Apple reported first-quarter fiscal 2026 GAAP earnings of $2.84 per share, beating estimates by 7.17%. Net sales rose 15.7% to $143.77 billion, with product sales up 16.1% at $113.74 billion. iPhone sales soared 23.3% to $85.27 billion, while services revenues grew 14% to $30.01 billion.

Strong iPhone sales boosted Apple’s Q1 performance, with iPad sales up 6.3% and Mac sales down 6.7%. Wearables, Home and Accessories sales dropped 2.2%. Greater China sales surged 38%, Americas’ sales rose 11.2%, and Europe’s sales grew 12.7%. Operating margin expanded to 35.4%.

Apple’s gross margin expanded to 48.2%, driven by a favorable mix. Operating expenses increased 19% to $18.38 billion. The balance sheet remains strong with cash & marketable securities at $144.8 billion and total debt at $90.51 billion.

Apple expects Q2 net sales to grow 13-16% year-over-year, with gross margin at 48-49%. Operating expenses are forecasted between $18.4 billion and $18.7 billion. Currently, Apple holds a Zacks Rank #3 (Hold).

In the broader Computer and Technology sector, stocks like Amkor Technology (AMKR), Microchip Technology (MCHP), and MKS (MKSI) are set to report results. Each carries a Zacks Rank #1 (Strong Buy). Shares of these companies have shown significant growth in the past year.

Read more at Nasdaq: Apple Q1 Earnings Beat Estimates, iPhone Drives Top-Line Growth