Apple is preparing to report its fiscal fourth-quarter 2026 earnings on November 2, marking John Ternus’s first earnings call as the company’s new CEO. Investors will focus on whether strong iPhone demand can offset rising memory chip costs, while Apple’s holiday sales outlook and artificial intelligence strategy could provide important signals about its future growth.
John Ternus became Apple’s CEO on September 1, 2026, succeeding Tim Cook, who moved into the executive chairman role, according to Apple’s leadership announcement. Since the transition, Apple has introduced several major products, including the foldable iPhone Duo, its HomeView smart-home display, and touchscreen MacBook Pro models. These launches could strengthen Apple’s holiday sales, although rising component costs may put pressure on profit margins.
One of Apple’s biggest challenges is the rising cost of memory chips used in smartphones, computers, and other electronic devices. Growing demand from AI data centers has increased pressure on memory supplies, contributing to higher prices across the technology industry. This wider AI-driven RAM shortage could make iPhones and Macs more expensive to manufacture. If Apple’s production costs rise faster than its selling prices, the company’s profit margins could come under pressure.
Despite these challenges, analysts expect Apple to report solid revenue growth. According to analyst estimates compiled by LSEG and reported by Reuters, Apple’s revenue for its fiscal fourth quarter, which ended September 26, 2026, is expected to reach approximately $113.39 billion, nearly 11% higher than a year earlier. Net profit is forecast to rise by around 6% to $29.04 billion. These figures are analyst projections rather than confirmed financial results, and Apple’s earnings announcement will show whether the company met expectations.
Apple’s iPhone business remains a major focus, with analysts expecting revenue from the product line to grow approximately 15% to $56.54 billion. The fiscal fourth-quarter results will include only nine days of sales from the iPhone 18 Pro lineup, which became available in September. Meanwhile, Apple’s first foldable smartphone, introduced in Apple’s iPhone Duo announcement, went on sale on October 23, after the reporting quarter had ended. Its sales will therefore contribute to the holiday-quarter results rather than the November 2 earnings report. TechBonafide previously covered Apple’s earlier foldable iPhone preview ahead of the September launch event.
Apple’s iPhone Duo, priced from $1,999 in the United States, has attracted significant early demand, with initial online orders reportedly selling out within minutes. However, some customers have reported cracks and visible lines along the device’s inner folding display. Apple has offered replacements to affected users, although the overall number of faulty devices remains unclear. According to a Bank of America estimate reported by Reuters, iPhone Duo buyers face average delivery waits of 79 days, with some shipments extending into January 2027. These delays highlight the challenge of meeting demand while addressing early product concerns.
Artificial intelligence will be another major focus during Apple’s earnings call. The company began its Siri AI beta rollout in September 2026, introducing capabilities such as personal context understanding, onscreen awareness, and improved interactions with applications. Investors will want to know how these features are performing, whether they can encourage customers to upgrade their devices, and how Apple plans to compete with other AI assistants. The company continues to emphasize privacy and practical AI features across its existing products.
Competition from advanced AI assistants and digital agents could create both challenges and opportunities for Apple. These technologies can answer complicated questions, perform tasks, and interact with applications with less human involvement. TechBonafide previously covered Apple’s Gemini-powered Siri strategy, which shows how the company is expanding its AI capabilities through partnerships. Investors may also question whether Apple could generate additional revenue by distributing third-party AI agents through the App Store. However, such a revenue opportunity should be viewed as a possibility rather than an established business plan.
Apple’s services division is also expected to show slower growth. Analysts forecast services revenue of around $31.56 billion, representing growth of nearly 10%. Although this remains positive, it would be the division’s slowest growth rate in more than three years. The performance of the App Store, subscriptions, and other digital services will therefore be closely watched.
Despite these challenges, Apple shares have gained approximately 27% so far in 2026, according to the November 2 earnings preview, outperforming several major technology companies. Investors have become increasingly concerned about the high costs of building AI data centers and supporting infrastructure, while Apple’s comparatively restrained spending has attracted attention. However, the company’s next share-price move will also depend on its earnings, holiday sales forecast, and expected profit margins. TechBonafide recently examined Apple stock ahead of November 2 earnings, providing additional context about investor expectations.
Apple’s upcoming earnings announcement will provide an early test of John Ternus’s leadership as the company prepares for the important holiday shopping season. Investors will focus on the sales outlook for the iPhone 18 lineup and iPhone Duo, progress with Siri AI, and whether higher memory chip prices could reduce profit margins. Strong financial results and a positive holiday forecast could strengthen investor confidence, while weaker guidance may raise concerns about Apple’s growth. The official figures and related financial materials will be available through the Apple Investor Relations page once released.
