--- title: Apple issued a better-than-expected revenue forecast for the current period after beating on sales and earnings in the fiscal second quarter. description: "The stock rose about 3% in extended trading.\n\nSales for iPhones missed estimates for the second time in three quarters, the only significant number that came up short of expectations in Thursday’s report.\n\nRevenue climbed 17% from $95.4 billion a year earlier, Apple said. It was the first time the company faced Wall Street since the announcement last week that Tim Cook will be stepping down as CEO after 15 years on the job.\n\nApple said on the earnings call that revenue in the June quarter will increase between 14% and 17% from a year earlier. Analysts were expecting growth of 9.5% to $103 billion, according to LSEG.\n\nThe company’s board authorized an additional $100 billion in stock repurchases and declared a cash dividend of 27 cents per share, up 4%.\n\nSales of iPhones rose 22% in the quarter from a year earlier. Like other consumer electronics companies and device makers, Apple faces supply chain constraints, largely due to the global memory shortage that’s being driven by soaring artificial intelligence demand. Meta and Microsoft said Wednesday that higher memory prices contributed to their increased capital expenditures forecasts for the year.\n\nCook said on the earnings call that the iPhone 17 is now the “most popular lineup in our history” and noted that overall revenue beat guidance “despite supply constraints.” CFO Kevan Parekh said the company faced supply constraints on iPhones and Macs.\n\n$AAPL Apple Q2 FY26 (March quarter):\n\n📱 Products +17% Y/Y to $80.2B.\n💳 Services +16% Y/Y to $31.0B.\n\n• Revenue +17% Y/Y to $111.2B ($1.6B beat).\n• Operating margin 32% (+1pp Y/Y).\n• EPS $2.01 ($0.07 beat).\n\nAPPLE \n$AAPL\n GUIDE\n\nJune Quarter Guide:\n🔹 Revenue: Expected to grow +14% to +17% YoY (Est. +9.1%) 🟢 - “best view of constrained supply”\n🔹 Services: Expected to grow YoY at a rate similar to March quarter, excluding FX tailwinds\n🔹 Gross Margin: 47.5%-48.5%\n\nOther Notes:\n🔹 iPad faces a difficult compare from the A16-powered iPad launch in the prior year\n🔹 March quarter FX was a 2.5-point tailwind to total company growth, with services slightly more favorable\n\nCommentary:\n🔸 “We’re providing assumes that global tariff rates, policies and their application remain in effect as of this call, and the global macroeconomic outlook does not worsen from today.”\n\nSource: WOLF, CNBC" image: https://blog.syzgroup.com/hubfs/5-May-01-2026-09-46-35-1499-AM.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. 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The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. 1 May 2026 - - - #### Apple issued a better-than-expected revenue forecast for the current period after beating on sales and earnings in the fiscal second quarter. The stock rose about 3% in extended trading. Sales for iPhones missed estimates for the second time in three quarters, the only significant number that came up short of expectations in Thursday’s report. Revenue climbed 17% from $95.4 billion a year earlier, Apple said. It was the first time the company faced Wall Street since the announcement last week that Tim Cook will be stepping down as CEO after 15 years on the job. Apple said on the earnings call that revenue in the June quarter will increase between 14% and 17% from a year earlier. Analysts were expecting growth of 9.5% to $103 billion, according to LSEG. The company’s board authorized an additional $100 billion in stock repurchases and declared a cash dividend of 27 cents per share, up 4%. Sales of iPhones rose 22% in the quarter from a year earlier. Like other consumer electronics companies and device makers, Apple faces supply chain constraints, largely due to the global memory shortage that’s being driven by soaring artificial intelligence demand. Meta and Microsoft said Wednesday that higher memory prices contributed to their increased capital expenditures forecasts for the year. Cook said on the earnings call that the iPhone 17 is now the “most popular lineup in our history” and noted that overall revenue beat guidance “despite supply constraints.” CFO Kevan Parekh said the company faced supply constraints on iPhones and Macs. $AAPL Apple Q2 FY26 (March quarter): 📱 Products +17% Y/Y to $80.2B. 💳 Services +16% Y/Y to $31.0B. • Revenue +17% Y/Y to $111.2B ($1.6B beat). • Operating margin 32% (+1pp Y/Y). • EPS $2.01 ($0.07 beat). APPLE $AAPL GUIDE June Quarter Guide: 🔹 Revenue: Expected to grow +14% to +17% YoY (Est. +9.1%) 🟢 - “best view of constrained supply” 🔹 Services: Expected to grow YoY at a rate similar to March quarter, excluding FX tailwinds 🔹 Gross Margin: 47.5%-48.5% Other Notes: 🔹 iPad faces a difficult compare from the A16-powered iPad launch in the prior year 🔹 March quarter FX was a 2.5-point tailwind to total company growth, with services slightly more favorable Commentary: 🔸 “We’re providing assumes that global tariff rates, policies and their application remain in effect as of this call, and the global macroeconomic outlook does not worsen from today.” Source: WOLF, CNBC [#apple|](https://blog.syzgroup.com/syz-the-moment/tag/apple) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![Apple issued a better-than-expected revenue forecast for the current period after beating on sales and earnings in the fiscal second quarter.](https://blog.syzgroup.com/hubfs/5-May-01-2026-09-46-35-1499-AM.jpg) ![Apple issued a better-than-expected revenue forecast for the current period after beating on sales and earnings in the fiscal second quarter.](https://blog.syzgroup.com/hubfs/5-May-01-2026-09-46-35-1499-AM.jpg) #### Disclaimer This marketing document has been issued by Bank Syz Ltd. 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Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. 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