According to a report published by Yamato, Apple's results for the third fiscal quarter ending the end of June 2026 beat expectations. Revenue increased 16% year over year to US$109.4 billion, with earnings of US$2.02 billion per share, which was US$766 million and US$0.13 higher than market expectations, respectively. However, if customs refunds were about US$0.11, adjusted earnings per share were about US$1.91, which was only US$0.02 higher than expectations. The bank maintained its “outperforming the market” rating, and the target price was raised from $325 to $335, which is equivalent to 35 times the projected price-earnings ratio for the 2027 fiscal year. During the period, iPhone revenue increased 22% year over year to US$54 billion, Mac revenue increased 29% to US$10.4 billion, and service revenue also increased 12% to US$30.7 billion. Management said that demand for iPhones, Macs and iPads was strong, and the company was unable to obtain enough single chips for advanced node systems to meet demand, and the internal team even acknowledged underestimating the growth in demand. However, the bank is becoming more cautious about the outlook for the 2027 fiscal year. Since iPhone growth of 21% in fiscal year 2026 is unprecedented, the next year's performance often declined significantly after referring to the previous supercycle; at the same time, the price increase of new iPhones and the rise in memory costs in September will pose uncertainty about demand and profit.

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