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Posts tagged with "earnings"

Apple Q3 2020 Results - $59.7 Billion Revenue

Apple has just published its financial results for Q3 2020. The company posted revenue of $59.7 billion. Apple CEO Tim Cook said:

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said Tim Cook, Apple’s CEO. “In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation. This is a challenging moment for our communities, and, from Apple’s new $100 million Racial Equity and Justice Initiative to a new commitment to be carbon neutral by 2030, we’re living the principle that what we make and do should create opportunity and leave the world better than we found it.”

Estimates and Expectations for Q3 2020 and the Year-Ago Quarter (Q3 2019)

Due to the uncertainty caused by the global pandemic, Apple did not provide financial guidance for Q3 2020 during its last earnings call.

Going into today’s call, Yahoo Finance said that:

Much of the earnings focus, however, will be on whether Cook and company will provide guidance for fiscal Q4, which could offer a hint about any potential delays to the launch of the firm’s upcoming iPhone 12.

Despite the lack of guidance, Yahoo Finance says that Bloomberg’s research shows that analysts expect the following results:

Revenue: $52.2 billion expected versus $53.8 billion in Q3 2019.

Earnings per share: $2.06 expected versus $2.18 in Q3 2019.

Graphical Visualization

After the break, we’ve compiled a graphical visualization of Apple’s Q3 2020 financial results.

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Apple Q2 2020 Results - $58.3 Billion Revenue 

Apple has just published its financial results for Q2 2020. The company posted revenue of $58.3 billion. Apple CEO Tim Cook said:

“Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” said Tim Cook, Apple’s CEO. “In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response, from the tens of millions of face masks and custom-built face shields we’ve sent to medical professionals around the world, to the millions we’ve donated to organizations like Global Citizen and America’s Food Fund.”

Estimates and Expectations for Q2 2020 and the Year-Ago Quarter (Q2 2019)

Apple’s revenue guidance for Q2 2020 originally fell between $63.0 billion and $67.0 billion, with gross margin estimated to be between 38.0% and 39.0%, but in a press release issued on February 17, 2020, the company said it expected to miss that guidance due to iPhone supply constraints and lower demand in China resulting from the COVID-19 pandemic.

Going into today’s earnings call, Barron’s said:

The current Wall Street analyst consensus revenue forecast is $54.6 billion, but the estimates vary dramatically, with the low end of the Street range at $45.6 billion. The consensus profit forecast is $2.27 a share, but again, the range is wide, with estimates running from $1.73 to $2.73 a share.

In the year-ago quarter (Q2 2019), Apple earned $58 billion in revenue.

Graphical Visualization

After the break, we’ve compiled a graphical visualization of Apple’s Q1 2020 financial results.

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Apple Warns that It Expects to Miss Quarterly Revenue Guidance Due to COVID-19 Outbreak in China

Apple has announced that it does not expect to meet its revenue projections for the March quarter as a result of the COVID-19 virus outbreak in China, which the company says has resulted in a slower return to normal conditions than expected at the time of its Q1 2020 earnings call held on January 28th. Apple cited two factors that will reduce revenue for the current quarter:

The first is that worldwide iPhone supply will be temporarily constrained. While our iPhone manufacturing partner sites are located outside the Hubei province — and while all of these facilities have reopened — they are ramping up more slowly than we had anticipated. The health and well-being of every person who helps make these products possible is our paramount priority, and we are working in close consultation with our suppliers and public health experts as this ramp continues. These iPhone supply shortages will temporarily affect revenues worldwide.

The second is that demand for our products within China has been affected. All of our stores in China and many of our partner stores have been closed. Additionally, stores that are open have been operating at reduced hours and with very low customer traffic. We are gradually reopening our retail stores and will continue to do so as steadily and safely as we can. Our corporate offices and contact centers in China are open, and our online stores have remained open throughout.

Although Apple has not provided revised March quarter revenue guidance, the company said that customer demand for its products and services outside of China has been strong and in line with its expectations.

Apple also announced in its press release that it is more than doubling its donation to support China’s public health effort.

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Apple Q1 2020 Results - $91.8 Billion Revenue

Apple has just published its financial results for Q1 2020. The company posted revenue of $91.8 billion. Apple CEO Tim Cook said:

“We are thrilled to report Apple’s highest quarterly revenue ever, fueled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables,” said Tim Cook, Apple’s CEO. “During the holiday quarter our active installed base of devices grew in each of our geographic segments and has now reached over 1.5 billion. We see this as a powerful testament to the satisfaction, engagement and loyalty of our customers — and a great driver of our growth across the board.”

Estimates and Expectations for Q1 2020 and the Year-Ago Quarter (Q1 2019)

Apple’s revenue guidance for Q1 2020 fell between $85.5 billion and $89.5 billion, with gross margin estimated to be between 37.5% and 38.5%.

Going into today’s earnings call, CNBC said:

Analysts are expecting earnings per share of $4.55, up from $4.18 per share from a year ago, according to Refinitiv. Revenue is expected to be $88.5 billion, up year-over-year from $84.3 billion.

In the year-ago quarter (Q4 2018), Apple earned $84.3 billion in revenue.

After the break, we’ve compiled a graphical visualization of Apple’s Q1 2020 financial results.

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Apple Q4 2019 Results - $64 Billion Revenue

Apple has just published its financial results for Q4 2019. The company posted revenue of $64 billion. Apple CEO Tim Cook said:

“We concluded a groundbreaking fiscal 2019 with our highest Q4 revenue ever, fueled by accelerating growth from Services, Wearables and iPad,” said Tim Cook, Apple’s CEO. “With customers and reviewers raving about the new generation of iPhones, today’s debut of new, noise-cancelling AirPods Pro, the hotly-anticipated arrival of Apple TV+ just two days away, and our best lineup of products and services ever, we’re very optimistic about what the holiday quarter has in store.”

Estimates and Expectations for Q4 2019 and the Year-Ago Quarter (Q4 2018)

Apple’s revenue guidance for Q4 2019 fell between $61 billion and $64 billion, with gross margin estimated to be between 37.5% and 38.5%.

Going into today’s earnings call, Marketwatch says:

Analysts surveyed by FactSet see the company posting revenue of $63 billion, nearly flat from $62.9 billion a year ago. The report will cap off a fiscal year in which Apple’s earnings and revenue are both expected to decline from a year earlier, which has happened at Apple only once since 2001.

In the year-ago quarter (Q4 2018), Apple earned $62.9 billion in revenue. During that quarter Apple sold 46.9 million iPhones, 9.7 million iPads, and 5.3 million Macs. As announced on Apple’s Q4 2018 earnings call, however, the company no longer reports unit sales for any of its products.

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Apple Q3 2019 Results - $53.8 Billion Revenue

Apple has just published its financial results for Q3 2019. The company posted revenue of $53.8 billion. Apple CEO Tim Cook said:

“This was our biggest June quarter ever — driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,” said Tim Cook, Apple’s CEO. “These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products.”

Estimates and Expectations for Q3 2019 and the Year-Ago Quarter (Q3 2018)

Apple’s revenue guidance for Q3 2019 fell between $52.5 billion and $54.5 billion, with gross margin estimated to be between 37% and 38%.

Going into today’s earnings call, Yahoo Finance said that analysts, who were not expecting extraordinary financial results from Apple, would be focused on News+ and other revenue generated by services,

But according to Bloomberg’s MODL consensus, iPhone sales are expected to fall 10.3% in Q3, pushed lower by the ongoing trade war between the U.S. and China.

The same consensus, however, also points to an increase in sales of iPads, Macs, wearables like the AirPods and Apple Watch, and services by as much as 14.4%. Don’t forget, Apple recently revamped its iPad and Mac lineups, and released a new version of the seemingly ubiquitous AirPods.

In the year-ago quarter (Q3 2018), Apple earned $53.3 billion in revenue. During that quarter Apple sold 41.3 million iPhones, 11.6 million iPads, and 3.7 million Macs. As announced on Apple’s Q4 2018 earnings call, however, the company no longer reports unit sales for any of its products.

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Highlights from the Six Colors Transcription of Apple’s Q2 2019 Earnings Call

Where better to get a little ‘color’ on Apple’s earnings than from a full transcript of the company’s earnings call with Wall Street analysts published by Six Colors? As in the past, Jason Snell has transcribed Apple’s presentation to Wall Street analysts along with the question and answer session at the end of the call. Here are a few of the highlights:

The iPad made a strong showing in China with Cook reporting that:

For iPad, we were very happy to return to growth in Greater China, while generating strong double-digit growth in each of our other geographic segments. Our great iPad results were driven primarily by strong customer response to iPad Pro.

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Apple Q2 2019 Results - $58 Billion Revenue

Apple has just published its financial results for Q2 2019, which is the company’s holiday quarter. The company posted revenue of $58 billion. Apple CEO Tim Cook said:

Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record,” said Tim Cook, Apple’s CEO. “We delivered our strongest iPad growth in six years, and we are as excited as ever about our pipeline of innovative hardware, software and services. We’re looking forward to sharing more with developers and customers at Apple’s 30th annual Worldwide Developers Conference in June.

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Jason Snell’s Transcription of Apple’s Q1 2019 Earnings Call

As in past quarters, Jason Snell has prepared a transcript of Apple’s earnings call on Six Colors.

This quarter marked the first time since the iPhone was introduced that Apple saw a year-over-year revenue decline for the holiday quarter. It was also the first quarter since the company announced that it would no longer report unit sales for its major product categories. Although Apple reported less information than in the past, the earnings call included some interesting tidbits including some insights into the company’s services business and hints regarding the company’s anticipated video service, which makes Snell’s transcript a great resource for prognosticators and anyone who would rather read it than listen to the recorded version.

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