Tim Cook’s final earnings call as Apple CEO: Here’s what to watch

Summary

CNBC's MacKenzie Sigalos discusses Tim Cook's final quarter as Apple CEO, highlighting near-term solid setup with strong revenue growth and China results, but also margin headwinds from record memory costs. She sees Apple's hardware pipeline — including foldable phone, touchscreen MacBook, glasses — and the appointment of hardware chief John Ternus as CEO as a strong endorsement of its hardware strategy, positioning the company well for the next product cycle.

• Tim Cook reports final quarter as CEO after 15 years, with Apple stock up 2,400% under his tenure.
• Apple recently topped $5 trillion market cap, reclaiming most valuable publicly traded company from Nvidia.
• Apple guided up to 17% revenue growth, nearly double Street expectations; fourth straight quarter above $100 billion.
• Memory costs at record levels threaten margins; Apple already raised Mac and iPad prices, analysts expect iPhone price hike next.
• Lower-end Android makers struggle to absorb memory costs, allowing Apple to gain market share, especially in China.
• Investors rewarded Apple for avoiding the AI capex race while Siri redesign still not widely available.
• Appointment of hardware chief John Ternus as new CEO viewed as endorsement of Apple's hardware innovation pipeline, with new form factors expected.