Apple reported stronger-than-expected iPhone and MacBook sales, alongside a significant boost from US tariff refunds, during Tim Cook's final earnings report as CEO. iPhone sales reached $54.3bn, a nearly 22% year-on-year increase, surpassing Wall Street expectations despite a global smartphone contraction.

Revenue from China continued its rebound, growing 22% to $18.8bn. Apple's ability to maintain strong margins, including a 50% gross margin for the quarter, was attributed to navigating supply constraints and foreign exchange headwinds. The company's strategic investments in AI have positioned it as an investor haven.

Despite industry-wide memory chip shortages, which led to a price increase on MacBooks and iPads, Apple's market share grew to 20%. The company is expected to raise iPhone prices and stagger new model launches. Hardware chief John Ternus, set to take over as CEO, faces the challenge of managing Apple's complex supply chain amidst these pressures.