- John Ternus has officially taken over as Apple's CEO, succeeding Tim Cook, who transitions to the role of executive chairman.
- Ternus is stepping into a role that involves navigating AI challenges, component shortages, and a pressing need to fix Siri.
- During his tenure, Tim Cook led Apple to a $5 trillion market cap and oversaw $877 billion in stock buybacks.
- In the latest financial report, Apple announced a Q3 FY2026 revenue of $109.4 billion, reflecting a 16.36% year-over-year increase.
John Ternus officially took over as Apple CEO, marking a significant leadership change as Tim Cook transitions to executive chairman. Ternus inherits a company facing multiple challenges, including AI competition and component shortages.123
Ternus's mandate includes revitalizing Siri, which has struggled to meet expectations. As noted, *"Siri hasn't been as successful as I think many people had hoped."*
Apple reported a Q3 FY2026 revenue of $109.4 billion, up 16.36% year over year, with the iPhone contributing $54.3 billion, a 22% increase. However, analysts argue that Apple has underperformed compared to competitors like Google and Tesla during the recent AI boom.4
Ternus's leadership comes at a time when Apple is also dealing with a political and economic landscape that is increasingly complex. He will lead without many of the executives who worked closely with Cook and Steve Jobs, including Phil Schiller, who has transitioned to an Apple Fellow role.
As Ternus embarks on this new chapter, the first Apple hardware event under his leadership is anticipated, where new iPhones, including a foldable model, are expected to be unveiled.
Tim Cook's departure letter emphasized the importance of culture at Apple, stating, *"This place is proof that culture triumphs over everything."*
“Apple's Q3 revenue hit $109.4 billion, up 16.36% year over year, with iPhone contributing $54.3 billion. Newman noted Apple underperformed peers in the AI boom, with headsets flopping and car efforts failing, while R&D spending rose to $11.7 billion.”
Yahoo Finance
