AAPL: the business angle

Apple reported 17% revenue growth, topping estimates, even as iPhone sales came up short. AAPL has emerged this Friday as one of the stories drawing attention in Israel.

Key facts

• Apple reported 17% revenue growth, topping estimates, even as iPhone sales came up short.
• Apple reported Jan–Mar earnings of $29.58B ($2.01/share) on $111.18B revenue, topping estimates on strong iPhone sales; CEO Tim Cook will step down; John Ternus takes over Sept.
• 1; Flags supply constraints, rising memory costs and AI/Siri upgrades.
• iPhone revenue: $56.99 billion vs $57.21 billion expected.
• Mac revenue: $8.4 billion vs. $8.02 billion expected.

What we know

Going deeper, Apple reported Jan–Mar earnings of $29.58B ($2.01/share) on $111.18B revenue, topping estimates on strong iPhone sales; CEO Tim Cook will step down; John Ternus takes over Sept.

On the substance, 1; Flags supply constraints, rising memory costs and AI/Siri upgrades.

Beyond the headlines, iPhone revenue: $56.99 billion vs $57.21 billion expected.

More precisely, Mac revenue: $8.4 billion vs. $8.02 billion expected.

It is worth noting that iPad revenue: $6.91 billion vs. $6.66 billion expected.

By the numbers

At this stage, Wearables, Home and Accessories revenue: $7.9 billion vs. $7.7 billion expected.

On a related note, Services revenue: $30.98 billion vs. $30.39 billion expected.

Going deeper, Revenue climbed 17% from $95.4 billion a year earlier, Apple said.

On the substance, it was the first time the company faced Wall Street since the announcement last week that Tim Cook will be stepping down as CEO after 15 years on the job.

The wider context

On a related note, Apple said on the earnings call that revenue in the June quarter will increase between 14% and 17% from a year earlier.

Going deeper, Analysts were expecting growth of 9.5% to $103 billion, according to LSEG.

On the substance, the company's board authorized an additional $100 billion in stock repurchases and declared a cash dividend of 27 cents per share, up 4%.

Beyond the headlines, Sales of iPhones rose 22% in the quarter from a year earlier.

More precisely, 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.

The bottom line

• It was the first time the company faced Wall Street since the announcement last week that Tim Cook will be stepping down as CEO after 15 years on the job.
• The company's board authorized an additional $100 billion in stock repurchases and declared a cash dividend of 27 cents per share, up 4%.
• 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. it also unveiled the MacBook Neo, a low-cost laptop priced at $599 and aimed at students and budget-conscious consumers.
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