Apple earnings live updates: iPhone, AI and Tim Cook’s final CEO call

Apple reports fiscal third-quarter results after the bell. Here's what analysts are expecting, according to LSEG.Revenue: $108.65 billionEarnings per share: $1.89It's Tim Cook's final earnings call as Apple CEO before he turns over the reins to John Ternus on Sept 1. The report comes as Apple's stock is trading near a record, up 24% so far this year as of Wednesday's close, topping its megacap peers.Revenue is expected to increase 16% from $94 billion a year earlier, according to LSEG. Apple is reckoning with a global memory crunch, or what Cook recently called a "hundred-year flood," and a rush for chip manufacturing capacity that's already forced the company to lift prices on Macs and iPads. Apple hasn't said it will raise prices on iPhones, but many analysts are expecting hikes as soon as this year. Meanwhile, Apple is gearing up for a launch of a redesigned Siri using Google technology alongside new iPhone hardware in September, a critical test for the company as investors worry that it's fallen behind in artificial intelligence. Still, if the company meets expectations, it will mark a third straight quarter with year-over-year revenue growth of at least 15%. Ternus, a 25-year Apple veteran and Apple's current head of hardware, said little on the prior earnings call, which was held shortly after the CEO transition was announced in April. Investors are eager to hear more.The conference call is scheduled for 5 p.m. ET.Stock Chart IconStock chart iconApple stock chart for Thursday, July 30, 2026CNBC's reporters are covering Apple earnings from bureaus in San Francisco and Englewood Cliffs, New Jersey.Apple's capital expenditure-light strategy is paying off in the eyes of investors Instead of spending hundreds of billions of dollars on AI infrastructure to build and serve advanced models, Apple announced earlier this year that it would license much of its AI technology from Google as well as using its cloud. Apple's peers in the hyperscaler world are spending over $100 billion in capex this year, yet Apple is expected to spend just over $11 billion, with $3.4 billion in the June quarter.In recent weeks, Apple's stock has climbed as many of the names associated with the AI buildout have faltered. "While Apple was initially bruised by many investors for not joining the LLM investment cycle, investors are coming around to Apple's industry-leading" free cash flow, analysts at Baird wrote this month. They recommend buying the stock. — Kif Leswing