Apple Q2 Performance Exceeds Expectations, Net Profit at $29.578 Billion, Cook to Step Down as CEO in September

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On May 1, Apple (AAPL.O) announced its Q2 financial results for fiscal year 2026, surpassing Wall Street expectations. Revenue reached $111.18 billion, exceeding the anticipated $109.66 billion; net profit was $29.578 billion; and EPS was $2.01, all hitting record highs. The stock price rose over 3% in after-hours trading. CEO Tim Cook announced he will step down in September, with John Turnas set to take over. Turnas has been leading the development of the iPhone 17 series and iPhone Air. Product performance varied, with strong MacBook sales, but iPhone sales of $56.99 billion slightly missed expectations of $57.21 billion, primarily due to a shortage of high-end chip supplies. Cook noted strong demand but mentioned that ‘the supply chain is somewhat tight,’ expecting pressure to ease in the June quarter. Revenue from wearable devices was $7.901 billion. In terms of capital allocation, Apple announced a new $100 billion stock buyback plan, raised its dividend to $0.27 per share, and canceled its net cash neutral capital allocation target. Q3 revenue is expected to grow by 14%-17% year-over-year, with a gross margin of 47.5%-48.5%.

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