Apple Q2 Earnings Beat Expectations, Net Profit of $29.578 billion, Cook to Step Down as CEO in September

Apple (AAPL.O) reported fiscal 2026 Q2 results on May 1, topping Wall Street forecasts across key metrics—all hitting new highs—while its stock climbed more than 3% in after-hours trading. Revenue totaled $1.1118 trillion, exceeding the expected $1.0966 trillion. Net profit reached $29.578 billion, and earnings per share (EPS) stood at $2.01, both new records. Apple CEO Tim Cook announced he will step down in September, with John Turner set to succeed him. Turner has led development of the iPhone 17 series and iPhone Air. Product segment performance was mixed: MacBook sales were strong, but iPhone revenue hit $569.9 billion—slightly below the $572.1 billion forecast—due primarily to a shortage of high-end chips. Cook noted demand remained robust but the supply chain was “slightly tight,” adding pressure is expected to ease in the June quarter. Wearable device revenue reached $79.01 billion. On capital returns, Apple unveiled a new $100 billion stock repurchase program, raised its quarterly dividend to $0.27 per share, and scrapped its net cash neutral target. For Q3, the company forecasts year-over-year revenue growth of 14%–17% and a gross margin of 47.5%–48.5%.