Apple Reports Record Q2 Results: $111.2B Revenue as John Ternus Named Successor

Apple Inc. reported record fiscal second-quarter revenue of $111.2 billion, a 17% year-over-year increase that sent shares climbing 3% in premarket trading on Friday. This performance represents the company's strongest quarterly sales growth in over four years, bolstered by a 22% surge in EPS. However, operating expenses rose by 24%, outpacing gross profit growth and limiting operating leverage. In a shift from analyst expectations, hardware growth outpaced the services segment during the period. Alongside the naming of John Ternus as a potential successor to Tim Cook, Apple remains focused on its AI strategy through a partnership with Google to enhance Siri. The company maintained its capital return program with a $0.27 dividend despite navigating memory chip supply shortages.