Apple Faces Margin Pressure, AI Push, and Leadership Transition After Earnings

Apple posted $109.4B in revenue with gross margin near 50% (48.1% after tariff adjustments), pressured by higher memory costs and FX even as iPhone and Mac sales were strong. It guided 9–11% revenue growth for the next quarter, below expectations due to FX headwinds and rising supply constraints that could affect iPhone, Mac, and iPad output. Tim Cook will depart in September, with John Ternus taking over, while Apple pushes a major Siri AI overhaul set for September and frames AI as a strategic weapon; tariff refunds will be reinvested in the US. China revenue came in below estimates, and the stock fell in after-hours trading.