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Apple\u2019s incoming CEO introduced himself to Wall Street on Thursday, in a brief earnings-call debut in which John Ternus emphasized his commitment to continuity at the $4 trillion company.<\/p>\n
Ternus, who will officially replace CEO Tim Cook in September, promised to continue the \u201cdeep thoughtfulness, deliberateness and discipline\u201d in financial decision making that has marked Cook\u2019s 15-year tenure leading Apple, calling his predecessor \u201cone of the greatest business leaders of all time.\u201d<\/p>\n
He even showed off his proficiency with the Apple marketing playbook of secrecy-tinged hype, teasing that the iPhone maker is working on \u201can incredible roadmap\u201d of products but that \u201cyou\u2019re not going to get me to talk about the details of that roadmap.\u201d<\/p>\n
Investors seemed to shrug at their introduction to the new boss\u2014which may have been exactly how Apple wanted it.\u00a0<\/p>\n
Shares of Apple, which had dipped less than one percent in after-hours trading following the release of the company\u2019s fiscal second quarter earnings report, barely budged during Ternus\u2019 comments or those of Cook, who called Ternus \u201cthe right leader to step into the role.\u201d<\/p>\n
When Apple CFO Kevan Parekh provided a much stronger-than-expected revenue forecast for the current quarter, however, Apple shares sprang to life and rose more than 4%. Sales of iPhones in fiscal Q3 should increase between 14% and 17% year-over-year, Parekh said, compared to the 9% increase that analysts were expecting.\u00a0<\/p>\n
The iPhone remains the critical pillar that supports Apple\u2019s business, representing just over half of its $111 billion in revenue last quarter. Cook said demand for the smartphone was robust in virtually every geographic market in the first three months of the year despite challenges obtaining sufficient supply of the processors inside the devices.\u00a0<\/p>\n
The right time for a change<\/p>\n
Cook, who cut his teeth as an operations executive fluent in the intricacies of electronics supply chains, said the moment was right for him to hand over the reins, noting that among other things \u201cthe business has been performing extremely well.\u201d\u00a0<\/p>\n
While investors Thursday seemed more preoccupied with the business\u2019 near term performance, particularly iPhone sales, than with the CEO transition, Ternus will likely face a more critical audience with broader questions as his tenure gets underway. Apple has fallen far behind on developing in-house AI models, to the point that it has had to partner with Google for its AI needs. And the successor to the iPhone, which is now nearly 20 years old, remains a mystery. Apple\u2019s last attempt at a new device, the $3,500 Vision Pro augmented reality headset, has been a flop with consumers, and the company is already trailing rivals like Meta in the category of lightweight smartglasses.<\/p>\n
During Thursday\u2019s earnings call, an analyst cited Tim Cook\u2019s previous anecdote about the advice he received from Apple cofounder Steve Jobs: Don\u2019t ask what I would do, just do the right thing.<\/p>\n
What advice is Cook giving CEO-in-waiting Ternus, the analyst asked?<\/p>\n
\u201cMy advice is that one of the most important decisions he\u2019ll make is where to spend his time. And I would spend it where the greatest benefit to the company and the users are,\u201d Cook said.<\/p>\n
\u201cAnd never forget the north star for the company: We\u2019re about making the best products in the world that really enrich other people\u2019s lives,\u201d he continued. \u201cIf you keep focusing on that and make your decisions around that, it will produce a great business and we\u2019ll be able to build more products and do it all over again.\u201d<\/p>\n
#Tim #Cooks #advice #Apples #CEO #important #decision #spends #time<\/p>\n","protected":false},"excerpt":{"rendered":"
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