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On Thursday (29) Apple announced its fiscal fourth quarter earnings report for fiscal year 2020, but the beauty was sad. Although revenue and earnings beat Wall Street expectations, Apple CEO Cook was optimistic about iPhone 12 sales, but the fourth-quarter iPhone sales year After a 20% drop, revenue in China they have plummeted and the financial forecast for the first quarter of 2021 is not provided. Apple’s share price (AAPL-US) plummeted more than 5% after the market.
Key figures from Apple’s fiscal 2020 third quarter earnings report:
The performance of each end product against the expectations of Refinitiv survey analysts
- IPhone revenue: 20.7% annual decrease to US $ 26.44 billion vs. US $ 27.93 billion
- Mac revenue: 28% YoY to $ 9 billion vs. $ 7.93 billion
- IPad revenue: 46% annual growth to $ 6.8 billion vs. $ 6.12 billion
- Revenue from other products (including AirPods, Apple Watch): an annual increase of 20.9% to US $ 7.88 billion versus US $ 7.40 million
- Service revenue (including iCloud, Apple Music) – an annual increase of 16.3% to US $ 14.55 billion versus US $ 14.08 billion
- Gross profit margin: 38.2% vs 38.1%
Cook, Apple’s CEO, said: “In the face of adversity, Apple has closed its fiscal year with innovation. The quarterly earnings report for the quarter ending in September was the highest ever record for Mac computers and other products from Despite the impact of the new corona (COVID-19) Still, Apple is in the newest product launch period ever, and the initial response to all of our new products has been very positive, including our first iPhone series to support 5G “.
Cook mentioned: “As the epidemic continues, from remote learning to the home office, Apple products have always been users’ windows to the world. Our team uses the creativity, passion and big ideas that only Apple can achieve to meet the world’s needs. “
The focus of Apple’s earnings call is as follows:
Approach 1: iPhone sales plummeted and total revenue accounted for 41%
Apple’s main source of total revenue in the fourth quarter continues to be iPhone sales, but with the exception of the iPhone, revenue from other products has grown positively, reflecting the impact of the delay in the launch of the new iPhone 12.
The iPhone share fell to 41%, the second largest source was service revenue (22%) and the third was Mac sales, which hit a record and accounted for 14% of total revenue, mainly due to the home office and education triggered by the epidemic. Hitch-hiker.
Then Apple’s accessory product revenue (12%), which is primarily wearable devices, accounted for 11% of iPad revenue.
Approach 2: product offering is restricted Financial estimates are not provided again
Cook acknowledged that the current supply of new iPhone models and certain Apple Watch, Mac and iPad devices is restricted. The external investigation may be due to demand exceeding expectations and continued supply chain problems caused by the new coronavirus.
Apple did not provide financial forecasts for the first quarter of 2021 due to the uncertainty of the epidemic, but Cook is optimistic about the sales of the iPhone 12 and said bluntly that the iPhone 5G will provide a once-a-year opportunity.
Focus 3: Greater China Q4 Sales Tragic, But China iPhone 12 Sales Expected With Optimism
Apple’s fourth-quarter revenue in the Americas was US $ 30.698 million, compared to US $ 29.322 million in the same period last year; European revenue was US $ 16.9 billion, up from US $ 14.946 million in the same period last year; Greater China’s revenue was US $ 7.946 billion, compared to last year. In the same period, 11,134 million US dollars decreased by 28.5%; Japan’s revenue was $ 5.023 billion, up from $ 4.982 billion in the same period last year; and the rest of the Asia-Pacific revenue was US $ 4.131 billion, up from US $ 3.656 billion in the same period last year.
Revenues in Greater China, including Hong Kong and Taiwan, fell from $ 11.13 billion in the same period last year to $ 7.95 billion, a drop of more than 28%.
Cook said: “In China, most of the revenue comes from the new iPhone. So this is the reason for the negative growth in the quarter. But considering what we’ve seen in the early stages of using the new iPhone, we believe that we will achieve revenue in the next quarter. growing. “
Approach 4: Apple’s platform currently has 585 million paid service business subscribers.
Apple’s platform currently has 585 million paying subscribers for service companies, up from 550 million the previous quarter, and is expected to reach 600 million by the end of the year. Cook is satisfied with the gross margin, insists that his service growth is sustainable and is very confident in the forecast.
Focus 5: Apple announced the launch of the premium subscription package Apple One this Friday
Investors have been paying close attention to Apple’s service revenue business. Apple announced on Friday that it will launch a premium Apple One subscription package that provides a variety of wonderful Apple services, including Apple Music, iCloud storage, and Apple TV +. The personal plan charges US $ 15 (NT $ 315) per month, and the family plan charges US $ 20 (NT $ 395) per month.
Focus 6: The Third Fall Conference?
Apple is rumored to hold its third fall conference in November, and it also hinted that it will launch Mac computers with Apple’s own chips. Cook mentioned: “I can tell you there are more exciting things this year.”
Apple Cook also said, “We plan to launch Apple Fitness + paid fitness services later this year.”
Approach 7: Free Cash Flow Updates High Distribution of Cash Dividends
Apple CFO Luca Maestri said Apple’s outstanding performance in the fiscal quarter ending in September marked an extraordinary end to this fiscal year. We set new records for revenue, EPS and free cash flow, and active team Volume touched a record.
Apple currently has a cash flow of $ 191.83 billion, returning nearly $ 22 billion in cash to shareholders this quarter. Apple’s board of directors announced that it will pay a cash dividend of $ 0.205 per share to common stock shareholders. It will be issued on November 12, 2020 to registered shareholders before the end of business hours on November 9, 2020.
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