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Apple demolishes earnings expectations with iPhone sales surging nearly 50%

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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 benefitted from work-at-home and remote schooling trends that have boosted sales of its premium computers.

Last year’s June quarter was a company record for sales even despite lockdowns around the world, so Apple is growing even compared to a strong basis from a year ago.

Cook mentioned that the success was not just because of people upgrading their old iPhones, but also Android customers buying their first iPhone.

“We saw a very strong double digit increases in both upgraders and switchers during the quarter,” Cook said.

Apple’s quarter could have been even better if it had not grappled with supply shortages likely linked to the global chip shortage, which mostly affected its Mac and iPad sales.

“The shortage primarily affected Mac and iPad,” Apple CEO Tim Cook told CNBC’s Josh Lipton. “We had predicted the shortages to total $3 to $4 billion. But we were actually able to mitigate some of that, and we came in at the lower than the low end part of that range.”

Apple’s services business also shook off investor fears that its rate of growth could slow as more people go back to work and spend less on online services and apps. Services was up 33% year-over-year, an acceleration from last quarter’s 26.7% growth rate.

While Apple’s services business includes many products and Apple does not break down how it’s composed, Cook told CNBC that the company set records in music, video, cloud services, advertising and payments.

“It’s clear that our long running investment in our services strategy is succeeding,” Cook told CNBC.

Apple now has 700 million paid subscribers, up 150 million year-over-year, Cook said. Apple’s subscriber figure includes customers subscribed to an app through Apple’s App Store billing.

Cook also said that Apple pushed back its return to its campus headquarters from September to at least October because of the Covid-19 situation.

“I’ve been really pleased with what we’ve been able to accomplish in this fully remote mode,” Cook said.

Apple declared a dividend of $0.22 per share of stock. In a statement, Apple said that it spent $29 billion on shareholder return during the quarter. Apple CFO Luca Maestri told CNBC that the company has bought back almost $450 billion in stock in recent years.


 

KAL-EL

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They got me for $1000 a week ago for an M1 MacBook Pro.

Cool.. I’m guessing, you’re deep into the apple ecosystem?

On a similar note, I’m just happy that Apple Music finally started offering high resolution audio.

This Without even raising the price. A clear shot at Spotify no doubt.
 
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F-22Raptor

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Apple's earnings for Greater China in Q3 2021 were up 58.2% from the same time in 2020, rising to $14.76 billion.


Apple's weak 2019 earnings in China now seem even further away, as the latest financial earnings figures again show a considerable increase. While Q2 2021 had a more dramatic 87.5% rise over Q2 2020, the latest quarter figures still represent 58.2% from the same time in the previous year.

"It was an incredibly strong quarter," said Tim Cook. "It set a June quarter revenue record for Greater China for us and so we're, we're very proud of that and [of] doing the best job we can to serve customers there."

"We had a particularly strong response to the 12 Pro and the 12 Pro Max," he added, "those results were particularly strong in it, but if you look at the balance of our products, we also saw June quarter records for Wearables, Home and Accessories for Mac and for Services [in China]."

Cook later said that roughly two-thirds of iPad and Mac users were new to the products, while some 85% of Apple Watch buyers were fresh adopters.

"So it was sort of across the board," added Cook, "and we're seeing plenty of new customers come to the market, for example, [with the] Mac and iPad. About two thirds of the customers who bought in the last quarter were new to that product. For the Apple Watch, that number was 85%."

https://appleinsider.com/articles/2...s-china-earnings-by-nearly-60-in-june-quarter
 

Hamartia Antidote

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Cool.. I’m guessing, you’re deep into the apple ecosystem?

On a similar note, I’m just happy that Apple Music finally started offering high resolution audio.

This Without even raising the price. A clear shot at Spotify no doubt.

Use HP laptop for work Mac laptop for everything else.
 

F-22Raptor

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Apple is seeing huge demand for iPhones in China, a positive sign as the company heads into the expected launch of a new version of its flagship product sometime in September.

In a research note, Morgan Stanley analyst Katy Hubertywrites that based on disclosures from China’s Academy for Information and Communications Technology, she estimates Apple’s (ticker: AAPL) iPhone shipments in China in July were up 79% on a year-over-year basis, while

China’s own handset vendors saw just a 27% increase over the same period. She also estimates that Apple grew its share of the installed base of smartphones in China by 90 basis points in the latest month to 20.7%, a 27-month high. (A basis point is 1/100th of a percentage point.)

Huberty estimates that both Samsung Electronics(005930.Korea) and Huawei Technologies lost market share in China in the latest month, with small market-share gains for the domestic phone makers Oppo, Vivo, and Xiaomi.

She says that the iPhone 12 and iPhone 12 Pro Max are the most popular models in China, but that iPhone 11 sales remain “resilient.”
“We believe these data points support our view that the iPhone can see continued shipment strength after the launch of the new iPhone 13 model” this fall, she writes.

Apple shares are down 1.1%, at $148.60, in recent trading, while the S&P 500 is down 0.1%. On Monday, the stock hit a new all-time closing high at $151.12.

https://www.barrons.com/articles/apple-seeing-surging-china-iphone-demand-analyst-says-51629302575
 

Ahmet Pasha

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Apple is seeing huge demand for iPhones in China, a positive sign as the company heads into the expected launch of a new version of its flagship product sometime in September.

In a research note, Morgan Stanley analyst Katy Hubertywrites that based on disclosures from China’s Academy for Information and Communications Technology, she estimates Apple’s (ticker: AAPL) iPhone shipments in China in July were up 79% on a year-over-year basis, while

China’s own handset vendors saw just a 27% increase over the same period. She also estimates that Apple grew its share of the installed base of smartphones in China by 90 basis points in the latest month to 20.7%, a 27-month high. (A basis point is 1/100th of a percentage point.)

Huberty estimates that both Samsung Electronics(005930.Korea) and Huawei Technologies lost market share in China in the latest month, with small market-share gains for the domestic phone makers Oppo, Vivo, and Xiaomi.

She says that the iPhone 12 and iPhone 12 Pro Max are the most popular models in China, but that iPhone 11 sales remain “resilient.”
“We believe these data points support our view that the iPhone can see continued shipment strength after the launch of the new iPhone 13 model” this fall, she writes.

Apple shares are down 1.1%, at $148.60, in recent trading, while the S&P 500 is down 0.1%. On Monday, the stock hit a new all-time closing high at $151.12.

https://www.barrons.com/articles/apple-seeing-surging-china-iphone-demand-analyst-says-51629302575
That's well and good. But your article doesn't specify if they want Chinese Iphone or American 😆

 

Hamartia Antidote

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Images purporting to show counterfeit clones of upcoming Apple Watch Series 7 models have been shared online, giving a closer look at the device's expected redesign.

apple watch series 7 clone

The images, shared in a tweet from the user known as "Majin Bu," show counterfeit clones of the Apple Watch Series 7 in Space Gray, Silver, and Space Black. The design of the clones closely matches the redesign that is expected to bring squared-off edges to the Apple Watch, much like those of the iPhone 12 lineup, iPad Air, iPad Pro, and 24-inch iMac.

Although the units in the images are clones and not legitimate Apple devices, they may give the best impression yet of what we can expect the new Apple Watch design to look like in the real world. Majin Bu explained that these Apple Watch Series 7 clones will sell for around $60 in China.






The design of the Apple Watch Series 7 has only been seen thus far in renders that were reportedly based on leaked images and alleged industry-sourced CAD renders, featuring two long speaker grilles along the left side of the device, squared-off edges, and a thinner casing.

Although the Apple Watch Series 7 is expected to be 1.7mm thinner than the Series 6, it is worth bearing in mind that this change may not have been carried over to the clones and the smartwatches depicted in these images may look thicker than the authentic devices.

Clones of popular Apple products are commonly made in China, often in the hopes of duping customers into thinking that they are the real thing. The issue is so widespread that Apple has a team whose sole focus is to crack down on counterfeit products and prevent them from being sold.






Earlier this year in March, images of third-generation AirPods clones emerged online. Given that these AirPods have yet to launch over half a year later, it goes to show how far in advance counterfeit manufacturing operations in China take place. Nevertheless, the range of images showing third-generation ‌AirPods‌ clones have given the clearest look yet at the expected design of the new wireless earbuds.

The Apple Watch Series 7 is expected to be unveiled by Apple as soon as next month, likely alongside the iPhone 13 lineup, offering improved display technology and Ultra Wideband connectivity, a faster processor, a bigger battery, and more.
 

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