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Apple Q2 earnings surpass expectations, net profit of $29.58B, Cook to step down as CEO in September
BlockBeats News, May 1 — Apple (AAPL.O) announced its Q2 fiscal year 2026 earnings, exceeding Wall Street expectations. Revenue was $111.18 billion, higher than the expected $109.66 billion; net profit was $29.58B; EPS was $2.01, all reaching new highs. The stock price rose over 3% after hours.
Apple CEO Tim Cook announced he will step down in September, with John Ternus succeeding him. Ternus has led the development of the iPhone 17 series and iPhone Air.
Product performance was mixed. MacBook sales were strong, but iPhone revenue of $56.99 billion was slightly below the expected $57.21 billion, mainly due to shortages of high-end chips. Cook stated that demand remains strong but the “supply chain is somewhat tight,” with expectations that pressure will ease in the June quarter. Wearable device revenue reached $7.9B.
In terms of capital allocation, Apple announced an additional $100 billion share repurchase plan, increased dividends to $0.27 per share, and canceled the net cash neutrality capital allocation target. It is expected that Q3 revenue will grow 14%-17% year-over-year, with a gross margin of 47.5%-48.5%.