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Apple tops Q2 forecasts despite iPhone miss, unveils $100bn buyback
By Iain Gilbert
Date: Friday 01 May 2026
(Sharecast News) - Tech giant Apple traded higher in pre-market action on Friday after issuing a stronger‑than‑expected revenue outlook for the current quarter, alongside fiscal second‑quarter earnings and sales that topped forecasts.
Apple reported earnings per share of $2.01 each, ahead of the $1.95 expected, with revenue rising to $111.18bn versus consensus estimates of $109.66bn.
iPhone revenue came in slightly below expectations at $56.99bn, marking the second miss in three quarters, but other major segments beat forecasts, including Mac, iPad, wearables and services. Gross margins also exceeded estimates at 49.3%.
Apple noted that iPhone sales rose 22% year‑on‑year despite ongoing supply‑chain pressures linked to a global memory shortage driven by surging AI demand, with chief executive Tim Cook warning that memory costs would be "significantly higher" in the current quarter and that they were likely to exert increasing pressure on the business, prompting the company to consider a range of mitigation options.
Apple said it expects June‑quarter revenues to grow 14-17% year‑on‑year, well above the 9.5% analysts had pencilled in.
It also announced that the board had approved an additional $100bn share buyback and lifted its quarterly dividend by 4% to $0.27 per share.
As of 0920 BST, Apple shares were up 1.57% at $278.28 each.
Reporting by Iain Gilbert at Sharecast.com
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