Apple's Cash Strategy Shift

Tim Cook is going out with a bang. Apple reported a stellar March quarter on Thursday, delivering 17% higher revenue, thanks to 22% growth in iPhone revenues, a big change from several years of anemic growth in sales of the ubiquitous device. In other words, far more consumers are upgrading their old iPhones than has been the case for a while. 

Cook, who recently announced he would step down as CEO—to be succeeded by hardware executive John Ternus—on Sept. 1, was as ebullient as ever on Thursday’s call. As is the Apple way, he and Ternus traded over-the-top compliments. Ternus described Cook as “one of the greatest business leaders of all time,” while Cook gushed, “There is no one on this planet I trust more to lead Apple into the future than John Ternus.” Even before Cook steps down, though, Apple is making some big changes.