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Cook Resigns, Ternus Named CEO; Apple Posts $111B Revenue

5/2/2026

49 7 Full Breakdown

Summary

Story summary

Tim Cook announced his resignation and appointed John Ternus as successor effective Sept. 1.
Apple reported fiscal Q2 revenue of $111.18 billion, a 17 % year-over-year increase.
iPhone sales totaled $56.99 billion, just under the $57.21 billion estimate.
Greater China sales rose to $20.5 billion, beating the $19.45 billion forecast.
Apple expects fiscal Q3 sales growth of 14-17 %, above Wall Street’s 9.5 % forecast for $102.93 billion.

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Story summary

Tim Cook announced his resignation and appointed John Ternus as successor effective Sept. 1.
Apple reported fiscal Q2 revenue of $111.18 billion, a 17 % year-over-year increase.
iPhone sales totaled $56.99 billion, just under the $57.21 billion estimate.
Greater China sales rose to $20.5 billion, beating the $19.45 billion forecast.
Apple expects fiscal Q3 sales growth of 14-17 %, above Wall Street’s 9.5 % forecast for $102.93 billion.