TMTB: AAPL First Take
AAPL: Overall looks ok - China looks weaker than expected. Services beat and good GMs
Guide for March Q comes on the call and China #s not really comforting. Buyside looking for 94B overall revs vs street at 96B
iPhone and China both missed:
iPhone 69B vs street at 71B, driven by China weakness
China much worse at $18.5 vs street at $21B and bogeys of $20.5B
AAPL RESULTS: Q1
- Revenue $124.30B, +4% y/y, EST $124.1B
- Products revenue $97.96B, +1.6% y/y, EST $98.02B
- IPhone revenue $69.14B, -0.8% y/y, EST $71.04B
- Mac revenue $8.99B, +16% y/y, EST $7.94B
- IPad revenue $8.09B, +15% y/y, EST $7.35B
- Wearables, home and accessories $11.75B, -1.7% y/y, EST $11.95B
- Service revenue $26.34B, +14% y/y, EST $26.1B
- Greater China rev. $18.51B, -11% y/y, EST $21.57B
- EPS $2.40 vs. $2.18 y/y, EST $2.35
- Total operating expenses $15.44B, +6.6% y/y, EST $15.34B
- Gross margin 58.28B, +6.2% y/y, EST 57.98B
- Cash and cash equivalents $30.30B, -26% y/y, EST $36.45B
- Cost of sales $66.03B, +2% y/y, EST $65.98B
- Total current assets $133.24B, -7.3% y/y, EST $165.17B
- Total current liabilities $144.37B, +7.8% y/y, EST $167.07B
