Apple’s stock drops as new CEO John Ternus delivers his first earnings call

Apple Inc. just delivered its first earnings call since new Chief Executive John Ternus took over the company from Tim Cook on Sept. 1, and the results beat expectations on the top-and-bottom line. But the company missed expectations on iPhone sales and offered disappointing guidance going forward, and the stock fell in late trading. The company reported fourth-quarter earnings before certain costs such as stock compensation of $2.10 per share, comfortably ahead of Wall Street’s target of $1.99 per share. Revenue for the period was up 12% to $114.48 billion, easing past the $113.39 billion analyst forecast. All told, its net income came to $30.71 billion at the end of the quarter, up…