Apple announced on April 20 that John Ternus will become the company's chief executive officer in September 2026. The announcement coincided with the release of Apple's second-quarter fiscal 2026 earnings report, which showed revenue of $111.2 billion, exceeding Wall Street expectations of $110 billion.

Ternus joined Apple's product design team in 2001 and currently serves as senior vice president of hardware engineering. Apple said his contributions were instrumental in introducing new products including the iPad, AirPods, and multiple generations of iPhone, Mac and Apple Watch. He is expected to lead the company by the time it launches its first foldable iPhone later in the year.

"There's no one on this planet I trust more to lead Apple into the future," said Apple Chief Executive Officer Tim Cook. He also offered guidance to his successor on the company's priorities.

"Never forget the north star for the company. We're about making the best products in the world that really enrich other people's lives," he said.

Ternus addressed his appointment in remarks accompanying the announcement. "This is the most exciting time in my 25-year career at Apple to be building products and services," he said.

Earnings per share reached $2.01, ahead of expectations of $1.96. Revenue in greater China totaled $20.4 billion for the quarter, with Cook saying increasing revenue there was primarily driven by iPhone sales. He also said Apple underestimated consumer enthusiasm for the newly released, budget-focused MacBook Neo. Apple's stock price rose in after-hours trading following the report's release.

On supply conditions, Cook said the main constraint for Apple was the advanced nodes used to produce chips, rather than memory chips. OpenAI, Google and Microsoft purchased a large share of the world's memory chip supply, and memory chip prices increased over the same period. Samsung reported quarterly earnings showing a nearly 50-fold increase in memory chip profit.

Apple has not invested as heavily in artificial intelligence as its biggest competitors. The company plans to release a revamped Siri later in the year. India, which hosts the world's second-largest phone market, remains a region where Apple holds only a modest share.