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Apple demolishes earnings expectations with iPhone sales surging nearly 50%
[www.cnbc.com]

Apple reported strong fiscal third-quarter earnings on Tuesday, demolishing Wall Street expectations. Every one of Apple’s major product lines grew over 12% on an annual basis.

Apple stock was slightly down in extended trading.

Overall, Apple’s sales were up 36% from the June quarter last year. iPhone sales increased nearly 50% on an annual basis.

Here are the key numbers compared to what Wall Street was expecting, per Refinitiv estimates:

EPS: $1.30 vs. $1.01 estimated
Revenue: $81.41 billion vs. $73.30 billion estimated, up 36% year-over-year
iPhone revenue: $39.57 billion vs. $34.01 billion estimated, up 49.78% year-over-year
Services revenue: $17.48 billion vs. $16.33 billion estimated, up 33% year-over-year
Other Products revenue: $8.76 billion vs. $7.80 billion estimated, up 40% year-over-year
Mac revenue:$8.24 billion vs. $8.07 billion estimated, up 16% year-over-year
iPad revenue: $7.37 billion vs. $7.15 billion estimated, up 12% year-over-year
Gross margin: 43.3% vs. 41.9% estimated

Apple did not provide formal guidance for the sixth quarter in a row and has not since the beginning of the Covid-19 pandemic.

Apple also had a strong quarter in its Greater China region, which includes Taiwan and Hong Kong in addition to the mainland. Apple reported $14.76 billion in sales in the region, up 58% from the same quarter last year, although it was an easy comparison given that China was in stages of lockdown during the quarter.

Americas sales were up nearly 33% year-over-year to $39.57 billion.

Apple’s quarter ending in June is typically one of its slowest of the year, but the company has benefited from work-at-home and remote schooling trends that have boosted sales of its premium computers.

Beleaguered.

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Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.

Right on schedule, stock is down. Time to buy more!

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It is what it is.

I almost bought some puts this morning, expecting AAPL to be down.

This afternoon, when I remembered maybe I was going to do it, I said to myself, well, prolly not the best time to bet against Apple.

Doesn’t matter. Seems to always sell on news…even good news.

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N-OS X-tasy!
Right on schedule, stock is down. Time to buy more!

That's what Apple said!

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Mr. Lahey: A lot of people, don’t know how to drink. They drink against the grain of the liquor. And when you drink against the grain of the liquor? You lose.

Randy: What the @#$%& are you talking about?

Down 3.58%. Good thing it was a blow-out quarter or the stock would have halved in price.

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Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.

Expect it to be down since you don't buy for past performance, you buy for expected future performance. Apple already said the next quarter will not be as good since they are running into chip issues (like everyone else)

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“No persons are more frequently wrong, than those who will not admit they are wrong.” -- François de La Rochefoucauld

"Those who cannot accept the past are condemned to revise it." -- Geo. Mathias

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pdq
Doesn’t matter. Seems to always sell on news…even good news.

Been true for Apple for as long as I can remember.

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It is what it is.

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Ombligo
Expect it to be down since you don't buy for past performance, you buy for expected future performance.

Of course, poor performance was expected for…

Q1 but… actual revenue growth: +21%
Q2 but… actual revenue growth: +54%
Q3 but… actual revenue growth: +36%

It's always about a dim future that never materializes, right? (The excuses are fatuous.)



Edited 2 time(s). Last edit at 07/27/2021 11:45PM by Article Accelerator.

Unless there was insider trading going on, no one expects earnings to be different from Wall Street expectations. So when a company not only beats expectations, but "demolishes" Wall Street expectations. There should be a correction in stock price. But this is AAPL.

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Article Accelerator

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Ombligo
Expect it to be down since you don't buy for past performance, you buy for expected future performance.

Of course, poor performance was expected for…

Q1 but… actual revenue growth: +21%
Q2 but… actual revenue growth: +54%
Q3 but… actual revenue growth: +36%

It's always about a dim future that never materializes, right? (The excuses are fatuous.)

They (AAPL) did warn of "slowing" growth.

Even half of those numbers would still be phenomenal, but Wall Street hates those kind of warnings.

Thanks Steve.