Earnings Analysis: Apple Tops Sales Estimates But Falls Short of Blowout Quarter

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🗓️ 30 April 2026

⏱️ 17 minutes

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Summary

Apple delivered second-quarter revenue that edged past analysts’ estimates, helped by demand for the iPhone and Mac, while failing to produce the blowout results that some investors were anticipating.

Revenue gained 17% to $111.2 billion during the period, which ended March 28, the company said in a statement Thursday. Analysts had anticipated $109.7 billion on average. Apple itself had projected sales growth of 13% to 16%.

The company is benefiting from a series of new products launched in March, including the MacBook Neo, iPhone 17e, updated iPad Air models and a fresh MacBook Pro. The $599 Neo — Apple’s first major push into low-cost laptops — has been particularly popular and remains sold out at several retailers.

Still, the results were uneven. Apple fell short of expectations in the Americas and Europe regions, while exceeding projections in China and other parts of Asia. The iPhone — its flagship product — was in line with the average Wall Street estimate.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:

Ed Ludlow, Bloomberg Tech co-host
Anurag Rana, Bloomberg Intelligence Senior Technology Analyst

See omnystudio.com/listener for privacy information.

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0:39.6	This is a breaking news update from Bloomberg.
0:46.2	Instant reaction and analysis from our 3,000 journalists and analysts around the world.
0:51.2	Apple's overall second quarter revenue beat analyst estimates, as did earnings per share.
0:55.6	In particular, China, sales topping expectations, iPhone revenue match the average analyst estimates. And this was a big headline. The company authorized up to $100 billion
1:00.1	share buyback and boosted its dividend to 27 cents a share. Doing those big buybacks is not unusual
1:05.8	from these companies. Right now talking to our honorag-grown-up, Bloomberg Intelligence,
1:10.6	senior technology analyst out there in Chicago and out there in San Francisco as Ed Ludlow
1:15.2	co-host of B-Tech. We continue to track the stock reaction Tim here. Yeah, just going through
1:20.7	Apple's press release, going, seeing if there's anything that we missed. Extraordinary iPhone demand. Yeah, exactly. Does that, I feel like we're talking about the Federal Reserve and the Fed's language here. Quote, extraordinary. What does that mean? Exactly, so. That's exactly the thought that went through my head. How much does language in a statement matter? And so I'm actually gonna throw that question to, to Anorag, but basically that is the language, extraordinary demand,
1:47.0	but they also are basically specifically calling out the 17E.
1:51.0	Is that enough Anarag to infer an upgrade cycle, just that one sentence in a statement?
1:58.0	See, if you go back and look at the previous quarter, we saw Apple, the iPhone's doing really well.
	...

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