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Which Way Wednesday – Big Tech Earnings and the Fed

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Apple (AAPL) beat estimates by 30% and the stock is down.

That should tell you something.  How stretched does this market have to be that a company that sold $81.4Bn worth of product in Q2 and made $20Bn in 3 months LOSES share price on a 30% beat?  Revenue from iPhone sales came in at $39.6Bn, up nearly 50%, and well ahead of the Street consensus forecast of $34.2 billion as well and, more importantly, less than 1/2 the company’s total revenues – it’s what investors always wanted!

In fact, the company exceeded estimates in every product category. Mac revenues were $8.2Bn, up 16%, while iPad revenues were 12% higher at $7.4Bn. Revenue from wearables, home, and accessories was $8.8Bn, up 36%. Services revenue was $17.5Bn, up 33%. The company said it finished the quarter with more than 700M paid subscribers across its services portfolio, up more than 150M from a year ago.  Revenues in the Americas were $35.9Bn, up 33%, while Europe came in at $18.9Bn, up 34%, and Greater China revenue was $14.8Bn, up 58%.  Revenues in Japan were $5.5Bn, up 30%, and the rest of Asia was $5.4Bn, up 28%.

CFO Luca Maestri said in a statement that the company set revenue records in each geographic region, with double-digit growth in each product category. He said the company returned nearly $29 billion to shareholders in the quarter in dividends and stock buybacks.  He also said (and this is why they are selling off) that the company sees strong double-digit revenue growth in the September quarter, but at a smaller level than in June, for three reasons.

  • One – Foreign exchange issues will be 3 percentage points less favorable.
  • Two – Services growth will be lower, after the June quarter benefited from an easy comparison in the year ago quarter, when advertising and Apple Care revenues were impacted by the pandemic.
  • Three – Supply constraints will be higher than they were in the June quarter, with a particular impact on iPhone and iPad sales.

Apple may be the greatest company on the planet but, at 27 time forward earnings, they can’t afford to make a misstep, or have supply constraints.  Companies that are this good have to worry about their suppliers, as well as their…

Provided courtesy of Phil’s Stock World.

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