Apple delivered its fiscal 2026 June‑quarter outlook on the earnings call, projecting total revenue to climb 14%‑17% year over year. Management framed the range as its “best view of constrained supply,” a nod to the lingering global memory shortage that has tightened DRAM and NAND availability as AI workloads surge. The company assumes tariffs and macro conditions stay steady.

Services revenue grew 16% YoY to $30.98 billion in Q2, and Apple said the next quarter should see a similar pace once foreign‑exchange tailwinds are stripped out. iPad sales face a “difficult compare” because the current quarter follows the launch of an A16‑powered model a year earlier. The guidance reflects confidence that services can offset hardware softness.

The company forecast gross margins between 47.5% and 48.5%, operating expenses of $18.8‑$19.1 billion, and other income around $250 million. Tax rate is projected near 17%. Last quarter Apple posted $111.2 billion in revenue, a 17% increase, underscoring that despite component bottlenecks the firm still delivers strong top‑line growth.

Analysts will weigh the guidance against a backdrop of tightening chip supplies, using the margin range to gauge pricing power. Apple’s ability to sustain double‑digit growth keeps its stock attractive amid broader market volatility. Investors will also watch operating expense guidance, which hints at continued investment in AI‑related hardware and services. If Apple navigates supply constraints without eroding margins, its earnings momentum could outpace rivals.