Apple posts record $109.4 billion revenue as Tim Cook announces departure

Apple said its fiscal third quarter generated $109.4 billion in revenue, surpassing analysts’ consensus estimate of $108.65 billion. The increase was powered by a 22 percent rise in iPhone sales, record Mac revenue for the spring quarter and tariff refunds that added roughly five percent to profit.

In an interview after the earnings release, CEO Tim Cook said he has “nothing negative” about open-source AI models, describing them as “useful,” and expressed optimism about U.S.–China relations, noting recent diplomatic engagement. He also said the company is redirecting tariff refunds into advanced manufacturing in the United States.

Apple highlighted that memory-chip costs have risen sharply, prompting price hikes on some Macs and iPads, while a lower-priced MacBook Neo starting at $699 became its best-selling computer in the United States during its first full quarter. Higher-end Mac Studio demand contributed to a new spring-quarter revenue record of over $10 billion for Macs.

Cook announced he will leave the chief-executive role on Sept. 1, remaining as chairman. Hardware engineering chief John Ternus is slated to succeed him. Cook reflected on his tenure, saying, “I’ve had an incredible opportunity to work with people that I love to work with … it’s been the privilege of a lifetime.”