Apple beats Wall Street revenue forecasts in new CEO John Ternus's first earnings report on strong iPhone sales

Apple posted $114.5 billion in revenue for its fiscal fourth quarter, beating Wall Street's forecast of $113.4 billion by more than $1 billion, with earnings per share of $2.10 topping analysts' $1.99 estimate. New CEO John Ternus, who took over from Tim Cook in September, called it "one of the most prolific launch periods in our history." The results bucked a grim quarter for Big Tech, with Alphabet, Amazon and Intel all disappointing.

iPhone revenue hit $57.58 billion, a record, with China described as 'the star of the show' by analysts despite China sales of $17.54 billion missing forecasts of $18.75 billion.

Apple warned its gross margin will fall from 47.9% to between 45% and 46% next quarter, citing rising memory chip costs and Siri AI launch expenses.

Shares fell 2.6% during the earnings call, with investors unnerved by the margin warning even as the headline numbers impressed.