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in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: NewtonMP2100
Date: October 27, 2022 03:22PM
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….beat expectations on revenue & earnings per share……but came up short on revenue expectations for iPhone, iPad, and business & services……stock slides over 4%……
Apple beats but comes up light on iPhone sales and services
.....Apple reported fiscal fourth-quarter earnings on Thursday that beat Wall Street expectations on revenue and earnings per share.
However, Apple came up short versus revenue expectations in core product categories including the company's iPhone business and services.
Apple shares rose over 1% in extended trading.
Here is how Apple did versus Refinitiv consensus estimates:
EPS $1.29 vs. $1.27 est.
Revenue. $90.15 billion vs. $88.90 billion estimated, up 8.1% year-over-year
iPhone revenue: $42.63 billion vs. $43.21 billion estimated, up 9.67% year-over-year
Mac revenue: $11.51 billion vs. $9.36 billion estimated, up 25.39% year-over-year
iPad revenue: $7.17 billion vs. $7.94 billion estimated, down 13.06% year-over-year
Other Products revenue: $9.65 billion vs. $9.17 billion estimated, up 9.85% year-over-year
Services revenue: $19.19 billion vs. $20.10 billion estimated, up 4.98% year-over-year
Gross margin: 42.3% vs. 42.1% estimated
Apple did not provide official guidance for its first fiscal quarter, which ends in December and contains Apple's biggest sales season of the year. It hasn't provided guidance since 2020, citing uncertainty.
However, Apple CFO Luca Maestri gave investors a few data points that caused the stock to dip momentarily during the company's earnings call.
He said that total year-over-year revenue would grow in December less than the 8.1% during the September quarter. He added that Mac sales would actually decline in the December quarter on an annual basis. He also said that services would grow year-over-year during the quarter, but would be hurt by the macroeconomic environment.
"We're not providing revenue guidance, but we are sharing some directional insight," Maestri said.
Apple increased revenue by 8% during the quarter, and Apple CEO Tim Cook told CNBC that it would've grown "double-digits" if not for the strong dollar. Total sales in Apple's fiscal 2022 were up 8% to $394.3 billion.
"The foreign exchange headwinds were over 600 basis points for the quarter," Cook told CNBC's Steve Kovach. "So it was significant. We would have grown in double digits without the foreign exchange headwinds."
Cook told CNBC that Apple had slowed the pace of its hiring. Other tech companies are looking to make cuts ahead of a possible recession and as interest rates rise.
"We are hiring deliberately. And so we've slowed the pace of hiring," Cook said.
Although Apple's iPhone business increased sales by over 9% on an annual basis, it came up short versus analyst expectations. Apple's September quarter had 8 days of iPhone 14 sales, and analysts are closely looking for details about if Apple customers are trading up for more expensive models or if the new devices are poised to sustain higher sales through Apple's fiscal 2023......
…..earnings announced…..?!
_____________________________________
I reject your reality and substitute my own!
Edited 4 time(s). Last edit at 10/27/2022 05:43PM by NewtonMP2100.
Apple beats but comes up light on iPhone sales and services
.....Apple reported fiscal fourth-quarter earnings on Thursday that beat Wall Street expectations on revenue and earnings per share.
However, Apple came up short versus revenue expectations in core product categories including the company's iPhone business and services.
Apple shares rose over 1% in extended trading.
Here is how Apple did versus Refinitiv consensus estimates:
EPS $1.29 vs. $1.27 est.
Revenue. $90.15 billion vs. $88.90 billion estimated, up 8.1% year-over-year
iPhone revenue: $42.63 billion vs. $43.21 billion estimated, up 9.67% year-over-year
Mac revenue: $11.51 billion vs. $9.36 billion estimated, up 25.39% year-over-year
iPad revenue: $7.17 billion vs. $7.94 billion estimated, down 13.06% year-over-year
Other Products revenue: $9.65 billion vs. $9.17 billion estimated, up 9.85% year-over-year
Services revenue: $19.19 billion vs. $20.10 billion estimated, up 4.98% year-over-year
Gross margin: 42.3% vs. 42.1% estimated
Apple did not provide official guidance for its first fiscal quarter, which ends in December and contains Apple's biggest sales season of the year. It hasn't provided guidance since 2020, citing uncertainty.
However, Apple CFO Luca Maestri gave investors a few data points that caused the stock to dip momentarily during the company's earnings call.
He said that total year-over-year revenue would grow in December less than the 8.1% during the September quarter. He added that Mac sales would actually decline in the December quarter on an annual basis. He also said that services would grow year-over-year during the quarter, but would be hurt by the macroeconomic environment.
"We're not providing revenue guidance, but we are sharing some directional insight," Maestri said.
Apple increased revenue by 8% during the quarter, and Apple CEO Tim Cook told CNBC that it would've grown "double-digits" if not for the strong dollar. Total sales in Apple's fiscal 2022 were up 8% to $394.3 billion.
"The foreign exchange headwinds were over 600 basis points for the quarter," Cook told CNBC's Steve Kovach. "So it was significant. We would have grown in double digits without the foreign exchange headwinds."
Cook told CNBC that Apple had slowed the pace of its hiring. Other tech companies are looking to make cuts ahead of a possible recession and as interest rates rise.
"We are hiring deliberately. And so we've slowed the pace of hiring," Cook said.
Although Apple's iPhone business increased sales by over 9% on an annual basis, it came up short versus analyst expectations. Apple's September quarter had 8 days of iPhone 14 sales, and analysts are closely looking for details about if Apple customers are trading up for more expensive models or if the new devices are poised to sustain higher sales through Apple's fiscal 2023......
…..earnings announced…..?!
_____________________________________
I reject your reality and substitute my own!
Edited 4 time(s). Last edit at 10/27/2022 05:43PM by NewtonMP2100.
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Re: in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: pdq
Date: October 27, 2022 03:52PM
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Re: in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: S. Pupp
Date: October 27, 2022 04:42PM
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Re: in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: sekker
Date: October 27, 2022 05:17PM
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Re: in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: hal
Date: October 27, 2022 05:22PM
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Quote
NewtonMP2100
….beat expectations on revenue & earnings per share……but came up short on revenue expectations for iPhone, iPad, and business & services……stock slides over 4%……
…..earnings announced…..?!
AAPL lost 4.5% in today's trading before the earnings statement - in after hours trading it's up 0.5%.
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Re: in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: Carnos Jax
Date: October 27, 2022 05:32PM
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Re: in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: N-OS X-tasy!
Date: October 27, 2022 06:21PM
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Quote
hal
Quote
NewtonMP2100
….beat expectations on revenue & earnings per share……but came up short on revenue expectations for iPhone, iPad, and business & services……stock slides over 4%……
…..earnings announced…..?!
AAPL lost 4.5% in today's trading before the earnings statement - in after hours trading it's up 0.5%.
As usual, Apple was up for the week preceding the earnings announcement, than dived immediately after. Nothing to see here.
It is what it is.
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Re: in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: GGD
Date: October 27, 2022 06:30PM
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Quote
hal
Quote
NewtonMP2100
….beat expectations on revenue & earnings per share……but came up short on revenue expectations for iPhone, iPad, and business & services……stock slides over 4%……
…..earnings announced…..?!
AAPL lost 4.5% in today's trading before the earnings statement - in after hours trading it's up 0.5%.
The after hours was pretty wild especially just after the results were released when it dropped to $137.37, and then bounced around and was finally up a little near the end.
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Re: in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: MikeF
Date: October 27, 2022 07:23PM
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Re: in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: pdq
Date: October 28, 2022 11:18AM
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Re: in earnest?!…..Apple earnings announced….beats expectations but….
Posted by: macphanatic
Date: October 28, 2022 11:19AM
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