Apple shares rise on strong quarterly sales in run-up to CEO change
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Apple's shares rose 3% in premarket trading after the company reported its strongest quarterly sales growth in over four years, driven by strong demand for the iPhone 17 Pro and the new MacBook Neo. Despite supply constraints on advanced chips and rising memory costs, Apple's revenue and forecast exceeded Wall Street expectations. The positive results come ahead of CEO Tim Cook's transition to executive chairman and John Ternus's appointment as CEO in September.
- ▪Apple's shares jumped 3% in premarket trading after strong quarterly results.
- ▪Sales growth for the current quarter is forecast at 14% to 17%, above estimates.
- ▪New CEO John Ternus will take over in September as Tim Cook moves to executive chairman.
- ▪Apple faces supply constraints on advanced processors made by TSMC.
- ▪Analysts expect Apple to raise prices on Pro models or launch a high-end foldable iPhone to offset rising costs.
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Open this photo in gallery:An Apple store in Austin, Tex.Brandon Bell/Getty ImagesShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountApple AAPL-Q shares jumped 3 per cent in premarket trading on Friday after the iPhone maker posted its strongest quarterly sales growth in more than four years, a show of momentum as it prepares to hand over the reins to a new CEO.Its latest iPhone 17 Pro series and the newly launched low-cost MacBook Neo laptop are both drawing buyers at a time of low overall demand in the consumer electronics industry due to price hikes forced by the memory chip shortage.
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