Apple is set to report fiscal second-quarter results after the close on Thursday, with Wall Street analysts forecasting revenue of $96.1 billion and earnings per share of $1.62, according to consensus data compiled by FactSet. The figures would represent year-over-year growth of 8.4% on the top line and 11.7% on EPS, marking what would be the strongest hardware-led quarter for the Cupertino-based giant since the post-pandemic boom.
Shares of Apple closed at $232.18 on Friday, up 2.3% on the session and 6.7% over the past month, lifting the stock's market capitalization back above $3.5 trillion. Options markets are pricing in a 5.1% post-earnings move in either direction, the widest implied range since the Vision Pro launch in early 2024.
Vision Pro 2 Gains Traction
The redesigned Vision Pro 2, launched in February at a $2,499 price point — $1,000 below the original — is expected to contribute approximately $2.4 billion in revenue this quarter according to Wedbush analyst Dan Ives. Channel checks indicate Apple sold roughly 950,000 units in the March quarter, a dramatic improvement from the original device's estimated 350,000 first-quarter sell-through.
Services revenue, the company's highest-margin segment, is projected to reach $26.8 billion, an 11.2% year-over-year increase. App Store, iCloud, and Apple TV+ subscriptions continue to drive double-digit growth, while a recent expansion of Apple Pay across Latin America is expected to begin contributing meaningfully in the second half of fiscal 2026.
Greater China Recovery Underway
Counterpoint Research estimates iPhone sell-through in China rebounded 14.2% year-over-year in the March quarter, ending five consecutive quarters of decline. The recovery is being driven by the iPhone 16 Pro's Apple Intelligence features finally launching in Mandarin, plus a coordinated retail push during Lunar New Year that included aggressive trade-in promotions through Alibaba and JD.com.
Looking ahead, CEO Tim Cook is expected to provide commentary on the company's AI roadmap, with investors closely watching for any update on the rumored Apple-OpenAI Siri overhaul slated for iOS 19 in September. Morgan Stanley analyst Erik Woodring maintains an Overweight rating with a $260 price target, while Goldman Sachs sees fair value at $268 if services growth re-accelerates above 12%.