Apple heads into its March‑quarter earnings with the iPhone supply‑demand gap largely resolved, according to a JPMorgan preview seen by AppleInsider. Investors now zero in on profitability as component costs climb. JPMorgan projects revenue of roughly $112.7 billion, topping consensus, driven chiefly by strong iPhone 17 sales and a modest Mac rebound, while the broader ecosystem watches for any supply ripple effects.

China’s comeback fuels the upside; iPhone shipments rose 20% year‑over‑year in Q1 2026, outpacing rivals Huawei and Xiaomi thanks to promotions and government subsidies. Yet margin pressure looms as NAND and DRAM prices lift the bill of materials. Apple hopes scale, supply contracts and vertical integration will keep gross margins near the midpoint of its guidance. Apple’s inventory strategy, built around just‑in‑time stocking, should further cushion the hit.

JPMorgan expects a modest mid‑single‑digit price hike—about $50 per iPhone—to protect those margins without denting demand, especially in price‑sensitive markets. With CEO‑to‑be John Ternus slated for a late‑2026 transition, the earnings call will test execution rather than strategy shifts. Apple reports on April 30, and the numbers should speak for themselves. Analysts will also parse the guidance for the June quarter, which hints at continued double‑digit growth.