Apple CEO Tim Cook participated in his final Apple earnings call yesterday, with incoming CEO John Ternus set to take over on September 1. With Cook's tenure coming to an end, we thought we'd take a look at how Apple has changed over the last 15 years.


Cook took over as CEO on August 24, 2011, after Steve Jobs resigned.

Apple's Revenue

During yesterday's earnings call, Bank of America analyst Wamsi Mohan shared an interesting observation about Apple's quarterly earnings. When Cook took over as CEO, Apple's revenue for all of 2011 was $108 billion.

Apple reported $109.4 billion for Q3 2026, earning its 2011 revenue in a single quarter. We don't have the numbers for fiscal 2026 yet, but in fiscal 2025, revenue was $416 billion.

iPhone revenue in 2011 was $47 billion, and just this quarter, it was $54.3 billion.

Valuation

Apple stock is down today after Cook said he expects supply constraints and memory shortages to affect revenue in the current quarter, but last week, Apple briefly hit a market cap above $5 trillion. Apple's market cap is now around the $4.5 trillion mark, and it once again trails Nvidia for world's most valuable publicly traded company.

Apple was the first company to reach a $1 trillion valuation in August 2018, the first to reach $2 trillion in August 2020, and the first to reach $3 trillion in January 2022. It was the third company to hit a $4 trillion valuation in October 2025, and then the second to reach $5 trillion.

A day after Cook took over in August 2011, Apple's stock price was $13.35 (split-adjusted). Today, it opened at $304.81, a roughly 23x increase. There was a 7-for–1 split in 2014 and 4-for–1 split in 2020 during Cook's tenure.

Installed Base

Apple said it has over 2.5 billion active devices. Apple didn't share installed base numbers until 2016, when it hit a billion active devices.

Services

Apple's services category revenue has seen the most growth. It was $9.4 billion in all of 2011, but in Q3 2026, it was $30.7 billion. In fiscal 2025, services brought in $109 billion.

Apple said during the earnings call that it now has 1.5 billion subscriptions. A huge number of services launched under Cook, including:

• Apple Pay


• ‌Apple Pay‌ Cash


• Apple Card


• Apple Music


• Apple News


• Apple TV+


• Apple Arcade


• Apple Fitness+


• iCloud+


• App Store Search Ads


• Ads in Maps

Back in 2011, Apple's services were limited to AppleCare, iTunes, and the ‌App Store‌.

Product Launches

Under Cook, Apple launched everything from the AirPods to the Apple Watch.

• Apple Watch


• AirPods


• Apple silicon chips


• Vision Pro


• iPhone Air


• iPhone X


• HomePod and HomePod mini


• MacBook Neo

Capital Returns

Cook initiated quarterly dividends in 2012, and also executed an ongoing share repurchase program. Since then, Apple has returned more than $1 trillion to shareholders.

Transition to John Ternus

Cook said yesterday that the transition to Ternus is "going seamlessly." Ternus will become CEO on September 1, ahead of when Apple announces new iPhone models. Cook will remain at Apple as executive chairman, where he will engage with policymakers and help Apple navigate regulatory pressure.

In April, Cook said he planned to remain at Apple for years to come. "I am healthy. My energy is high, and I plan to be in this role for a long time," said Cook. He said he will support current hardware engineering chief John Ternus in any way necessary when Ternus takes over as CEO, and he plans to continue to offer knowledge and experience whenever it's needed. "Apple will be my top priority," he said. "It's who I am at my core, and I can't imagine it any other way."

Cook on Ternus

Cook yesterday said Ternus is the best choice to take over Apple.

The transition is going seamlessly, and I am beyond excited for John to step into his new role and lead Apple into its next era. He is truly one of a kind and there is no better person to take the helm of the company.

As I've said, I couldn't be more confident in his leadership, in our executive team, and in the extraordinary people at Apple who are determined to enrich the lives of our users all over the world. We have a bright future ahead, and I truly have never been more optimistic.

Ternus has been at Apple since 2001, when he joined the product design team. He became vice president of hardware engineering in 2013 and focused on the AirPods, Mac, and iPad. In 2020, he also took on the iPhone, and he became senior vice president of hardware engineering in 2021.
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After over a month of testing iOS 27, on this week's episode of The MacRumors Show we circle back to the beta and talk through our experiences with Siri AI, Liquid Glass refinements, and more.



‌iOS 27‌ is expected to launch this fall, bringing sweeping performance work across the system. Apple has cited more than 80 speed and efficiency improvements, with app launches up to 30 percent faster and AirDrop transfers up to 80 percent faster than on iOS 26. Animations, keyboard responsiveness, Home Screen page swapping, and App Library loading have all been sped up, and Apple says the improvements extend even to older iPhones like the iPhone 11.

The centerpiece of ‌iOS 27‌ is Siri AI, a substantially overhauled version of the assistant positioned as a rival to chatbots like Claude and ChatGPT. ‌Siri‌ AI can hold back-and-forth conversations, draw on personal context from Mail, Messages, Photos, and Files, and see what's on screen to answer follow-up questions. A new standalone Siri app houses ongoing conversations, while a "Search or Ask" interface, accessed via the Dynamic Island, has effectively replaced Spotlight as the default way to search the device and launch apps.

Liquid Glass, the translucent design language introduced in ‌iOS 26‌, has also been reworked. ‌iOS 27‌ adds a system-wide transparency slider in place of the binary "Clear" and "Tinted" toggle from iOS 26.1, letting users dial the effect anywhere between fully opaque and completely clear. Apple also improved how the material diffuses busy content behind it, addressing readability complaints that dogged the original rollout, and refreshed first-party app icons with additional Liquid Glass layering.

Elsewhere, Apple has leaned into contextual, on-device intelligence. For example, Call Context, a new Phone app feature, automatically surfaces relevant information, such as a flight confirmation number or order code pulled from Mail, when a user calls a business they've recently corresponded with. Apple says the feature works entirely on-device and looks only at who is being called, not at call audio, and it also appears on the Apple Watch during a call.

Calendar and Reminders now support natural language entry, letting users type something like "meeting at 2pm with Eric on July 14" and have the app suggest the date, time, and attendees automatically. Apple says ‌Siri‌ can handle more complex natural-language scheduling requests directly, including edits to recurring events.

The ‌Photos‌ app gains three generative editing tools grouped under an Apple Intelligence Tools section: an upgraded Clean Up, a new Extend tool, and Spatial Reframing. Clean Up now offers Fast, High Quality, and Auto modes for object removal and can reconstruct more complex backgrounds than before. Extend uses generative AI to fill in new content when a photo's borders are expanded, and is capped at a maximum of 25% per side. Spatial Reframing, which draws on the same spatial data used for Portrait mode, lets users shift a photo's apparent camera angle after it was taken.

The Shortcuts app has been rebuilt around a "Describe a Shortcut" interface, where ‌Apple Intelligence‌ assembles an entire automation from a plain-language description rather than requiring users to build workflows action by action manually. Safari picks up a similar natural-language approach with a new Create an Extension option for building custom browser extensions on the fly, automatic AI-driven tab organization by topic, and a "Notify Me" tool that monitors a webpage and alerts users when it changes, which is useful, Apple says, for tracking ticket sales or restocked products.

Image Playground has also been overhauled for ‌iOS 27‌, adding support for photorealistic image generation, edits to existing images via text descriptions, and additional aspect ratio options for wallpapers and Contact Posters.

‌iOS 27‌ is available now to developers and public beta testers, and Apple plans to release the software officially in September. The MacRumors Show has its own YouTube channel, so make sure you're subscribed to keep up with new episodes and clips.



You can also listen to ‌The MacRumors Show‌ on Apple Podcasts, Spotify, Overcast, or other podcast apps. You can also copy our RSS feed directly into your player.



If you haven't already listened to the previous episode of The MacRumors Show, catch up to hear our discussion about OpenAI's move into hardware and the trade secret lawsuit Apple filed against the company earlier this month.

Subscribe to ‌The MacRumors Show‌ for new episodes every week, where we discuss some of the topical news breaking here on MacRumors, often joined by interesting guests such as Kayci Lacob, Kevin Nether, John Gruber, Mark Gurman, Jon Prosser, Luke Miani, Matthew Cassinelli, Brian Tong, Quinn Nelson, Jared Nelson, Eli Hodapp, Mike Bell, Sara Dietschy, iJustine, Jon Rettinger, Andru Edwards, Arnold Kim, Ben Sullins, Marcus Kane, Christopher Lawley, Frank McShan, David Lewis, Tyler Stalman, Sam Kohl, Federico Viticci, Thomas Frank, Jonathan Morrison, Ross Young, Ian Zelbo, and Rene Ritchie.

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Sony, Bose, and Sennheiser owners have been able to adjust the audio frequency spectrum of their headphones for years, whereas AirPods owners have had to make do with Apple's default tuning. That's no longer the case in iOS 27, which adds a three-band equalizer to the AirPods settings screen.


It's worth noting that iOS has had an EQ setting for years – it's buried in Settings ➝ Apps ➝ Music, but it applies only to Apple Music playback, and works on any pair of headphones. In iOS 27, the new EQ is specifically tied to your AirPods, so it applies to everything you listen to. Your custom EQ profile also carries over to iPad and Mac when you pair your AirPods with them.

What You Need

Custom EQ requires Apple's H2 chip, so it supports AirPods Pro 2, AirPods Pro 3, AirPods 4, and AirPods Max 2. Earlier models, including the original AirPods Max, aren't compatible with the feature.

You'll also need current AirPods beta firmware. If the Equalizer option described below doesn't appear, pair your AirPods with your iPhone, tap your AirPods in Settings, then tap AirPods Beta Updates and toggle on the beta updates option. Afterwards, put your AirPods in the case, connect the case to power, and leave it near your unlocked iPhone to let the latest beta firmware install quietly in the background. It shouldn't take more than half an hour.

How to Adjust Your AirPods EQ

1. With your AirPods connected, open Settings on your iPhone.


2. Tap your AirPods at the top of the screen.


3. Tap Audio & Routing.


4. Tap Equalizer.


5. Tap Custom, then drag the low, mid, and high points up or down.

You should see a media playback control above the EQ showing the last thing you listened to, allowing you to hear how your adjustments sound in real time. Lows cover bass weight, mids carry vocals and most instruments, and highs handle treble detail and sibilance.

To undo your changes, simply tap Reset, or choose Recommended at the top to restore Apple's default profile. You'll find all the same options in iPadOS 27, as well as in macOS 27 Golden Gate (in System Settings).

iOS 27 and Apple's other upcoming software updates remain in public beta for now, with a general release expected sometime this September.
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The lower-end iPhone 18e that Apple is expected to release by March 2027 will be equipped with 9GB of RAM, up from 8GB in the iPhone 17e, according to analyst Jeff Pu.

9GB of RAM for the iPhone 18e was already rumored by another analyst Ming-Chi Kuo last month.
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Apple plans to release a second-generation iPhone Air in the first quarter of 2027, according to Jeff Pu, an investment analyst who covers Apple.


In a research note with GF Securities today, Pu said the iPhone Air 2 will have the following five new features compared to the current model:

• The addition of a second 48-megapixel rear camera — an Ultra Wide lens to complement the existing Fusion lens.


• A slightly smaller Dynamic Island.


• A faster and more power-efficient A20 Pro chip manufactured with TSMC's advanced 2nm process. The current iPhone Air has a 3nm A19 Pro chip.


• Apple's second-generation N2 chip for wireless networking. In the existing iPhone Air, the N1 chip is an Apple-designed wireless networking chip that enables Wi-Fi 7, Bluetooth 6, and Thread. The chip also improves the overall performance and reliability of features like AirDrop and Personal Hotspot.


• Apple's second-generation C2 chip for 5G. Apple says the current C1X chip is already the most power-efficient modem in an iPhone ever.

He expects the next iPhone Air to stick with a 6.5-inch display, 12GB of RAM, and an 18-megapixel Center Stage front camera.

Apple reportedly plans to release the iPhone Air 2 alongside the regular iPhone 18 and a lower-end iPhone 18e around March 2027. The higher-end iPhone 18 Pro, iPhone 18 Pro Max, and foldable "iPhone Ultra" are expected to launch this September, with the devices in the lineup rolling out at different times as part of a new strategy.
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Back to school deals kicked off this week, with Best Buy's annual sitewide event including some great discounts on Apple products like AirPods Max 2 and MacBook Pro. Below you'll also find a record low price on the AirTag 2 and big savings on Apple Watch Series 11.

Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running.

Best Buy's Back to School Sale

• What's the deal? Save sitewide on back to school accessories


• Where can I get it? Best Buy


• Where can I find the original deal? Right here

Best Buy this week is hosting a pair of sales kicking off Back to School season, as well as its annual Black Friday in July event, with notable markdowns on Apple devices, TVs, headphones, monitors, and much more. In terms of Apple devices, you can find solid deals on AirPods Max 2, iPhone Air, Beats accessories, and MacBook Pro.

• AirPods Max 2 - $449.00 ($100 off)


• 256GB iPhone Air - $899.99 ($100 off)


• 14-inch MacBook Pro (M5 Pro, 1TB) - $2,299.00 ($200 off)


• 14-inch MacBook Pro (M5 Pro, 2TB) - $2,499.00 ($500 off)


• 14-inch MacBook Pro (M5 Max, 2TB) - $3,599.00 ($500 off)


• 16-inch MacBook Pro (M5 Max, 36GB, 2TB) - $3,999.00 ($400 off)


• 16-inch MacBook Pro (M5 Max, 48GB, 2TB) - $4,499.00 ($500 off)

MacBook Pro

• What's the deal? Take up to $500 off MacBook Pro


• Where can I get it? Amazon


• Where can I find the original deal? Right here

Amazon's prices on the 2026 MacBook Pro have now joined in on Apple's recent price hikes, meaning we're no longer tracking pre-hike markdowns on these devices. However, there are still notable sales to be found if you're shopping for a MacBook Pro this month, with up to $500 off new prices available right now on Amazon.

AirTag

• What's the deal? Take $10 off AirTag 2


• Where can I get it? Amazon


• Where can I find the original deal? Right here

Apple's AirTag 2 is available for the all-time low price of $89.00 this week, down from $99.00. This sale is on the 4-Pack of the AirTag 2, and it's a match of the record low price first seen during Prime Day.

Apple Watch Series 11

• What's the deal? Take $99 off Apple Watch Series 11


• Where can I get it? Amazon


• Where can I find the original deal? Right here

Amazon this week has low prices on the Apple Watch Series 11, with $99 discounts across numerous models of the smartwatch. This sale includes a handful of 42mm and 46mm GPS aluminum models, but cellular devices are a bit more rare this time around.

If you're on the hunt for more discounts, be sure to visit our Apple Deals roundup where we recap the best Apple-related bargains of the past week.

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Apple today updated the Shazam app with stickers, starting with an exclusive collection inspired by Ariana Grande's new "petal" album.


To send stickers in the Messages app, tap the plus sign in a conversation, select Stickers, tap on the Shazam app icon, and tap on a sticker. You can also send stickers in FaceTime and in other apps where the emoji keyboard is available.

Make sure to update the Shazam app to version 26.14.1 to see the stickers.
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This year's iPhone 18 Pro and iPhone 18 Pro Max could be $250-$300 more expensive than existing iPhone 17 Pro models due to higher silicon and memory costs, an analyst claimed today.


According to an earnings note by Jeff Pu of GF Securities, higher 2nm silicon and DRAM/NAND costs could drive the price hikes, as Apple grapples with global component shortages owing to the AI infrastructure buildout.

Currently, the iPhone 17 Pro and iPhone 17 Pro Max start at $1,099 and $1,199, respectively. In June, Apple increased the prices of iPads, Macs, HomePods, the Apple TV, and the Vision Pro. iPhone models were spared similar hikes. Pu believes price hikes on the next-generation Pro models could create "demand uncertainty." The analyst has subsequently downgraded AAPL from buy to hold.

It's a shift of tone from Pu, who in May said Apple could price the iPhone 18 Pro models "aggressively," despite rising memory costs.

During the company's Q3 earnings call on Thursday, outgoing Apple CEO Tim Cook did not comment on whether Apple plans to raise iPhone prices when the iPhone 18 Pro models and first foldable launch this September, but many analysts believe prices will go up.

This September, Apple is expected to unveil the iPhone 18 Pro models alongside its first foldable iPhone, which is expected to cost north of $2,000. The regular iPhone 18, iPhone 18e, and iPhone Air 2 are expected to launch in spring 2027.
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The touchscreen and the OLED panel have dominated discussion about Apple's next high-end laptop, but the redesign wrapped around them may prove to be an equally consequential change, largely because it is not expected to stay unique to the machine for long.


Bloomberg's Mark Gurman last week laid out Apple's plan to refresh every Mac it sells over the next two years. In the report, he mentioned that the entry-level 14-inch MacBook Pro due in 2027, reportedly code-named K104, is said to resemble the design of the high-end K114 and K116 machines while using a standard M7 chip. The design debuting on the rumored "MacBook Ultra" would therefore reach a considerably cheaper Mac within roughly a year of launch, a pattern first reported at the start of July.

Apple last redesigned the MacBook Pro in 2021 alongside the introduction of the M1 Pro and M1 Max chips, and that overhaul ran in the opposite direction to this one. The machine grew thicker and heavier, and Apple restored the HDMI port, the SD card slot, and MagSafe charging that it had stripped out in the preceding generation. Five years on, the company is apparently trying to reverse the thickness.

The chassis is expected to be noticeably thinner and lighter. Swapping a mini-LED backlight for a hybrid OLED stack removes an entire physical layer from the lid, since ‌OLED‌ pixels emit their own light. There has so far been no indication that Apple intends to sacrifice ports to find the rest of the millimeters, which is just as well given how poorly that went last time.

The front of the machine is where the change should be most obvious. The notch is expected to disappear in favor of a much smaller hole-punch camera, a change first indicated on a roadmap from research firm Omdia and since corroborated by Bloomberg. The cutout is said to be pill-shaped, paving the way for an interactive Dynamic Island that expands contextually in the way it does on the iPhone.

Whether the screens themselves will grow is less settled. Omdia claimed that Samsung Display will supply 14.3-inch and 16.3-inch panels, marginally larger than the 14.2-inch and 16.2-inch displays on current models, which would imply slimmer bezels wrapped around a slightly bigger screen. A February report from Bloomberg, however, indicated that screen sizes were not expected to change, but that rumor may not have accounted for a slight reduction in bezels.

Apple is said to be fitting a reinforced hinge so the display does not wobble when tapped, but it is not clear if this will result in any external visual changes. Gurman described the approach to touch as "touch-friendly, not touch-first."

What will become of the high-end ‌MacBook Pro‌ is still a loose thread. Gurman's roadmap lists a high-end 14-inch and 16-inch "MacBook" without the Pro suffix, and no separate high-end ‌MacBook Pro‌ sits alongside it, though that phrasing is hard to lean on when the exact branding itself is unresolved. The new MacBook "Ultra" could replace the current M5 Pro and M5 Max models outright at a higher price point or arrive above them as a genuinely new tier while they stay on sale.

If the high-end ‌MacBook Pro‌ gains Apple's next-generation M7 Pro and M7 Max chips in late 2027, considering that the entry-level M7 model will gain the MacBook Ultra's design in the first half of that year, it seems inevitable that the high-end machines will follow, meaning that all five of Apple's most powerful laptops will share the same overall design.
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Softness in mobile gaming and Apple's changes to the App Store business model in some countries impacted the performance of the ‌App Store‌, Apple CFO Kevan Parekh said during today's earnings call.


Apple's services revenue was $30.7 billion, a 12% increase over the $27.4 billion it earned in the year-ago quarter. Though the category saw growth, revenue came in under expectations, prompting analyst questions that led to Parekh's comments on the ‌App Store‌.

We also had some factors that impacted the performance of the App Store. We did see some headwinds in mobile gaming, and then keep in mind, we also made some changes to the App Store business model in certain countries, and in the U.S., we do continue to operate under a court ruling impacting the link-out transactions. But we're pleased the Supreme Court will hear our appeal.

There have been ‌App Store‌ fee updates in Japan and Brazil as of late, with Apple collecting no fees on link-outs in the U.S. and lower fees from alternative app marketplace apps in the EU. Despite the rule changes, the ‌App Store‌ still set a June quarter revenue record. Apple saw double-digit growth in cloud services, video, payment services, and advertising, with a record level of Apple Pay users.

During the call, Apple also said it now has 1.5 billion paid subscriptions, with transacting and paid accounts hitting an all-time high.

Parekh said it wasn't the ‌App Store‌ alone that impacted services revenue, and Apple also took a hit from foreign exchange. Last year, Apple also had the theatrical release of F1, and no equivalent release this year, making for a tougher compare.

Services growth in the September quarter is expected to be similar to the June quarter when excluding an approximately 2.5 percentage point foreign exchange headwind.
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Apple is planning to let users pay to increase their AI limits, with upgrade possibilities available through iCloud+.


During today's earnings call for the third fiscal quarter of 2026, Apple CEO Tim Cook said it's early, but the company expects to offer options for people who want to make heavy use of AI services.

In terms of what it means for compute cost, it's obviously early going for us, and so I don't want to say that we have a complete plan for that. We do believe there will be people that want to use it a lot and we will have some kind of upgrade possibilities on iCloud+ where people can buy up the stack on iCloud+. We'll see how the pickup for that is.

At WWDC, Apple said there would be daily usage limits on features like Image Playground, but increased access would be available through ‌iCloud‌+ plans. Cook's comments today suggest there may also be ‌iCloud‌+ add-ons specifically for AI usage.

Apple hasn't offered any details on what it might charge to increase AI limits, and that's information that we might get when iOS 27 launches in September. Features like Siri AI are expected to remain free to use.
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Apple didn't want to raise its prices but was forced to do so because of exponential increases in memory costs, Apple CEO Tim Cook said today during the company's Q3 2026 earnings call. Apple increased prices for Macs and iPads in June because memory prices have surged.

On the pricing front, you know, we reluctantly raised prices. I would say we did it because we're in what I would characterize as a 100-year flood on memory pricing with exponential increases in memory prices, so that was the rationale for it.

When asked whether Apple is aiming to protect gross profit dollars or product gross margins when considering pricing increases, Cook said it's multifactorial.

In terms of our philosophy on dollars or percentages, we look at units, revenue, and margin, and then come to a business judgment as to how to handle that, and so it's not a mathematical formula that gets us to a specific result, or just looking at one dimension of that. We look at all three dimensions and think about it over the long term instead of, you know, a 90-day clock.

Cook did not comment on whether Apple plans to raise iPhone prices when the iPhone 18 Pro models and first foldable launch this September, but multiple analysts believe prices will go up.

Cook said Apple is expecting to pay higher memory costs in the September quarter, though Apple will be able to partially offset it with lower costs on some non-memory components and a stockpile of inventory.
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Apple CEO Tim Cook today confirmed that today's call was his last as CEO, with John Ternus set to become Apple's new CEO on September 1. Cook will transition to a new role as executive chairman when Ternus becomes CEO.

I just wanted to take a moment to say thank you to all of you, from our shareholders, particularly our long-term shareholders who have put their trust in us for so many years, to the analysts who have followed our company so closely. As you know, this will be my final earnings call, and John will lead these calls going forward.

Cook said the transition to Ternus is "going seamlessly," and he is excited for Ternus to lead Apple into its next era.

As I've said, I couldn't be more confident in his leadership, in our executive team, and in the extraordinary people at Apple who are determined to enrich the lives of our users all over the world. We have a bright future ahead, and I truly have never been more optimistic.

While Cook is stepping down as Apple's CEO, he said earlier this year that he plans to serve as executive chairman "for a long time." He said Apple will continue to be his top priority.
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Apple is expecting supply constraints to have a much bigger impact on revenue during the September quarter, Apple CEO Tim Cook said today during Apple's earnings call for the third quarter of 2026.


Supply constraints will impact the iPhone, iPad, and Mac. Cook said Apple is seeing less flexibility in the supply chain than normal and an issue with the availability of the advanced nodes that Apple's chips are produced on.

We continue to expect high levels of demand. However, with less flexibility in the supply chain, we expect the impact from the supply constraints to increase significantly sequentially.

He said the cause is not a regular supply issue, but a demand forecast issue. The iPhone and Mac are doing "remarkably better" than Apple expected.

Let me stress again. This isn't a partner or supplier issue... It's an incredibly strong iPhone and Mac product cycle that has really yielded a demand beyond our expectation.

Cook also commented on memory shortages. He said Apple paid more for memory in the June quarter than the March quarter, and the company expects to pay even higher memory costs in the September quarter. He said Apple will be able to partially offset the increased costs in two ways, but memory will continue to be problematic.

The first is, as you would expect, we have benefited from some carry-in inventory in the September quarter. However, we believe we will see decreasing benefit of this over time beyond the September quarter. The second is we're expecting lower cost on certain non-memory components. Then if you look beyond September, we see the market pricing for memory continuing to increase and have an increasing impact on our business. [...]
The DRAM market has three suppliers. Obviously, if there were more suppliers, that would be good, and it would help us on the supply side and perhaps the pricing side. It's unclear on the pricing side, but it could help on the supply side. And so we're evaluating all options.

Apple is planning to release new iPhone models in September, including the iPhone 18 Pro, ‌iPhone 18 Pro‌ Max, and its first foldable iPhone.
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