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Apple finance

Apple Earnings Report Q2 2024

Thursday’s press release from Apple Newsroom:

CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53.

The three month year over year from Apple’s consolidated statement:

iPhone $45,963 million down 10%
Mac $7,451 million up 4%
iPad $5,559 million down 17%
Wearables, Home and Accessories $7,913 million down 10%
Services $23,867 million up 14%
Total Net Sales $90,753 million down 4%

Despite earning less, the stock price jumped 6% on the news.

See the Six Color Charts.

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Apple finance

Apple Earnings Report Q1 2024

Apple today announced earnings revenue of $119.6 billion. Investors and analysts weren’t expecting any records after Apple warned that revenue would be flat following the longest sales slump in the last couple decades but, it turns out, it was their second biggest revenue report ever.

From Apple Newsroom press release:

CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year.

“Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.”

Tim Cook also hinted at some upcoming announcements in AI.

As we look ahead, we will continue to invest in these [Vision Pro] and other technologies that will shape the future. That includes artificial intelligence, where we continue to spend a tremendous amount of time and effort, and we’re excited to share the details of our ongoing work in that space later this year.

Apple has long been working on custom chips that specialize in machine learning but were caught somewhat flat-footed at the speed and popularity of large language models. Perhaps Siri will finally get the overhaul we’ve been waiting for since her introduction on the iPhone 4s in October of 2011. It will be interesting to see the reveal at WWDC this June.

As always, the pretty charts via SixColors.

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Apple crime finance

Ex-Apple Lawyer Responsible for Insider Trading Charged with Insider Trading

David Thomas writing for Reuters:

Apple’s former top corporate lawyer will receive no prison time after pleading guilty last year to U.S. insider trading charges, a judge said on Thursday.

U.S. District Judge William Martini in Newark, New Jersey, sentenced Gene Levoff to four years of probation and 2,000 hours of community service. Levoff was also ordered to pay a $30,000 fine and forfeit $604,000.

Levoff had admitted to six securities fraud counts that each carried a maximum 20-year prison term and $5 million fine.

A lawyer for Levoff, Kevin Marino, said in an email that they were “extremely pleased” for what he called a “fair and appropriate sentence of probation.”

A spokesperson for the New Jersey U.S. attorney’s office declined to comment.

Prosecutors said Levoff exploited his roles as Apple’s corporate secretary, head of corporate law and co-chair of a committee that reviewed drafts of the company’s results to generate $604,000 of illegal gains on more than $14 million of trades from 2011 to 2016.

Levoff ignored quarterly “blackout periods” that barred trading before Apple’s results were released and violated the company’s broader insider trading policy that he himself was responsible for enforcing, prosecutors said.

Apple, based in Cupertino, California, fired Levoff in September 2018, five months before he was criminally charged.

When someone uses insider information to trade stocks, it really does take the money from other investors. That $604,000 came from somewhere. As someone bought shares during that time, perhaps the difference would have only equated to fractions of pennies on any given share, but it still makes me glad they caught him.

(via Daring Fireball)

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Apple finance

Apple Earnings Report Q4 2023

Apple Newsroom:

Apple today announced financial results for its fiscal 2023 fourth quarter ended September 30, 2023. The Company posted quarterly revenue of $89.5 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.46, up 13 percent year over year.

“Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.”

• iPhone: $43.805 billion (up 3%)
• Mac: $7.614 billion (down 44%)
• iPad: $6.443 billion (down 10%)
• Wearables, Home & Accessories: $9.322 billion (down 3%)
• Services: $22.314 billion (up 16%)1

Jason Snell’s 6 Color Charts.

  1. All percentage changes are year over year looking only at the 4th quarter[]
Categories
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.

Categories
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.

Categories
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.

Categories
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.

Categories
Apple finance

Apple Earnings Q3 – 2022

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.[]
Categories
Apple finance

Apple Earnings Q1 – 2022

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.