Apple posted fiscal 2026 second-quarter revenue of $111.2 billion and net profit of $29.58 billion. Earnings per share were $2.01, and revenue rose 17% from a year earlier. According to IT outlet 9to5Mac on April 30, the results beat both Apple’s earlier guidance and market expectations.

Apple forecast revenue growth of 13 to 16 percent year on year for the second quarter when it reported first-quarter results on Jan. 1. The actual growth rate exceeded that. The market consensus compiled by Yahoo Finance was $109.73 billion in revenue and $1.94 in earnings per share.

By business segment, iPhone revenue was the largest at $56.99 billion. Services brought in $30.98 billion, Mac $8.4 billion, iPad $6.91 billion, and wearables, home and accessories $7.9 billion.

This iPhone revenue came in slightly below the average analyst estimate ahead of the earnings release. Tim Cook said in a Reuters interview that demand for the iPhone 17 was "explosive" and that there was little room to secure more parts because supply of advanced processor manufacturing was constrained.

The bottleneck identified was chip supply. TSMC produces all processors for iPhones. With demand for advanced chips surging amid the spread of artificial intelligence, Apple is in a position where it has become harder than before to secure a greater advantage in the supply chain.

Still, Apple maintained profitability even in an environment of high prices for memory and other components. Gross margin for the quarter was 49.2 percent, beating estimates. The figure, however, reflected the services business, which is more profitable than hardware. Apple did not disclose hardware unit sales or sales performance by model. It also did not officially say which model sold better.

Apple spent $11.4 billion on research and development in fiscal 2026 second quarter. That was up 34% from a year earlier. The increase coincided with an industry-wide trend of expanding investment in AI development. In absolute terms, Apple’s R&D spending was lower than some large technology companies. Alphabet reported $17.0 billion in R&D in its latest results and Meta reported $17.6 billion. Microsoft spent $8.9 billion.

After Apple reported fiscal 2026 second-quarter results, its shares closed at $271.35 in regular trading, up 0.44% from the previous day. In after-hours trading immediately after the earnings release, the stock at one point fell 1.24% but later rebounded as much as 5.36%. Near the end of trading, it was up about 1.86%.