cents a share, while revenue from China rose by 22% to $18.82 billion, although it fell short of the estimated $19.6 billion. In related news, Qualcomm announced that revenue from its Apple modem business is expected to decline more rapidly than previously anticipated as Apple speeds up the adoption of its own modem technology beginning in its fiscal fourth quarter. This shift in Apple's strategy highlights the ongoing changes in the tech landscape as companies adapt to new developments.

(UPDATED July 30, 2026 22:23 UTC)

Apple has announced that Tim Cook will step down as CEO, with John Ternus set to take over on September 1. In its fiscal third quarter, Apple reported a total revenue of $109.4 billion, marking a 16% increase from the previous year, driven by a 22% rise in iPhone sales to $54.25 billion, although revenue from Services fell short of expectations. As the company navigates challenges such as a global memory crunch and prepares to launch a redesigned Siri alongside new iPhone hardware, the next earnings call is scheduled for 5 p.m. ET on September 1, 2026.