Shares of Apple Inc. slipped 4% in Tuesday’s trade on November 3, falling to $325 apiece, as the company’s fourth-quarter performance offered a mixed picture to investors. The results also marked the first quarterly report under its new Chief Executive Officer, John Ternus.
The iPhone maker reported revenue of $114.5 billion for the fiscal fourth quarter ended September 26, up 12% from the same period last year. The figure narrowly beat analysts’ estimates, with the average projection at $113.5 billion, according to data compiled by Bloomberg.
Ternus became CEO on September 1, putting him in charge for the final month of Apple’s fourth quarter. He has since overseen the unveiling of the foldable iPhone Duo, touchscreen MacBook Pro, and HomeView hub, although none of these products went on sale until the current quarter, which runs through December.
iPhone revenue, which accounted for the bulk of the company’s top line, reached $57.6 billion, up from $49.0 billion a year earlier. This indicates that the company is weathering a shift in its product launch schedule. Apple typically launches multiple new iPhone models in September, but this time it released only the iPhone 18 Pro line.
The regular iPhone 18 and the new iPhone Air are not expected to arrive until the first half of 2027, while the foldable iPhone Duo was launched only on October 23, well into the following quarter.