Apple's growth slows, China sales fall short of expectations

Apple announced on Monday that third-quarter revenue rose 12% year over year to $114.5 billion, versus expectations of $113.5 billion; Apple had previously guided to revenue growth of 9% to 11%. That pace was slower than the 16% increase in the June quarter. Apple shares fell 1% in after-hours trading following the earnings release. Ternus took over as chief executive on September 1, assuming the role in the final month of Apple's fourth quarter. During his tenure he presided over the launch of the foldable iPhone Duo, the touchscreen MacBook Pro and the HomeView smart home hub, but all of those products will not officially go on sale until the current quarter.