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Incoming Apple CEO John Ternus (left) and CEO Tim Cook, at this week's premiere for Season 4 of "Ted Lasso." Photo: Kevin Winter/Getty Images

Apple on Thursday reported earnings and revenue that topped Wall Street expectations, though earnings were helped by an 11-cent-per-share benefit from tariff refunds.

Why it matters: The report is the last of Tim Cook's tenure, with John Ternus set to take over as CEO on Sept. 1.