Apple's New CEO John Ternus Beats Estimates, but the Honeymoon Is Over

John Ternus, Apple's new chief executive, spent his first two months celebrating fresh products, above all the foldable iPhone Duo. On Monday the 51-year-old introduced himself to Wall Street on his first quarterly earnings call, and the welcome was cool, Fortune reports. Apple beat expectations for the September quarter, but the stock fell in after-hours trading because of its outlook on margins, which the company said will stay squeezed by a shortage of memory chips, and because of slowing growth in Services without a clear plan for a rebound. Investors also do not seem convinced yet by Apple's AI story, told through its revamped Siri. On the call, Ternus delegated some answers to chief financial officer Kevan Parekh and chief operating officer Sabih Khan, who Apple said will join earnings calls from now on, something it had not done for years.