Apple Earnings : l'analyse économique

Apple reported 17% revenue growth, topping estimates, even as iPhone sales came up short. Apple Earnings s'impose comme l'un des sujets qui mobilisent l'attention en Canada ce jeudi.

Les faits

• Apple reported 17% revenue growth, topping estimates, even as iPhone sales came up short.
• Apple Inc. investors will be largely looking past reported earnings and seeking clues to incoming CEO John Ternus’ strategic plans.
• Apple Inc. reports quarterly earnings after the close on Thursday, but investors will be largely looking past the numbers and seeking clues to incoming chief executive John Ternus’ strategic plans.
• Wall Street expects Apple to report 19 per cent earnings growth on a 15 per cent jump in revenue, according to data compiled by Bloomberg.
• That gives Apple the second-highest valuation among the Magnificent Seven group of tech giants, trailing only Tesla Inc. and its nosebleed multiple of more than 180 times forward earnings.

L'essentiel

Dans le détail, Apple Inc. investors will be largely looking past reported earnings and seeking clues to incoming CEO John Ternus’ strategic plans.

Sur le fond, Apple Inc. reports quarterly earnings after the close on Thursday, but investors will be largely looking past the numbers and seeking clues to incoming chief executive John Ternus’ strategic plans.

Concrètement, Wall Street expects Apple to report 19 per cent earnings growth on a 15 per cent jump in revenue, according to data compiled by Bloomberg.

Au-delà de ce constat, that gives Apple the second-highest valuation among the Magnificent Seven group of tech giants, trailing only Tesla Inc. and its nosebleed multiple of more than 180 times forward earnings.

Reste à préciser que Apple issued a better-than-expected revenue forecast for the current period after beating on sales and earnings in the fiscal second quarter.

Les chiffres

“Apple is a quality name, which warrants a premium, but it continues to look pretty expensive relative to its growth,” said Matt Stucky, chief portfolio manager of equities at Northwestern Mutual Wealth Management Company, which manages around US$5 billion.

Plus précisément, Revenue climbed 17% from $95.4 billion a year earlier, Apple said.

Dans la foulée, the company said on the earnings call that revenue in the June quarter will increase between 14% and 17% from a year earlier.

À ce stade, Apple said its board authorized an additional $100 billion in stock repurchases and declared a cash dividend of 27 cents per share, up 4%.

Ce qui se dit

“If innovation from the new CEO can provide that, then there’s reason to be optimistic about Apple from here, and that optimism could keep the multiple strong or even push it higher,” he said. “Right now, we don’t know what that growth catalyst could be.

“The stocks that have been hit the hardest are the ones that show some kind of margin degradation,” Aptus Capital’s Wagner said. “So if the memory headwind sticks around, it will start to become a margin risk for Apple.

“It isn’t really about the numbers,” said Anthony Saglimbene, chief market strategist at Ameriprise. “We want to know what the CEO transition looks like.”

Le contexte

Reste à préciser que Cook said on the earnings call that the iPhone 17 is now the "most popular lineup in our history" and noted that overall revenue beat guidance "despite supply constraints." CFO Kevan Parekh said the company faced supply constraints on iPhones and Macs.

À noter par ailleurs : In March, Apple announced a number of new products, including its iPhone 17e, a refreshed iPad Air laptop with an M4 chip in 11-inch and 13-inch sizes.

Plus précisément, Apple announced on April 20, that Ternus is succeeding Cook, who will become executive chairman on Sept.

Dans la foulée, And while you're not going to get me to talk about the details of that roadmap, suffice it to say, this is the most exciting time in my 25-year career at Apple to be building products and services," Ternus said.

À ce stade, Apple uses its massive customer base — and a total of over 2.5 billion active devices on the market — to sell subscriptions to entertainment services, as well as to services for Apple Pay, iCloud and AppleCare.

Recherches associées

Plusieurs requêtes connexes accompagnent ce sujet : UBS Raises Apple Stock Price Target Ahead of Earnings • Top Bank Delivers Blunt Call on Amazon, Microsoft, Apple Ahead of Earnings • Apple dépasse les prévisions avec un chiffre d'affaires de 111,18 milliards de dollars, mais seulement 56,99 milliards de dollars de ventes d'iPhone • Apple Stock Is Down 11% From Its High. Here’s Where AAPL Could Go by 2030 • Oui, cette Apple Watch à moins de 100 euros est bien en stock ce mardi - Ouest • Apple augmente fortement ses profits, en dépit du contentieux commercial sino-américain.

À retenir

• That gives Apple the second-highest valuation among the Magnificent Seven group of tech giants, trailing only Tesla Inc. and its nosebleed multiple of more than 180 times forward earnings.
• The company said on the earnings call that revenue in the June quarter will increase between 14% and 17% from a year earlier.
• Long stuck in the high 30s, Apple's gross margin has been steadily moving up in recent years, reaching 49.3% in the latest quarter up from 48.2% in the previous period.
• Recherches qui explosent : UBS Raises Apple Stock Price Target Ahead of Earnings, Top Bank Delivers Blunt Call on Amazon, Microsoft, Apple Ahead of Earnings, Apple dépasse les prévisions avec un chiffre d'affaires de 111,18 milliards de dollars, mais seulement 56,99 milliards de dollars de ventes d'iPhone, Apple Stock Is Down 11% From Its High. Here’s Where AAPL Could Go by 2030.