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Apple (AAPL-US) released the financial report for the fourth quarter of fiscal 2020 (end of September 26) on Thursday (29). Revenue and earnings were slightly better than Wall Street expectations, reflecting strong iPad and Mac sales, but due to iPhone sales fell 21%, revenue in the Greater China region fell 29 %, the after-hours share price fell more than 5%, and supply chain share prices also fell. Given the uncertainty of the epidemic, Apple has not yet released financial estimates, but revealed that new products like the iPhone 12 “are off to a good start.”
Apple CEO Tim Cook told CNBC that the number of confirmed cases in Western Europe and the United States is increasing and that the uncertainty caused by the epidemic remains enormous. “We do not believe that it is an environment that can provide forecasts.” Apple did not provide estimates for this quarter. The market was already waiting for it.
But Cook said the new iPhone 12 and several new products “are off to a good start.”Cook said in a statement: “Although the epidemic continues to have an impact, Apple is at the moment of launching a major new product in company history. Preliminary data shows that a number of new products, including the iPhone 5G, they have worked quite well. “
Chief Financial Officer Luca Maestri also said that the large-screen iPhone 12 Pro performed quite well in the Greater China region and is confident that this quarter (Q1 2021) will maintain annual revenue growth. He’s also optimistic that all non-iPhone product categories will generate double-digit growth.
Cook emphasized that the iPhone and the services business performed better than the company’s internal expectations last quarter, and financial performance was much better than internal forecasts; The weak performance in the Greater China region was mainly due to the fact that no new phones were launched during the quarter, but non-iPhone hardware during the same period. Sales have double digit growth.
Shares of Apple rose 3.71% to $ 384.76 a share on Thursday and fell more than 5% after the after-hours financial report was released. The share prices of Qualcomm (QCOM-US), TSMC (TSM-US), Qorvo (QRVO-US) and other manufacturers in the supply chain also continued to decline.
Fourth quarter (as of September 26) Key figures from the financial report
- EPS after dilution: 73 cents vs. $ 70 (Refinitiv expected)
- Revenue: annual growth of approximately 1% to US $ 64.7 billion versus US $ 63.7 billion (Refinitiv forecast)
- Gross profit margin: 38.2% vs 38.1% (Refinitiv expects)
Performance of each end product
- IPhone revenue: a 20.7% year-on-year decline to $ 26.44 billion vs. $ 27.93 billion (Refinitiv forecast)
- Mac revenue: 29% annual growth to $ 9 billion vs. $ 7.93 billion (Refinitiv expects)
- IPad revenue: 46% annual growth to US $ 6.8 billion vs. US $ 6.12 billion (Refinitiv expects)
- Revenue from wearable devices, home equipment and accessories (including AirPods and Apple Watch): an annual increase of 20.8% to US $ 7.88 billion versus US $ 7.4 billion (Refinitiv forecast)
- Service revenue (including iCloud, Apple Music) – 16.3% annual increase to $ 14.55 billion vs. $ 14.08 billion (Refinitiv expected)
Apple’s revenue in the latest quarter increased about 1% to $ 64.7 billion, and its earnings per share was 73 cents, both slightly better than Wall Street expectations.
Across various departments, iPhone revenue in the last quarter was not as good as expected, reflecting consumer waiting while they wait; Mac and services business performance reached new highs and delivered outstanding performance driven by the WFH trend; Mac, iPad and Apple Watch are even rare.
Apple began selling the Apple Watch 6 in September. This product and AirPods headphones belong to the department of wearables, home equipment and accessories. Revenues for this department last quarter were slightly better than market expectations.
Apple had 585 million paid subscribers to its services business last season, an increase of 35 million, an increase of 135 million from the previous year.
Maestri said that Apple will launch a subscription package to Apple One on Friday, and that the new fitness service Fitness + will also launch this season, which is expected to further boost the service business revenue this season.
Revenue performance by region
- Americas: $ 30.7 billion (annual increase of 4.7%)
- Europe: $ 16.9 billion (13% annual increase)
- Great Chinese: 7.9 billion yuan of beauty (29% annual decrease)
- Japan: 5 billion Mimoto (Mochihei)
- Rest of Asia Pacific: US $ 4.1 billion (13% annual increase)
Apple bought back its own stock worth $ 18 billion last quarter, and its cash, equity and net debt at the end of the quarter were about $ 98 billion.
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