Meanwhile, the bank expects Apple’s Services revenue to grow 11%, driven by recent price increases and a pickup in App Store sales. An analyst asks Cook whether he thinks Apple could resume growth in the Chinese market. Cook points to growth in the number of people upgrading their iPhones in China. Erik Woodring, equity research executive director at Morgan Stanley, joins ‚Closing Bell‘ to discuss Apple shares post earnings, China tailwinds and outlook. Artificial intelligence continues to take the center stage in financial debates following a recent report that Apple Inc plans on buying Brighter AI.
- And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
- The bank said investors should have largely moved past concerns about iPhone sales weakness, with recent data points such as Apple rising past Samsung to become the global market leader in smartphone shipments offering encouragement.
- Seaport Research analyst Aaron Kessler raised his target price to $510 from $435.
- If the shares make a similar move during Friday’s regular trading session, Apple’s market value will have fallen nearly $200 billion, or 6%, so far this year.
Domestic chipmakers are drawing up plans to supply smartphone makers like Huawei with advanced chips. Apple is building prototypes of at least two iPhones that fold widthwise like a clamshell, The Information reported on Wednesday, citing a person with direct knowledge of the situation. This website is using a security service to protect itself from online attacks. There are several actions https://1investing.in/ that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
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In the long term, we maintain our view that Apple can drive growth from its unique combination of hardware, software, and services that also elicits steep customer switching costs and underpins our wide moat rating. Apple shares went about 3% lower following results, likely due to weaker China results and lower iPhone expectations, but we continue to see the stock as overvalued. Apple shares are down in late trading Thursday after the company reported December-quarter results that topped Wall Street estimates, with strength in iPhones, but lower than expected growth in services. While it has been consistently generating double-digit revenue growth, Apple’s services division is under legal attack.
That would blow past its previous closing high of $401.02 set on Monday. The results follow updates earlier in the week from Alphabet and Microsoft. Both companies delivered overall earnings beats; investors still sent the stocks lower.
Apple or its trade‑in partners reserve the right to refuse, cancel, or limit quantity of any trade‑in transaction for any reason. More details are available from Apple’s trade‑in partner for trade‑in and recycling of eligible devices. Apple also reported a worrisome decline in its China business, where, the company is seeing new competition in the smartphone market from Samsung and others.
That would imply services revenue for the March quarter of $23.3 billion, a little shy of the Wall Street consensus of $23.5 billion. The bank expects Apple to report earnings per share of $2.10, revenue of $117.4 billion, and gross margins of 45.0%, with iPhone revenue jumping 3% year-over-year thanks to the iPhone 15 lineup. Meta said it would start paying a 50-cent quarterly dividend, which works out to a yield of less than 0.5% with Meta shares surging 13% to $447 in after-hours trading. The stock move reflects an earnings beat and the favorable reaction to the dividend.
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Four years later, in September 2012, when Apple’s stock price first broke $700 per share (accounting for stock splits), one share of Apple bought on IPO day would now be eight shares with an impressive overall return rate of 25,439%. Five years later, with Apple stock price at an ever-higher $88.99, Apple issued a third two-for-one stock split. At market close on February 28, Apple’s stock price was $44.88 per share. Fool.com contributor Parkev Tatevosian reviews Apple’s (AAPL -0.57%) latest quarterly earnings update to determine whether the stock is still a buy for long-term investors.
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Meta expects its first-quarter revenue to come within a range $34.5 billion to $37 billion. Wall Street had estimated revenue of $33.9 billion for the quarter. Late Thursday, the company said it expects its full-year 2024 capex will be in the range of $30 billion to $37 billion. That’s up from prior guidance of $30 billion to $35 billion given three months ago. Apple shares were 1.7% lower in after-hours trading following the report. Overall product sales were $96.5 billion, about flat with a year ago.
Rana estimates that Apple could generate $1.5 billion in Vision Pro sales this year. Apple’s iPhone sales in China have faced several headwinds in recent months as weakness in the Chinese economy has become more apparent, and that could have an impact on Apple’s first-quarter results. Apple stock has been flirting with all-time highs in recent weeks.
Last week’s Vision Pro release shed some fascinating light on Apple’s generally top secret development process. A Vanity Fair interview with Tim Cook detailed — in part — what a long and heavy lift it… Apple is reportedly at work on at least two foldable versions of its iPhone. These new phones would fold widthwise in a clamshell fashion, The Information reported Wednesday (Feb. 7), citing a source … In 2023, Apple’s revenue was $383.29 billion, a decrease of -2.80% compared to the previous year’s $394.33 billion. We’d like to share more about how we work and what drives our day-to-day business.
Subscription revenue was $10.5 billion, up 14%, and a little ahead of the Street forecast at $10.3 billion. Advertising revenue in the quarter was up 27% to $14.7 billion, well above the Street consensus at $14 billion. For investors, a dividend is increasingly seen as a sign of executive confidence in the business. Maestri said that Apple bought back $20.5 billion of stock in the latest quarter, and now has $$65 billion in net cash and securities.
The results of the legal challenges could siphon away a significant chunk of revenue flowing from a search deal with Google and commissions collected through the iPhone app store when consumers complete digital transactions on the device. But Apple issued a lukewarm forecast for the current January-March period that indicated iPhone sales will slip from last year, supporting the thesis that the company is mired in a financial malaise. That helped push down Apple’s stock price by more than apple price quote 3% in Thursday’s extended trading. If the shares make a similar move during Friday’s regular trading session, Apple’s market value will have fallen nearly $200 billion, or 6%, so far this year. KeyBanc’s Justin Patterson raised his target price on the stock to $575 from $465 and maintained an Overweight rating on the shares. Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories.
As Apple execs speak on the earnings call, Apple Stores are preparing for the Vision Pro release Friday.
Apple reported first-quarter earnings on Thursday, and the results beat Wall Street estimates. To access and use all Apple Card features and products available only to Apple Card users, you must add Apple Card to Wallet on an iPhone or iPad that supports and has the latest version of iOS or iPadOS. Apple Card is subject to credit approval, available only for qualifying applicants in the United States, and issued by Goldman Sachs Bank USA, Salt Lake City Branch. On June 21, with Apple’s stock price at $101.25, Apple issued two shares to investors at $55.62. But by the time the 2000 boom rolled around, Apple’s stock price skyrocketed above the $30 mark. Steve Jobs’ prepared speech was reportedly interrupted several times and eventually devolved into an emotionally-charged rant about respect and betrayal.
„In the December quarter a year ago, we faced significant supply constraints on the iPhone 14 Pro and 14 Pro Max due to Covid-19 factory shutdowns,“ Maestri said on the call. In remarks on Apple’s earnings call late Thursday, Cook said the company will „continue to invest in technologies that will shape the future,“ including artificial intelligence. “We are optimistic about the future, confident in the long term, and excited as we have ever been,” Apple CEO Tim Cook assured analysts during a Thursday conference call about the latest quarterly results. China iPhone sales, which represent about 20% of the company’s total iPhone sales, will be a big focus on the earnings call as competition from Huawei increases — but according to Ives, sales trends have been steady.
IPhone revenue was $69.7 billion, up 6%, and ahead of the Wall Street consensus forecast of $65.8 billion. Services revenue was $23.1 billion, up 11%, but slightly shy of the consensus view at $23.3 billion. That would suggest iPhone revenue of $46.3 billion, and overall revenue of $89.8 billion; Wall Street estimates for the current quarter have been $49.7 billion for iPhone, and $95.6 billion overall. Apple provided guidance for the March quarter that disappointed investors.
CEO Tim Cook said on the company’s earnings conference call that iPhone sales in China were down in the mid-single digits, which implies higher declines for other hardware products. We maintain our $160 fair value estimate for shares of wide-moat Apple as we lower our short-term revenue forecast but raise our expectations for profitability. Apple’s December quarter iPhone revenue and gross margin exceeded our expectations. Still, we believe the iPhone will see a softer adoption cycle this year and lower our fiscal 2024 forecast for iPhone revenue to a modest decline. In the short term, we see demand headwinds for Apple relating to elongating personal device replacement cycles and more aggressive domestic alternatives in China.