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Apple finance

Apple Earnings Report Q3 2023

Jason Snell at Six Colors:

Apple announced its results for its fiscal third quarter on Thursday. As expected, it was a down quarter—though at a 1% drop over the year-ago quarter, it’s a better result than the previous quarter, which was down 3% year-over-year. The company reported $81.8B in revenue and $19.9B in profit.

The three key hardware categories were all down year-over-year: Mac was down 7%, iPad was down 20%, and the all-important iPhone was down 2%. Things were a little different in the two portions of Apple’s business that have shown indefatigable growth in recent years: Services revenue was up 8% and the Wearables, Home, and Accessories category was up 2%.

In a press release accompanying the results, Apple CFO Luca Maestri trumpeted that it has broken the billion paid subscriptions barrier.

Apple’s fiscal 2023 third-quarter results reveal a mixed picture for the tech giant. While the company reported a 1 percent year-over-year decline in quarterly revenue, reaching $81.8 billion, it managed to achieve a 5 percent increase in quarterly earnings per diluted share, reaching $1.26. These results indicate a certain level of resilience, particularly when compared to the previous quarter, which saw a more substantial decline.

A noteworthy highlight is Apple’s impressive performance in the Services segment, where it achieved an all-time revenue record during the June quarter. This growth was driven by surpassing the milestone of 1 billion paid subscriptions, demonstrating the company’s ability to retain and engage its customer base. Additionally, the robust sales of iPhone in emerging markets contributed to the positive performance.

Financially, the company generated substantial operating cash flow of $26 billion during the quarter, enabling it to return over $24 billion to shareholders. This reflects Apple’s ongoing dedication to rewarding its investors while continuing to invest in long-term growth plans.

Overall, Apple’s fiscal third-quarter results demonstrate a mix of challenges and successes, with notable growth in services and a strong cash flow position.

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Apple finance

Apple Earnings Report Q2 2023

In its first calendar quarter of the year, Apple revealed its financial performance for the second fiscal quarter of 2023.

During the quarter, Apple generated $94.8 billion in revenue and $24.1 billion in net quarterly profit, or $1.52 per diluted share. This compares to the year-ago quarter when the company recorded revenue of $97.3 billion and net quarterly profit of $25.0 billion, also at $1.52 per diluted share.

While Apple achieved a new all-time high in Services revenue, generating $20.9 billion, and also established a new March quarter record for iPhone revenue at $51.3 billion, the Mac product line experienced a substantial year-over-year decrease in quarterly revenue. The Mac revenue dropped from $10.4 billion to $7.2 billion.

Apple CEO Tim Cook:

“We are pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment, and to have our installed base of active devices reach an all-time high. We continue to invest for the long term and lead with our values, including making major progress toward building carbon neutral products and supply chains by 2030.”

Even on what might be considered a “bad” earnings call, Apple still dominates the space.

Here are some pretty charts.

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Apple finance

Apple Earnings Q1 2023

Apple News:

Apple today announced financial results for its fiscal 2023 first quarter ended December 31, 2022. The Company posted quarterly revenue of $117.2 billion, down 5 percent year over year, and quarterly earnings per diluted share of $1.88.

Breakdown per category:

• iPhone: $65.775 billion (down 8% YoY)
• Mac: $7.735 billion (down 29% YoY)
• iPad: $9.936 billion (up 30% YoY)
• Wearables, Home & Accessories: $13.482 billion (down 8% YoY)
• Services: $20.766 billion (up 6% YoY)

Sixcolors has the charts.

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Apple finance

Apple Earnings Q4 – 2022

From Apple Newsroom:

CUPERTINO, CALIFORNIA OCTOBER 27, 2022 Apple today announced financial results for its fiscal 2022 fourth quarter ended September 24, 2022. The Company posted a September quarter record revenue of $90.1 billion, up 8 percent year over year, and quarterly earnings per diluted share of $1.29, up 4 percent year over year. Annual revenue was $394.3 billion, up 8 percent year over year, and annual earnings per diluted share were $6.11, up 9 percent year over year.

Here’s the breakdown of the numbers with year over year change.

iPhone $42,626 million (up 9.7%)
Mac $11,508 million (up 25%)
iPad $7,174 million (down 13%)
Wearables, Home and Accessories $9,650 million (up 10%)
Services $19,188 million (up 5%)
Total Net Sales $90,146 million (up 8%)

Prices are up world-wide, supplies are constrained, and exchange rates are fluctuating. These are big factors on Apple’s bottom line, nevertheless these numbers are great! Being up 8% year over year on Total Net Sales would be a great report even if the global economy was not distressed.

Check out the Six Color Charts.

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Apple finance

Apple Earnings Q3 – 2022

Apple Q3 Earnings

Tim Cook, on his earnings call earlier today:

Apple is proud to report another record quarter with a March quarter revenue record of $97.3 billion, up 9% from a year ago and better than we anticipated. iPhone, Mac, and Wearables, Home and Accessories had their best-ever March quarter, and services set an all-time record on the strength of subscription growth over the past year.

Jason Snell, Six-Colors:

Apple’s fiscal results are out. The company generated $83B in revenue. Compared to the year-ago quarter, Mac sales were down 10%, iPad sales down 2%, iPhone up 3%, Services up 13%, and Wearables down 8%.”

Services have been a big part of Apple’s strategic plan over the last few years and they are reaping the rewards. According to chief financial officer, Luca Maestri, Apple now has over 860 million subscribers across its iCloud, AppleTV+, Apple Music, Apple News and other services.

MacRumors:

Speaking during Apple’s third-quarter earnings call, Maestri said Apple has over 860 million subscribers, which is an increase of 160 million over just the last 12 months. Apple does not provide a breakdown of subscribers counts per service, but Maestri said growth was strong in offerings like Apple TV+ and Apple Arcade.

Mac sales might have slumped during this quarter compared to last year at this time, but it was last year’s third quarter where so many more people jumped into buying new MacBooks because of the pandemic and as well because of the long awaited arrival of Apple silicon. I’ve been using the M1 MacBook Air since it came out, and typing on this new M2 MacBook Air that arrived earlier today, I’m convinced 1 this one is going to sell even better than the M1.

  1. Disclosure: I own shares of AAPL. Also, this is not investing advice, I’m just excited about my new computer and for the company. ↩︎
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Apple finance

Apple Earnings Q1 – 2022

Apple financial results Q1 – 2022 Conference call

Apple:

Apple today announced financial results for its fiscal 2022 first quarter ended December 25, 2021. The Company posted an all-time revenue record of $123.9 billion, up 11 percent year over year, and quarterly earnings per diluted share of $2.10.

Great news for Apple. The company made a record $34.6 billion in profit. Tim Cook is still almost apologetical as he explains how well the company has done during the pandemic.

Here’s the breakdown of the numbers with year over year change.

iPhone $71,628 million (up 9.2%)
Mac $10,852 million (up 25%)
iPad $7,248 million (down 14%)
Wearables, Home and Accessories $14,701 million (up 13%)
Services $19,516 million (up 24%)
Total Net Sales $123,945 million (up 11%)

Check out the Apple Earnings Charts from Jason Snell at Six Colors.

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Apple finance

Apple Financial Results Q3 2021

Yesterday Apple announced financial results for its fiscal 2021 third quarter ended June 26, 2021.

Its latest financial results included $81 billion in revenue, the best third quarter in the company’s history. In fact, Apple has reported record revenue for each of the last four quarters.

Here are the Q3 Six Color Charts.

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Apple finance

Apple Earnings Call Q2 2021

Apple released it’s second quarter earnings today and blew out even the most exuberant expectations with revenue reaching a record $89.6 billion, up 54 percent year over year. The results were fabulous across the board.

iPhone $47,938 million (up 66%)
Mac $9,102 million (up 70%)
iPad $7,807 million (up 79%)
Wearables, Home and Accessories $7,836 million (up 25%)
Services $16,901 million (up 27%)
Total Net Sales $89,584 million (up 54%)

What a great quarter. Particularly iPad and Mac were very, very strong. Just look at Mac alone — the last three quarters have each returned record earnings. Sales looking forward are predicted to be supply constrained rather than demand constrained.

More details of their earnings can be found in Apple’s Fiscal Year 2021 Second Quarter Consolidated Financial Statement.

Check out the charts at Six Colors.

Categories
Apple finance

Apple Earnings Q1 – 2021

Apple released their first quarter earnings today and it was great news for the Cupertino lifestyle company1.

The company posted all time record revenue of $111.4 billion, up 21% year-over-year, and quarterly earnings per diluted share of $1.68, up 35%.

Net sales by category in the three months ending December 26, 2020 compared with the three months ending on December 28, 2019:

  • iPhone $ 65 597 000 up $9 640 000 (17% growth year over year with an all-time high of 1 billion devices activated)
  • Mac $8 675 000 up $1 515 000 (Up 21% compared to last year)
  • iPad $8 435 000 up $2 458 000 (Surveys measure iPad users with 94% satisfaction)
  • Wearables, Home and Accessories $12 971 000 up $2 961 000 (75% of customers this quarter are new)
  • Services $15 761 000 up $3 046 000 (New services are all helping this category)
  • Total Net sales $111 439 000 — Up $19 620 000

This is fantastic news for shareholders. Apple continues to show strong growth in all of it’s categories. The details of their earnings can be found in their First Quarter Results.

Update: As always Jason Snell has the graphs.

1. Poor Intel

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crime finance

Infographic Stolen — Intel Releases Earnings Report Early

On Thursday, hackers made out with a copy of one of Intel’s financial report infographics which left the company little choice but to release their earnings report early.

From the Financial Times:

Intel said it was the victim of a hacker who stole financially sensitive information from its corporate website on Thursday, prompting the company to release its earnings statement ahead of schedule. 

The US computer chipmaker believed an attacker had obtained advanced details about a strong earnings report it was due to publish after the stock market closed, said George Davis, chief financial officer.

It published its formal earnings announcement upon discovering the problem, six minutes before the market closed. Intel’s shares rose more than 6 per cent on Thursday, including almost 2 per cent in the final 15 minutes of trading.

“An infographic was hacked off of our PR newsroom site,” Mr Davis said. “We put [our earnings] out as soon as we were aware.”

A copied infographic changing the course of a $232 million company — that’s something. You might be asking yourself, was the graphic in question any good? I’ll let you decide. It’s this one they use on their main results page. It’s unclear how much time passed from when it was discovered that the infographic was out there and when they posted their earnings report. Apparently, the earning report was released 12 minutes before markets closed at which time Intel was going to report anyway. When milliseconds matter it becomes very difficult to say with much certainty how much time passed after the information first became available.

From Matt Levine:

[Y]ou can only be so precise about when a piece of news becomes public. If you are a public company and you load your press release onto your website and then push a button for it to go live, and you look over at your atomic clock at the precise moment that you push the button, you will be able to record a time. A fraction of a second later, the button on your mouse or keyboard will send a signal to your computer, and then another fraction of a second later your computer will send some signals out into the world. And then those signals will, through the intermediation of further computers and wires and perhaps even human actions, arrive at various important places. Your earnings release will show up on your company’s website, and on the Bloomberg terminal, and on the Securities and Exchange Commission’s Edgar website, and on the Nasdaq website, and elsewhere, each at slightly different times due to differences in, like, the lengths of the wires and the complexity of the computer programs that transmit your release from your computer to those sites. And then there will be some teensy fraction of a second of delay as light travels three feet from those screens to the eyeballs of people looking at them, and then there will be a longer delay as those people think about what they are seeing and, maybe, decide to push some buttons of their own to buy or sell some Intel stock. Other people will have a more direct feed that bypasses screens and eyes: Some service will transmit the press release in machine-readable form directly to their algorithms, and the algorithms will scan them for numbers and perhaps compare those numbers to expectations, and make a quick decision to buy or sell Intel stock.

(via Money Stuff)