Real Money’s Eric Jhonsa covers Apple’s fiscal first-quarter earnings report and conference call with management.
iPhone sales, supply chain commentary and potential updates to active device counts will be among the things closely watched as Apple reports earnings and hosts its quarterly call.
Currently, the consensus among analysts polled by FactSet is for Apple to report revenue of $119 billion (up 7% annually) and GAAP EPS of $1.90 (up 13%) for its seasonally huge December quarter.
Apple hasn’t been providing formal sales guidance since the start of the pandemic, but has been sharing informal commentary on its calls about its quarterly sales expectations. The FactSet consensus for Apple’s March quarter revenue stands at $90.17 billion (up 1%).
Eric Jhonsa, Real Money’s tech columnist, will be live-blogging Apple’s report, which is expected to arrive at 4:30 P.M. Eastern Time, along with a conference call with management that’s scheduled for 5:00. Please refresh your browser for updates.
4:46 PM ET: Here’s the earnings release.
4:45 PM ET: Apple is now up 3.5% AH. Chip suppliers such as Qualcomm, Skyworks and Qorvo are also trading higher.
4:44 PM ET: Though the iPhone beat will get the most attention, Mac and Services had pretty strong beats of their own. The iPad softness fits the broader slowdown that’s been seen in the tablet market, following a pandemic-driven surge.
4:41 PM ET: Revenue by product segment:
iPhone – $71.63B (+9% and above a $67.57B consensus)
Mac – $10.85B (+25% and above a $9.88B consensus)
iPad – $7.25B (-14% and below an $8.19B consensus)
Wearables, Home & Accessories – $14.7B (+13% and above a $14.36B consensus)
Services – $19.52B (+24% and above an $18.67B consensus)
4:38 PM ET: Boosting EPS: Apple had a GAAP gross margin of 43.8%, up from 39.8% a year ago and above its guidance of 41.5%-42.5%.
4:35 PM ET: Geographically, Apple topped estimates for the Americas, Europe, Greater China and Rest of Asia-Pac. Japan was the only region that missed.
4:34 PM ET: Mac, Services and Wearable, Home and Accessories revenue also beat consensus. iPad was the only segment that missed.
4:32 PM ET: iPhone revenue of $71.63B (+9% Y/Y) comfortably beats a $67.57B consensus.
4:31 PM ET: Shares are up 2.1% after hours to $162.59.
4:30 PM ET: Results are out. Revenue of $123.9B beats a $119B consensus. EPS of $2.10 beats a $1.90 consensus.
4:27 PM ET: As a reminder, Apple’s report is expected to be published at 4:30 PM ET.
4:24 PM ET: Also keep an eye out for any updates Apple shares for its active device counts. A year ago, Tim Cook disclosed that there are more than 1B iPhones and more than 1.65B Apple devices overall in active use.
4:20 PM ET: During its October call, Apple forecast that supply constraints would have a $6B impact on its December quarter sales. Any commentary its shares on the call about the supply chain impacts it expects going forward will get attention.
4:18 PM ET: Consensus estimates for Apple’s revenue segments:
iPhone – $67.57B (+3% Y/Y)
iPad – $8.19B (-3%)
Mac – $9.88B (+14%)
Wearables, Home & Accessories – $14.36B (+11%)
Services – $18.67B (+18%)
4:14 PM ET: Apple closed down 0.3% today, amid a 1.4% drop for the Nasdaq. Shares are down 10% this month thanks to a broader tech selloff, but remain up 12% over the last 12 months.
4:13 PM ET: The FactSet consensus is for Apple to post December quarter revenue of $119B and GAAP EPS of $1.90. For the March quarter (Apple hasn’t been sharing formal sales guidance lately, but has been providing some informal guidance commentary on its call), the revenue consensus is at $90.17B.
4:11 PM ET: Hi, this is Eric Jhonsa. I’ll be live-blogging Apple’s December quarter earnings report and call.
