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May 7, 2026
APPLE
Apple is arguably the most recognisable company in the world. Its products are seen in every country, and its brand name is a byword for quality, and with that comes a veritable ‘army’ of fans keen to buy its products as soon as possible. Products like the iPhone and iPad were huge commercial successes and actually reshaped industries as rivals mimicked Apple’s minimal design. Today, Apple remains a global leader in tech with brand power and customer loyalty that other companies can hardly match.
Apple’s modern story begins with Steve Jobs, who returned to the company in 1997 and created the most famous turnaround in business history. When Jobs arrived at Apple, it appeared close to bankruptcy, but by the time he was done, Jobs had completely rebranded and refocused the company, with an emphasis on design and innovation. The iMac was an early success and was followed by the iPod, which changed how people consumed music, exceeding even Sony’s groundbreaking Walkman decades earlier. But in 2007, it was the first iPhone that changed everything with its touchscreen, the idea of a phone becoming a portable computer, and other companies scrambled to keep pace. Some, like Blackberry and Nokia, were famous ‘casualties’ of that and the early Cook period.
CEO Tim Cook took over in 2011 into a role that many felt would be almost impossible to match. But Cook would not try to copy Jobs’ visionary leadership. Cook transformed the company by expanding globally, building a new payment system, an entertainment division (Apple +, etc.), and creating Apple iCloud. Popular new products have included Apple Watch and AirPods, while the company is now creating its own silicon chips as it moves towards AI. The financial impact of Cook’s tenure is striking: Apple’s market value rose from around $350 billion to around $4 trillion at its peak, with Cook’s reign being toasted by shareholders and customers.
Apple posted its quarterly results on April 30th, with its earnings underlining how strong the business remains heading into its new leadership. The company reported $111.2 bn in revenue, beating expectations of $109.6 bn, and Earnings Per Share were $2.01 vs $195 expected. The standout was the iPhone 17 lineup, with strong demand driving iPhone revenue to record levels. China, in particular, played a huge role in the performance (despite ongoing US-China tensions), with revenue in the region increasing by some 28%. Services continued to grow and hit record levels, but there are challenges that were mentioned in Apple’s guidance: rising memory costs and difficulties in securing advanced chips due to the huge global demand for AI hardware.
Apple’s stock price reacted by jumping in the days following its earnings results. Positive drivers this year have included overall performance in China, despite declining global demand for smartphones. But there have been supply chain constraints in semiconductors. Fears over US-China trade, the Middle East conflict, and rising energy costs have worried investors that these worries might cause Apple enthusiasts to hold back on product purchases. Apple’s stock price has grown by around 4% this year. But UBS suggests significant upside and upgraded its price target to $296 while Wedbush maintained its own target of $350 on May 1.
John Ternus is set to take over as CEO in September and has been at the company for over 25 years. Ternus comes from an engineering background and has played a key role in developing new iPhone, iPad, and Mac products. Inside the company, he is highly respected. It’s expected that Ternus could move Apple’s focus towards deeper investment in its products, which is closer to the approach of Jobs than of Cook. More product innovation is possible, but expectations upon Ternus are huge, considering the value of around $2 trillion created by Cook. As smartphones mature, the focus grows on AI, mixed reality, and foldable devices, which are expected to gain traction. Most believe that Ternus is well-positioned to meet these challenges.
Conclusion
Apple is entering this new era from a strong position. Record revenues, strong iPhone demand, and its existing ecosystem amid huge ongoing customer loyalty. While excellent results and a positive outlook put the wind in Ternus’ sails, a change at the top in a company like Apple might not be plain sailing. Ternus must define what comes next; he must decide whether to focus on innovative new products, whether to push hard into AI, or to balance both. It's expected that Apple will remain a tech behemoth, but how successful will Ternus be?