Apple Tops Q2 Estimates Narrowly on iPhone 17 Boom, Confirms CEO Transition to Ternus

Apple reported fiscal Q2 results slightly beating Wall Street estimates, with iPhone revenue at $56.99 billion versus $56.98 billion expected, driven by extraordinary demand for the iPhone 17, while announcing Tim Cook's transition to executive chairman and John Ternus as CEO effective September 1, alongside a pipeline of 10 major projects. Anticipation built over two weeks from April 20, with consensus EPS rising to $1.95 (+18% YoY), revenue $109.7 billion (+15% YoY), and iPhone sales +21%, fueled by services growth to $30B, AI plans, and leadership buzz. Shares reached $273.70 pre-report amid 4% implied volatility, priming post-earnings swings as focus shifts to margins, guidance, and new leadership strategy.