Apple announced revenues and earnings that
beat consensus earnings estimates though some will regard it as a “mixed” quarter. Revenues were $57.6 billion — a new record. That’s up 6 percent from a year ago.
The iPad sold better than expected, with 26 million units vs. an analyst estimate of roughly 24 or 25 million. However the iPhone missed aggressive projections of 55 – 57 million units, selling 51 million instead — still a record.
Below are the top-level device sales figures and other numbers:
$57.6 billion in revenue (vs. $54.5 billion a year ago)
$13.01 billion in profit (vs. $13.08 billion a year ago, but EPS were up)
51 million iPhones (vs. 47.8 million a year ago)
26 million iPads (vs. 22.9 million last year)
4.8 million Mac sold (vs. 4.1 million last year)
Apple retail stores: $7 billion in revenue
iTunes net revenue: $2.4 billion
$22.7 billion in cash flow for the quarter; $159 billion in cash and short term investments
iPod sales declined 52 percent year over year
International accounted for 63 percent of Apple revenue
There were some very aggressive analyst projections — as there always are with Apple. And this quarter’s results will be regarded as disappointing by some hoping for more iPhone sales in particular.
Apple is now down quite a bit in after-hours trading. Investors are clearly spooked by the iPhone miss and weaker March guidance.
Now excerpts from the earnings call…
Apple CFO Peter Oppenheimer:
This quarter reflected the highest quarterly revenue and operating profit in the company’s history. Despite supply constraints Apple set sales records with iPhone and iPad sales.
Oppenheimer says that iPhone growth was strong in Japan, China and other emerging markets. He cited Kantar data, which found more than 90 percent loyalty to the iPhone, “significantly higher than other smartphones” (read: Android)
Mac sales grew 19 percent, making it one of the best Mac sales quarters. Sales were mainly driven by iMac and MacBook Air.
80 percent of devices now running iOS 7.
Oppenheimer’s now talking about the 30 year anniversary of the Mac: “Imagine with what we can accomplish in the next 30 years.”
Oppenheimer spoke about high levels of iPhone and iPad penetration in the enterprise market.
Cited a range of third party data about how iOS is “beating” Android (e-commerce, web traffic). It’s striking how much he’s talking about Android explicitly. Lots of data, as if to reassure investors that Apple’s still the platform of choice.
Re weaker March guidance — Oppenheimer says that Apple increased production and inventory to meet end of year demand. By implication there’s less residual demand vs. last year to carry sales forward into the second quarter.
China Mobile not going to offset “headwinds” for next quarter
Apple CEO Tim Cook:
China Mobile rollout “an incredible start” for iPhone. China Mobile deal a “watershed moment for Apple.” Two companies “will do great things together”
Asked about mobile payments, Cook said “people love being able to buy content . . . using TouchID . . . It’s clear there’s a lot of opportunity there.” We’re “intrigued” by the mobile payments; this is a “big opportunity on the platform.”
Challenged on iPhone sales growth, Cook said that the 5c was an attempt to grow in emerging markets. He cites high growth rates in selected emerging markets. Implies that they were surprised by lack of 5c demand
Our North American business contracted somewhat year over year. This seems partly because Apple miscalculated about iPhone 5c demand.
Question after question asks Tim Cook about Apple’s plans to boost iPhone growth and expand its market. The financial analysts on the call are not satisfied by Cook’s answers.
Asked about “innovation” at the company, Cook said nothing specific other than “it’s never been stronger” and that Apple’s customers “are going to love our new products.”
Summary:
Cook was very positive but largely spoke in generalities that were frustrating to many if not most of the financial analysts on the call. Question after question asked about what Apple was going to do to grow iPhone sales in both mature and emerging markets. Cook was upbeat about iPhone demand and growth but he didn’t answer specific questions about more aggressive pricing or other options.
There were parallel questions about “innovation” and new product categories. Most weren’t answered except in the most bland way. Analysts were looking for assurances from Cook that he’s concerned and committed to doing something to boost iPhone sales and company growth. While he expressed confidence in Apple’s outlook, he didn’t give them the specifics they wanted.
I suspect the Apple sell-off will continue accordingly.
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