Apple reports overnight with John Ternus facing his first results call as chief executive

Apple reports its quarterly results after the US market closes on Monday, in the early hours of Tuesday India time, and for once the man reading them out is as big a story as the numbers. It will be John Ternus’s first earnings call as chief executive.

Wall Street expects revenue of $113.39 billion for the July to September quarter, up from $102.47 billion a year earlier, and earnings of $1.99 a share against $1.85. Apple has beaten both forecasts for 14 quarters in a row.

The iPhone is the main event. Analysts expect iPhone revenue to rise about 15% from a year ago. The quarter includes only nine days of sales of the new iPhone 18 Pro and Pro Max, and none of the iPhone Duo, Apple’s first foldable, which went on sale on 23 October, in India too, at prices from ₹2.99 lakh.

Investors will listen most closely to what comes next. Dan Ives of Yorkville Ives, who rates the stock outperform with a $400 price target, said the report “carries extra weight” because of the change at the top. “The September numbers are the appetizer and the December-quarter outlook is the main course,” he said.

Ives said the call would show how Ternus “frames supply, memory costs, and the holiday quarter”. Rising memory-chip prices are one of the main worries for Apple’s margins, and analysts named them on Monday among the things to watch. “This is the Street’s first chance to hear Ternus set priorities on AI, product cadence and capital allocation,” Ives added.

Apple shares were down 2.4% on Monday ahead of the results, even as the wider market rallied, after a strong run this year. The stock was up more than 25% in 2026 before Monday’s trading.

The numbers will be out well before Dalal Street opens on Tuesday, and a strong outlook could lift technology shares around the world.