Apple reports Q3 revenue down 1.4% YoY to $81.8B, declining for a third quarter in a row but largely in line with estimates, and net income up 2.3% to $19.9B
Services revenue reaches new all-time high Installed base of active devices sets all-time record
Apple
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Discussion
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@carnage4life
Dare Obasanjo
on threads
One billion paid subscriptions is a monstrous statistic.
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@asymco@mastodon.social
@asymco@mastodon.social
on mastodon
Wearables are up 2%. Not great but not bad either. China is up 8% which is pretty good. Overall the quarter is not a new record with sales down 1%. Earnings however are up 5% mostly due to improved gross margin of 44.5% (I believe it's an all-time-high).
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@asymco@mastodon.social
@asymco@mastodon.social
on mastodon
Spatial computing gets a few paragraphs of acknowledgment from Tim Cook.
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@ericjackson
Eric Jackson
on x
Anyone hoping for Big Tech earnings to cause the market to fall in on itself got disappointed for the 5th earnings season in a row
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@thetranscript_
@thetranscript_
on x
Apple with a double beat. CEO @tim_cook: “We are happy to report that we had an all-time revenue record in Services during the June quarter” CFO: “Our June quarter YoY business performance improved from the March quarter” $AAPL -0.6% AH [image]
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@thetranscript_
@thetranscript_
on x
Messi getting mentioned in the Apple earnings call by CEO @tim_cook: “....we're thrilled to see Messi suiting up with Inter Miami...we are beating our expectation in terms of subscribers, and the fact that Messi went to Inter Miami helped us out there a bit.” - $AAPL CEO [image]
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@zerohedge
@zerohedge
on x
*APPLE HAS SLOWED DOWN HIRING TO LOWER COSTS, CFO SAYS
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@greengart
Avi Greengart
on x
I love that @tim_cook is highlighting improvements to accessibility on the $AAPL earnings call. Accessibility is the best use of technology, helps usability for everyone, and if that isn't enough for financial analysts, it's also good for the brand.
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@patrickmcgee_
Patrick McGee
on x
Tim Cook said he uses the Vision Pro “daily” and reiterated that it will ship “early” next year
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@thetranscript_
@thetranscript_
on x
$AAPL CFO: “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans#
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@munster_gene
Gene Munster
on x
$AAPL said the magical phrase at the top of the June earnings release, stated the “installed base of active devices sets all-time record”. That comment means the Apple ecosystem is expanding is the most important update on the June quarter for long term investors.
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@lexnfx
Alexei Oreskovic
on x
Is this the worst rev decline ever for iPads? Down 19.8% year-over-year, from $7.2 billion to $5.8 billion. $AAPL
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@neilcybart
Neil Cybart
on x
Apple saw a quarterly record for the number of iPhone switchers (from Android) last quarter.
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@patrickmcgee_
Patrick McGee
on x
Apple posted a surprise profit in the June quarter, despite revenues falling, as the # of paying subscribers to ‘Apple services’ crossed 1bn — above 150mn from a year ago. Net profits rose 2.3% to $19.9bn. Wall St had expected they'd fall 3.6%. Margins: 44.5%, a June record [imag…
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@greengart
Avi Greengart
on x
You know that Apple's earnings aren't great when the press release highlights the active device installed base. You know that Apple is in an incredibly strong position when its active installed base of premium devices sets a new record during a tech downturn.
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@thetranscript_
@thetranscript_
on x
$AAPL CEO: “On a constant currency basis, we grew compared to the prior year's quarter in aggregate and in the majority of markets we track”
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@neilcybart
Neil Cybart
on x
This probably won't get much attention, but Apple's SG&A (selling, general and administrative) is pretty much trending flat year-over-year. Apple is being very disciplined on expenses. Apple is the leanest company in Big Tech.
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@thetranscript_
@thetranscript_
on x
$AAPL CFO: “We expect our September quarter YoY revenue performance to be similar to the June quarter, assuming that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter...We expect the revenue for both Mac and iPad to decline by...
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@munster_gene
Gene Munster
on x
Overall revenue was inline. 1. Missed iPhone revenue by 1.4% (~50% of revenue) 2. Beat Services by 2% (~20% of revenue) 3. Missed iPad by 11% (~10% of revenue) 4. Beat Mac by 9% (~10% of revenue) 5. Inline with wearables (~10% of revenue)
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@stockmktnewz
Evan
on x
Apple $AAPL currently has $166.5 Billion of cash on its balance sheet
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@neilcybart
Neil Cybart
on x
We are in a holding pattern here until Apple's call when management will give some commentary about the current quarter (and we should find out if the iPhone launch is a go for September).
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@edludlow
Ed Ludlow
on x
Analyst to Cook/Maestri on AI: “Your strategy seems quite different to that of your peers.” Cook: “we view AI and machine learning as core technologies.”
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@munster_gene
Gene Munster
on x
$AAPL results were inline. Guidance was 1% below the Street. What matters most is the active device base continued to growth and revenue growth will quicken in December with iPhone 15 and India. All systems go for AAPL. https://deepwatermgmt.com/...
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@zerohedge
@zerohedge
on x
*APPLE CFO: Q4 YEAR OVER YEAR PERFORMANCE TO BE SIMILAR TO Q3
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@stephennellis
Stephen Nellis
on x
Apple CEO @tim_cook says the company has been investing in generative AI research for years and that continued investment in the field is showing up in the company's increased R&D spending this year. Full story on that and Apple results below: https://www.reuters.com/... [image]
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@stephennellis
Stephen Nellis
on x
This is new for Cook, who has previously said little about generative AI specifically. Cook is acknowledging the company is spending on gen AI, with R&D spend is up $3.1 bln so far this year.
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@neilcybart
Neil Cybart
on x
Apple wearables performance in China was “really good.” Apple (rightly) saying this shows users in China are moving deeper into the Apple ecosystem.
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@hshaban
Hamza Shaban
on x
“During a call with analysts CEO Tim Cook once again emphasized Apple's success in emerging markets. Revenue reached new highs in multiple countries, including India and Indonesia, Cook said.” https://finance.yahoo.com/...
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@lexnfx
Alexei Oreskovic
on x
Tim Cook seems to give a wink when asked about Apple generative AI plans: “We tend to announce things as they come to market. that's our MO and I'd like to stick to that.”
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@thetranscript_
@thetranscript_
on x
9. On the consumer in the US: “If you look at the US,...there was also a slight acceleration sequentially, although the Americas is still declining somewhat YoY...The primary reason for that is that it's a challenging smartphone market in the U.S. currently. [image]
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@greengart
Avi Greengart
on x
More color from @apple: Economic environment was “challenging” with forex “headwinds,” but Apple set June quarter records in both Europe and Greater China, and emerging markets grew double digits. It's a weird market, and Apple's performance varies significantly by geography:
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@greengart
Avi Greengart
on x
That EU record breaks down to new country-level quarterly records in Poland, France, the Netherlands, and Austria. Plus India, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, and the UAE.
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@asymco@mastodon.social
@asymco@mastodon.social
on mastodon
iPhone revenues were largely flat (-2%). Contrast with almost 30% contractions for many markets and Android brands.
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@asymco@mastodon.social
@asymco@mastodon.social
on mastodon
Mac is down 7% in revenues y/y. iPad down 20%. Both had tough compares from the covid surge.
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@benbajarin
Ben Bajarin
on x
While I dislike customer satisfaction as a metric, our @creativestrat Mac customer satisfaction score is 97%. More importantly the Mac, in our @DelightScale scoring methodology, Mac beat competing premium PC products by 72 points and switchers to the Mac gave the highest...
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@zerohedge
@zerohedge
on x
Apple revenue breakdown: everything except services slowing [image]
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@divestech
Dan Ives
on x
Solid Apple results with the all important services beat front and center. Overall generally in line quarter with all focus around China commentary which was a source of strength in the quarter. This quarter takes a back seat to iPhone 15 drumroll for Sept..all focus on call 🍎
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@greengart
Avi Greengart
on x
.@tim_cook explains that iPads are off 20% in part due to the launch of iPad Air this quarter last year. Still, that's a significant drop-off, and my research shows that iPad just isn't as critical for most consumers as their phone or (during/post-pandemic) or PC.
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@benbajarin
Ben Bajarin
on x
Apple saying record number of switchers to iPhone in June Q. Also almost half of all Mac sales to first time buyers. Once competitors lose a customer to Apple they do not come back.
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@zerohedge
@zerohedge
on x
*APPLE CFO: IPAD, MAC REVENUE TO DECLINE DOUBLE DIGITS IN Q4
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@vadimyuryev
Vadim Yuryev
on x
The iPhone 15 lineup will NOT get delayed! How do we know? Apple says that iPhone sales performance will accelerate in the current quarter, which includes July, August, and September. If they were planning on a delay until October, iPhone sales would drop severely this Q.
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@vadimyuryev
Vadim Yuryev
on x
@neilcybart Wow, that's a huge drop in iPad sales, especially year over year.
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@asymco@mastodon.social
@asymco@mastodon.social
on mastodon
Services up 8% which is compounding on 12% the year before and and acceleration from 5% q/q. This is the most impressive figure. Services is a monster.
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@appleinsider
@appleinsider
on x
Services constant growth versus a challenging hardware sales environment shows Apple pivoted at the right time. Subscriptions, Apple One, and even Apple Card help drive this growth. [image]
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@tvgrimreaper
@tvgrimreaper
on x
“...and as AppleTV+ demonstrates, we literally have money to burn.” (unsaid) [image]