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Novavax Surges 57% Post $1.4 Billion Sanofi Deal; Apple Boosts Data Centers with AI and Internal Chips, and More News
May 10 2024 - 8:02AM
IH Market News
Novavax (NASDAQ:NVAX), Sanofi (NASDAQ:SNY) – Novavax closed a $1.4 billion deal with Sanofi to commercialize its Covid-19 vaccine and develop a new combined vaccine against coronavirus and influenza, boosting NVAX shares by 56.70% in pre-market. The deal led Novavax to suspend its continuity warning, reversing its previous financial decline.
Apple (NASDAQ:AAPL) – Apple plans to launch artificial intelligence features through its own data centers powered by internal chips later this year, according to Bloomberg News. The chips, similar to those in Macs, will be used to process advanced AI tasks in the cloud, while simpler tasks will be handled on devices. Additionally, Apple apologized after criticism of its new iPad Pro ad, which depicted musical instruments and creative symbols being destroyed. The company stated that its goal is to celebrate user expression. The ad, titled “Crush,” received online backlash for its insensitivity.
Microsoft (NASDAQ:MSFT) – Microsoft will launch its own mobile gaming store in July, offering an alternative to Apple and Google’s app stores and their fees. The web-based store will initially feature Microsoft games, such as Candy Crush Saga, with discounts on in-game items. Xbox president Sarah Bond announced the change during the Bloomberg Technology Summit. The store will later open to other publishers. Bond emphasized the store’s accessibility on all devices and countries, independent of app store policies. Microsoft aims to create a store that transcends ecosystems, allowing a consistent gaming experience across consoles, PCs, and mobile devices.
Alphabet (NASDAQ:GOOGL) – OpenAI plans to launch its AI-based search product on Monday. The product is an extension of ChatGPT and allows for extracting information from the web, competing with Perplexity, an AI startup, and intensifying competition with Google.
Taiwan Semiconductor Manufacturing Company (NYSE:TSM) – TSMC’s sales in April surged 60% to $7.3 billion (NT$236 billion), driven by demand for artificial intelligence and a recovery in consumer electronics products. The company exceeded revenue growth estimates, strengthening its position as a global leader in contracted chips.
Baidu (NASDAQ:BIDU) – Baidu’s head of media relations, Qu Jing, resigned after videos endorsing the “996” work culture, dismissing team well-being. His comments sparked debate in China about the excessive demands of the tech industry. Qu later apologized. “996” is a term representing a common work practice in some tech companies in China, where employees are expected to work from 9 am to 9 pm, six days a week, totaling 72 hours of work per week.
Reddit (NYSE:RDDT) – CEO Steve Huffman announced at the Bloomberg Technology Summit that Reddit plans to introduce new products in the coming months, aiming to expand its revenue sources beyond advertising. The company is considering expanding its “user economy” and launching new versions of digital gifts. Additionally, it aims to close data licensing deals and explore international expansion and possible acquisitions.
Snap Inc. (NYSE:SNAP) – Snap’s CEO Evan Spiegel expressed the company’s commitment to ensuring user safety, especially for children, during the Bloomberg Technology Summit. He emphasized Snapchat’s focus on personal connections, advocating for shared responsibility among parents, companies, and online platforms.
Spotify (NYSE:SPOT) – Julie McNamara, head of Spotify Technology SA’s podcast studios, will leave the company after nearly three years, as announced in a memo to the staff on Thursday. Her departure highlights Spotify’s scaled-back ambitions in the podcast space, with McNamara returning to her creative roots.
T-Mobile (NASDAQ:TMUS), Verizon Communications (NYSE:VZ), United States Cellular (NYSE:USM) – T-Mobile and Verizon are in talks to acquire parts of United States Cellular in separate transactions, as reported by the Wall Street Journal. US Cellular shares increased by 8.6% on Thursday. T-Mobile is close to closing a deal for more than $2 billion to acquire a portion, taking over some operations and wireless spectrum licenses, while Verizon’s negotiations may be more prolonged and may not lead to a deal.
Vodafone (NASDAQ:VOD) – Next week will reveal how cost cuts and capital spending will shape the profit growth and cash flow for BT Group Plc, Deutsche Telekom AG, and Vodafone Plc. The carriers have set an optimistic baseline, forecasting a strong increase in free cash flow for Deutsche Telekom and Vodafone, while BT seeks to justify its expansion strategy.
Rio Tinto (NYSE:RIO) – Rio Tinto considered an offer for Anglo American, now under BHP’s control, with an acquisition target of $39 billion. BHP has until May 22 to make a formal offer.
Exxon Mobil (NYSE:XOM) – Calpers, the leading US public pension plan, is considering voting against the re-election of ExxonMobil’s CEO Darren Woods, due to shareholder discontent over a lawsuit against climate-focused investors.
BP plc (NYSE:BP) – BP’s electric charging unit is looking to expand in the United States following the disbandment of Tesla’s EV charging team. BP prioritizes the Northeast, Sun Belt, West Coast, and Great Lakes.
Tesla (NASDAQ:TSLA) – Tesla’s CEO Elon Musk praised the expansion plans for the Supercharger network after laying off nearly 500 employees responsible for the business. The company will invest “much more” than $500 million this year in expansion, a surprising move following its recent restructuring in the charging division. In other matters, Tesla was accused by a US labor agency of discouraging unionization at its Buffalo, New York factory by banning the use of personal devices. These allegations add to previous legal disputes over labor practices and racial discrimination. Additionally, a federal judge expressed on Thursday his inclination to compel Elon Musk to testify again in the SEC’s investigation into his $44 billion purchase of Twitter.
Zeekr Intelligent Technology – The Chinese electric vehicle manufacturer priced its US IPO at the top of the indicated range, raising $441 million. The IPO values the company at about $5.5 billion fully diluted. Strategic investors, including parent company Geely Automobile, purchased significant shares. Interest in the IPO comes amid fierce competition in China’s electric vehicle market.
Ford Motor (NYSE:F) – Ford is considering offering gasoline and hybrid vehicles beyond 2030 in Europe, contrary to its earlier plan for a fully electric lineup. The change is due to the slowdown in electric vehicle adoption in the region and the increased demand for hybrids. The company stated that it is closely monitoring the situation and will adapt as necessary. Additionally, the US National Highway Traffic Safety Administration (NHTSA) expressed “significant safety concerns” regarding the recall of over 42,000 Ford Motor SUVs due to fuel leaks that could cause engine fires. Ford proposed a software update and the installation of drains, but the NHTSA questions the effectiveness.
Boeing (NYSE:BA) – The US Securities and Exchange Commission is investigating claims made against Boeing Co. about air safety following a panel explosion on a 737 MAX flight. The investigation aims to determine if there was deception to investors.
Target (NYSE:TGT) – Target is planning to reduce the offering of LGBTQ+-themed products in some of its stores during Pride Month in June, following criticism last year. The full line will be available online, and the decision on physical presence will depend on store data analysis. The company will maintain support for Pride events, offering a selected collection of products in some stores and online.
Western Union (NYSE:WU) – Western Union announced the resumption of its remittance service from the US to Cuba after a three-month hiatus, restoring a vital connection for Cubans and their families in the US. Remittances are crucial to address the economic crisis exacerbated by sanctions and the pandemic.
UBS Group AG (NYSE:UBS) – UBS is exploring an incentive system for investment bankers who refer clients to the wealth management business. CEO Sergio Ermotti seeks to expand the bank’s invested assets following the acquisition of Credit Suisse, aiming for continued growth in the wealth management market.
Bain Capital (NYSE:BCSF) – Bain Capital is investing $250 million in Sikich, a Chicago-based business services company. This is the first external investment in Sikich, founded in 1982. CEO Christopher Geier views Bain’s involvement as crucial for the next stage of development.
Sony (NYSE:SONY), Blackstone (NYSE:BX), KKR (NYSE:KKR) – Sony and other interested parties, including Blackstone and KKR, plan to acquire Infocom Corp (USOTC:IFFOF) in a deal worth up to 200 billion yen. Teijin Ltd, the parent company of Infocom, is looking to sell its 55% stake, with a second round of bidding scheduled for May.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93824929/novavax-surges-57-post-1-4-billion-sanofi-deal
Looking at Apple's market position, the Relative Strength Index can't be ignored
By: David Keller | May 9, 2024
• Looking at Apple's market position, the Relative Strength Index can't be ignored. An RSI break over 60 suggests bullish drive—a signal that the stock is entering a rally phase. It's essential to watch this indicator, it offers clues about the market dynamics behind Apple #$AAPL
Read Full Story »»»
DiscoverGold
Tim Cook should have mentioned lowering prices when he divulged the info about the sales numbers in mainland China. Oops!
Apple quietly cut prices in China over the first quarter of this year. Margins are decreasing now. This was never mentioned by analysts when fervently upgrading the stock, and was also glossed over in the ER. Nice.
Final Cut Pro transforms video creation with Live Multicam on iPad and new AI features on Mac
May 07 2024 - 10:37AM
Business Wire
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93792996/final-cut-pro-transforms-video-creation-with-live
Apple unveils the redesigned 11-inch and all-new 13-inch iPad Air, supercharged by the M2 chip
May 07 2024 - 10:37AM
Business Wire
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93792986/apple-unveils-the-redesigned-11-inch-and-all-new-1
Apple unveils stunning new iPad Pro with the world’s most advanced display, M4 chip, and Apple Pencil Pro
May 07 2024 - 10:37AM
Business Wire
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93792984/apple-unveils-stunning-new-ipad-pro-with-the-world
Apple introduces M4 chip
May 07 2024 - 10:37AM
Business Wire
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93792995/apple-introduces-m4-chip
Surely Buffett would warn everyone if he was selling shares for reasons other than tax reasons LMAO
Growth has PEAKED here, that’s why they don’t have anything to spend their cash on besides more shares
Apple $AAPL had the most bullish flow today, sorted for premium
By: Cheddar Flow | May 7, 2024
• $AAPL had the most bullish flow today, sorted for premium
$NVDA had the most bearish with a large $73.6M of premium
Read Full Story »»»
DiscoverGold
There is much more hopium to be had. This stock gets pumped every single day by multiple news sources. Will be pumping on the developer conference nonstop. Don’t worry!
Someone tell Tim Cook to turn his hearing aid up. He is yelling at us
Today Apple Inc. (AAPL) is the best performer in the DJIA
By: Thom Hartle | May 7, 2024
• Today (8:32 CST), the best performer in the DJIA is Apple Inc. AAPL.
Read Full Story »»»
DiscoverGold
Old Warren sold for tax cash. “”””As reported by CNBC, Berkshire’s Q1 2024 earnings report revealed that its stake in Apple is now worth $135.4 billion – indicating that it holds around 790 million shares”””””
He still own bbbbbbbbiiilllons in AAPL BRUH!!!!! Sorry you missed this latest opportunity. Wink wink
Only hope is cook reveals good news on AI iPads tomorrow
Will May be $AAPL's bounce back month? 64% win rate & average return of +0.71%
By: TrendSpider | May 6, 2024
• Will May be $AAPL's bounce back month?
When we filter seasonality to only display election years, we can see that May is the second best performing month since IPO:
64% win rate & average return of +0.71%.
Read Full Story »»»
DiscoverGold
AAPL will hit 195 by Friday. Giddy-up! To infinity and beyond……
Bullish Stochastics Divergent buy signal here! Tech is back! Powell dovish, employment perfect Goldy locks set up! Watch as stocks melt up now!!!!
Warren Buffett’s Berkshire Hathaway sells 13% of its Apple shares
Avatar for Chance Miller
Chance Miller
| May 4 2024 - 12:23 pm PT
5 Comments
Warren Buffett’s Berkshire Hathaway offloaded around 13% of its Apple holdings in Q1 2024, the conglomerate revealed this weekend. Despite selling around 115 million shares, however, Buffett reaffirmed his commitment to AAPL going forward.
Meanwhile, Tim Cook, who made the trip to Omaha for Berkshire’s annual meeting on Saturday, praised Buffett for his belief in Apple.
Warren Buffett offloads 115 million AAPL shares
As reported by CNBC, Berkshire’s Q1 2024 earnings report revealed that its stake in Apple is now worth $135.4 billion – indicating that it holds around 790 million shares. Based on Apple’s stock price, this would mean Berkshire sold about 115 million shares, CNBC says.
Still, Apple is Berkshire’s largest holding by a wide margin. Likewise, Berkshire is Apple’s largest shareholder outside of ETF providers.
During Berkshire Hathaway’s annual meeting on Saturday, Buffett praised Apple and said it’s an “an even better business” than two of the conglomerate’s other major holdings, American Express and Coca-Cola. Buffett also assured investors: “Unless something dramatic happens that really changes capital allocation, we will have Apple as our largest investment.”
Buffett didn’t offer specific details on why Berkshire sold 13% of its Apple holdings in the quarter. He did, however, imply that it was to increase its cash stake for tax purposes:
“It doesn’t bother me in the least to write that check and I would really hope with all that America’s done for all of you, it shouldn’t bother you that we do it and if I’m doing it at 21% this year and we’re doing it a little higher percentage later on, I don’t think you’ll actually mind the fact that we sold a little Apple this year.”
Apple CEO Tim Cook was in the audience of Berkshire’s annual meeting in Omaha, Nebraska on Saturday. With regard to Berkshire’s decision to offload some of its Apple holdings, Cook told CNBC that “it’s a privilege to have them as a shareholder.”
When Berkshire sold 10 million shares of AAPL in 2020, Buffett later admitted that the decision “was probably a mistake.” In Q4 2023, Berkshire offloaded around 1% of its AAPL holdings (10 million shares), so this marks the second consecutive quarter that the conglomerate reduced its stake in Apple.
https://9to5mac.com/2024/05/04/warren-buffett-berkshire-hathaway-aapl/
Morgan Stanley ups Apple price target to $216
Friday, May 3, 2024 2:00 pm
No Comments
Following Apple’s Q2 2024 earnings report, Morgan Stanley has increased its price target to $216 from $210.
William Gallagher for AppleInsider:
“Apple guided to an above-Street June Q, alleviated concerns about China iPhone [sales], reached an all-time Services rev & GM record, authorized its largest incremental buyback in history, & hinted at Gen AI announcements to come in weeks,” said the company in a note to investors seen by AppleInsider. “It’s hard not to be more bullish after that.”
Morgan Stanley dismissed the falling iPhone sales figures, saying that the decline was much less than expected. It also noted that year over year, the iPhone actually grew in mainland China.
MacDailyNews Take: Apple’s Services growth is finally starting to assuage the iPhone-fixated.
https://macdailynews.com/2024/05/03/morgan-stanley-ups-apple-price-target-to-216/
If you are a “day trader!” Apple is still the largest holding with BH. It’s pretty clear you shorted and got caught in the run up. It happens….
YOU SELL WHEN YOU THINK IT'S PEAKED AND OVERVALUED. SPENDING 115 BILLION ON A BUYBACK
IS MISALLOCATION OF CAPITAL AND A DESPERATE MOVE TO KEEP THE PRICE UP !!!!!!!!!!!!!! GET IT ???
BAD DECISION. THIS IS VERY EXPENSIVE STOCK. MAYBE AT PE OF 16-17, OK
Read the article as to why he reduced/sold those shares! Its black and white…For TAX purposes only….
I GUESS THAT'S WHY BERSHIRE DUMPED 13% OF HIS AAPL STOCK !!
POWER11 IS THE MASTER TRADER !!
Murdered eod. Next week not sure what happens. Doesn’t look like 190
$AAPL $2.8 Million Unusual ITM Calls Most of these orders have been above the ask
By: Cheddar Flow | May 3, 2024
• $AAPL $2.8M Unusual ITM Calls
Most of these orders have been above the ask
Read Full Story »»»
DiscoverGold
Apple share price SPREAD TRIPLE TOP BREAKOUT today on 3-May-2024. GLTA
PS: This is the first week the Weeklies confirmed the Uptrend in the Dailies seen for the last 5 trading sessions. I only have a small bite in it, unfortunately. C'est La Vie!
MacDailyNews presents live notes from Apple’s Q224 conference call
Thursday, May 2, 2024 4:47 pm
3 Comments
MacDailyNews presents live notes from Apple’s Q224 Conference Call with analysts starting at 2pm PT / 5pm ET today, May 2, 2024.
This stream is best experienced on an iPhone 7 or later, iPad (5th generation or later), or iPod touch (7th generation) using Safari on iOS 12 or later; or a Mac using Safari on macOS Mojave 10.14 or later. Streaming to your TV requires an AirPlay 2–capable device, or via AirPlay to an Apple TV (2nd generation or later) with the latest Apple TV software or tvOS. Other platforms may also be able to access the stream using recent versions of Chrome, Firefox, or Microsoft Edge (MSE, H.264, and AAC required).
Apple’s live conference call webcast will begin at 2pm PT / 5pm ET here.
Apple today posted quarterly revenue of $90.753 billion (vs. $94.836 billion YoY), down 4 percent year over year, and quarterly earnings per diluted share of $1.53 (vs. $1.53 YoY).
For the quarter, analysts’ consensus estimates (per LSEG) called for Apple to report EPS of $1.50 EPS on revenue of $$90.01 billion, both of which Apple beat.
Live notes:
• AAPL After hours: $184.25 +$11.22 (+6.48%) @ 5:57PM EDT
• Luca: 45.5% – 46.5% gross margins for June; memory and foreign exchange will be slight headwinds
• Q: Commodity pricing for June quarter
• Cook: I am hearing about so many use cases; similar to how the Mac is used – you use it for everything, so, too, with the Vision Pro. It’s an enormous number of different verticals; we’re off to a good start with Vision Pro in the enterprise
• Q: Top 2-3 Vision Pro uses cases?
• Luca: We you look aver the long arc of time, we’ve gone thru a long period of a very strong dollar; so that’s something to keep in mind when you look at results
• Cook: We price our product for the value we are delivering
• Cook: Innovation spurs the upgrade cycle; economic factors play in there; carrier promotions, etc.
• Q: Do you see ways to deploy capital more to spur demand Promotions? Price decreases?
• Luca: China is by far the largest emerging market, but when you look at all of the others, the numbers are getting large; the populations are large and growing and our products are makign a lot of progress in those markets. It is very good for us, So the gap vs. China is reducing
• Q: Emerging markets growth? Can they, added up, surpass China?
• Cook: We decreased during the quarter as normal and are very comfortable with the channel inventory
• Q: iPhone channel inventory
• Cook: I can’t address the data points; I can only address our results. We did accelerate last quarter and iPhone grew in mainland China; I can’t speak to numbers coming from outside Apple
• Q: What are we missing in China, at a high level?
• Cook: We are producing there. You need to produce in China to be competitive. We continue to expand channels and are optimistic in China
• Q: China supply chain?
• Luca: Growth rates improved during 2023, so the comps are difficult, but Apple expects Services to grow double digits in Q3 Services, similar to Q2
• Luca: Overall very strong. All-time records in both developed and emerging markets
• Q: Drivers of Services growth?
• Luca: we expect to grow low single digits in Q324
• Cook: If you make the YoY adjustment on iPhone, it would be flattish YoY, not down
• Cook: GenAI is an opportunity for many of Apple’s devices; I am extremely optimistic
• Q: June quarter iPhone business to be down again? Is AI (lack thereof so far) an issue?
• Cook: Long term in China, Apple sees a lot of customers moving into the middle class; continues to be optimistic
• Cook: Acceleration from Q1, driven by iPhone, especially in mainland China, but Apple has work to do in other product categories
• Q: Economy in China?
• Luca: One step at a time. We are working very hard to get there; free cash flow has been very strong for the last several years, so that’s one reason why Apple is increasing buybacks
• Q: $58 billion net cash currently; how to get to net cash neutral?
• Luca: In general, we continue to see a lot of interest at the top of the range of our products in each category
• Q: iPhone mix tilted towards Pro models?
• Cook: Enterprise is focused on selling iPhone, iPad, Mac, and Vision Pro units
• Q: AI for the enterprise
• Cook: I think AI and GenAI both are big opportunities across our products; I think there are numerous ways that are great for Apple and the company is well-positioned; we’ll talk more about AI soon
• Q: Is AI an opportunity to monetize your mobile real estate?
• Trip to China was fantastic; I maintain a great view of China long term
• Cook: iPhone in mainland China, we grew before normalization (before supply destruction we mentioned earlier)
• Cook: In Q2, for greater China, we were down 8% due to iPhone sales
• Q: China confidence?
• Luca: Generally favorable during the quarter
• Q: Rising costs for commodity and components?
• Cook: I don’t want to get in front of our announcements; we see GenAI as a big opportunity across our products
• Generative AI monetization?
• We haven’t seen anything different within the product categories
• Luca: Down sequentially primarily due to different mix YoY, leverage plays a big role
• Q: Product gross margins? Are customers mixing down within or across product lines?
• Cook: It’s really too early to answer the question
• Q: Effect of 3rd party app stores on iPhone and iPad in the EU?
• On the CapEx front, Apple has its own data center capacity and also with 3rd parties and plans to continue along the same lines going forward
• Luca: We are obviously very excited about GenAI
• Q: Artificial Intelligence to affect historical CapEX cadence?
• Services: We’ve seen very strong, brod-based performance across the board
• Luca: We expect total revenue to grow low single digitis YoY
• Q: Outlook for products?
• Expect 45.5% – 46.5% gross margin
• Expect iPad revenue to grow double digits
• Expect Services to grow double digits
• Color: June quarter total revenue to grow low single digitis YoY
• Apple continues to plan for annual dividend increases going forward
• Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock, an increase of 4 percent
• Board of directors has authorized an additional program to repurchase up to $110 billion of the Company’s common stock
• $105 billion total debt
• Apple $162 cash and marketable securities
• Apple particularly pleased with strong performance in emerging markets
• Maestri touts Mac and Vision Pro in the enterprise
• Apple has well over 1 billion paid subscriptions across Services
• Both transacting and paid accounts reached new all-time highs
• Services revenue: $23.867 billion
• Almost 2/3rd of Apple Watch customers were new to the product in the quarter
• Wearables, home and accessories revenue: $7.913 billion
• iPad U.S. customer sat = 96%
• iPad install base hit new all-time high
• iPad revenue: $5.559 billion
• Mac sales driven by M3 MacBook Air
• Mac revenue: $7.451 billion
• iPhone customer sat in U.S = 99%
• iPhone active installed base grew to an all-time high
• iPhone revenue: $45.963 billion
• OpEx $14.4 billion, up 5% YoY
• Installed base of active devices reached an all-time high
• iPhone had a challenging compare YoY
• Luca Maestri: Revenue: $90.753 billion
• AAPL After hours: $185.21 +$12.18 (+7.04%) @ 05:12PM EDT
• Cook talks “carbon removal” projects
• Cook touts emission reductions, recycling, solar and wind power
• Apple want to become “carbon neutral” by 2030
• Cook touts privacy and protections against quantum computing
• Retail: Shanghai store opening was very exciting
• Apple Sports app released during quarter
• Promos Apple TV+ productions which win major awards
• Services revenue: $23.867 billion; all-time revenue record
• Wearables, home and accessories revenue: $7.913 billion
• Cook talks up Apple Watch; mentions AI and ML again
• iPad revenue: $5.559 billion; down 17% YoY due to difficult compare
• Cook touts M3 MacBook Air; mentions AI again
• Mac revenue: $7.451 billion, up 4% YoY
• Cook visited Southeast Asia; excited for the future
• iPhone revenue: $45.963 billion
• iPhone faced a difficult compare YoY
• Apple believes it has AI advantage that will distinguish itself; mentions neural engines and privacy focus
• Apple bullish on generative AI
• Next month WWDC – exciting!
• Exciting event coming next week
• Cook talks up Vision Pro
• Services set all-time revenue record
• Cook: Set revenue records in Latin America and Middle East, Canada, India, Span, Turkey, Indonesia
• Conference call begins
• AAPL After hours: $185.51 +$12.48 (+7.21%) @ 04:56PM EDT
• AAPL After hours: $183.99 +$10.96 (+6.33%) @ 04:46PM EDT
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Apple reports second quarter results
May 02 2024 - 4:30PM
Business Wire
Services revenue reaches new all-time record
EPS sets March quarter record
Apple® today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53.
“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.”
“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.”
Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company’s common stock.
Apple will provide live streaming of its Q2 2024 financial results conference call beginning at 2:00 p.m. PT on May 2, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plans for return of capital, the payment of its quarterly dividend, and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.
© 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Three Months Ended
Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Net sales:
Products
$
66,886
$
73,929
$
163,344
$
170,317
Services
23,867
20,907
46,984
41,673
Total net sales (1)
90,753
94,836
210,328
211,990
Cost of sales:
Products
42,424
46,795
100,864
107,560
Services
6,058
6,065
12,338
12,122
Total cost of sales
48,482
52,860
113,202
119,682
Gross margin
42,271
41,976
97,126
92,308
Operating expenses:
Research and development
7,903
7,457
15,599
15,166
Selling, general and administrative
6,468
6,201
13,254
12,808
Total operating expenses
14,371
13,658
28,853
27,974
Operating income
27,900
28,318
68,273
64,334
Other income/(expense), net
158
64
108
(329
)
Income before provision for income taxes
28,058
28,382
68,381
64,005
Provision for income taxes
4,422
4,222
10,829
9,847
Net income
$
23,636
$
24,160
$
57,552
$
54,158
Earnings per share:
Basic
$
1.53
$
1.53
$
3.72
$
3.42
Diluted
$
1.53
$
1.52
$
3.71
$
3.41
Shares used in computing earnings per share:
Basic
15,405,856
15,787,154
15,457,810
15,839,939
Diluted
15,464,709
15,847,050
15,520,675
15,901,384
(1) Net sales by reportable segment:
Americas
$
37,273
$
37,784
$
87,703
$
87,062
Europe
24,123
23,945
54,520
51,626
Greater China
16,372
17,812
37,191
41,717
Japan
6,262
7,176
14,029
13,931
Rest of Asia Pacific
6,723
8,119
16,885
17,654
Total net sales
$
90,753
$
94,836
$
210,328
$
211,990
(1) Net sales by category:
iPhone
$
45,963
$
51,334
$
115,665
$
117,109
Mac
7,451
7,168
15,231
14,903
iPad
5,559
6,670
12,582
16,066
Wearables, Home and Accessories
7,913
8,757
19,866
22,239
Services
23,867
20,907
46,984
41,673
Total net sales
$
90,753
$
94,836
$
210,328
$
211,990
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
March 30,
2024
September 30,
2023
ASSETS:
Current assets:
Cash and cash equivalents
$
32,695
$
29,965
Marketable securities
34,455
31,590
Accounts receivable, net
21,837
29,508
Vendor non-trade receivables
19,313
31,477
Inventories
6,232
6,331
Other current assets
13,884
14,695
Total current assets
128,416
143,566
Non-current assets:
Marketable securities
95,187
100,544
Property, plant and equipment, net
43,546
43,715
Other non-current assets
70,262
64,758
Total non-current assets
208,995
209,017
Total assets
$
337,411
$
352,583
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$
45,753
$
62,611
Other current liabilities
57,298
58,829
Deferred revenue
8,012
8,061
Commercial paper
1,997
5,985
Term debt
10,762
9,822
Total current liabilities
123,822
145,308
Non-current liabilities:
Term debt
91,831
95,281
Other non-current liabilities
47,564
49,848
Total non-current liabilities
139,395
145,129
Total liabilities
263,217
290,437
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively
78,815
73,812
Retained earnings/(Accumulated deficit)
4,339
(214
)
Accumulated other comprehensive loss
(8,960
)
(11,452
)
Total shareholders’ equity
74,194
62,146
Total liabilities and shareholders’ equity
$
337,411
$
352,583
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 30,
2024
April 1,
2023
Cash, cash equivalents and restricted cash, beginning balances
$
30,737
$
24,977
Operating activities:
Net income
57,552
54,158
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
5,684
5,814
Share-based compensation expense
5,961
5,591
Other
(1,971
)
(1,732
)
Changes in operating assets and liabilities:
Accounts receivable, net
7,727
9,596
Vendor non-trade receivables
12,164
14,785
Inventories
53
(2,548
)
Other current and non-current assets
(4,438
)
(4,092
)
Accounts payable
(16,710
)
(20,764
)
Other current and non-current liabilities
(3,437
)
1,757
Cash generated by operating activities
62,585
62,565
Investing activities:
Purchases of marketable securities
(25,042
)
(11,197
)
Proceeds from maturities of marketable securities
27,462
17,124
Proceeds from sales of marketable securities
4,314
1,897
Payments for acquisition of property, plant and equipment
(4,388
)
(6,703
)
Other
(729
)
(247
)
Cash generated by investing activities
1,617
874
Financing activities:
Payments for taxes related to net share settlement of equity awards
(2,875
)
(2,734
)
Payments for dividends and dividend equivalents
(7,535
)
(7,418
)
Repurchases of common stock
(43,344
)
(39,069
)
Repayments of term debt
(3,150
)
(3,651
)
Repayments of commercial paper, net
(3,982
)
(7,960
)
Other
(132
)
(455
)
Cash used in financing activities
(61,018
)
(61,287
)
Increase in cash, cash equivalents and restricted cash
3,184
2,152
Cash, cash equivalents and restricted cash, ending balances
$
33,921
$
27,129
Supplemental cash flow disclosure:
Cash paid for income taxes, net
$
14,531
$
4,894
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502965412/en/
Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142
Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93770672/apple-reports-second-quarter-results
It’s a house of cards. Can’t wait for the feigned enthusiasm from analysts and media when they phone it in for another disappointing event next week.
GREAT COMPANY , BUT CAN'T GROW REVENUE; SO WHAT DO WE DO ?? WE USE OUR CASH
TO BUY BACK THE STOCK !! WHAT A GENIOUS MOVE !!!
CLASSIC MISSALLOCATION OF CAPITAL !!
More info from Apple's $AAPL Q1 earnings report
By: Evan | May 3, 2024
• More info from Apple's $AAPL Q1 earnings report.
Read Full Story »»»
DiscoverGold
This is going to sell down unless the company uses all their free cash to float the stock price lol what a ponzi
Wont that sweet dividend of about $1 per share sway you?
Once again, your stupidity shines like a bright spotlight. Lol. You have never been correct on any prediction, ever. You were telling us to dump nvda a year ago. Bwahaaaa
APPLE'S TWISTED MANAGEMENT CAN'T THINK ***STRAIGHT***..... THEY WILL BLOW ALL OF THEIR CASH ON STOCK BUYBACKS AND DIVIDENDS WHILE THEIR CORE BUSINESS DECLINES!!!!!!!!!
LOOK AT STARBUCKS AND MCDONALD'S.... CONSUMER SPENDING IS DRYING UP!!!!!!!!!!
THIS WON'T END WELL!!!!!!!!!!!
They can’t even make the alarm clock work right anymore. They’ve been phoning it in for the last few years lmao
It’s like they told the analysts not to ask about Vision Pro lol
Nailed it! Yee-Haw!!! Charts predicted the news event again!!! Head and shoulders BOTTOM!!! Target now 192.64!!! But now it's gonna be a Fuckin Huge Gap!!! I have to resort to my trading rules for options on earnings, here's the plan for the morning:
Beat & Higher Open (Also works for other Higher Open Pops)
1. Get ask quote at 7:30AM open
2. Sell 1/2 or all except for one of the position 10 ticks higher, 10% higher if trading options (Use 5-25 ticks for stock, 5 for lower dollar stock, 25 for higher dollar stock)
3. Look to sell around 7:41-7:45 AM when price is 2-3 lines above the top BB on the 5 minute daily chart, monitor the daily chart and sell when the price is above the upper daily (5 min) Bollinger Band for the second bar (Second price bar above the upper daily 5 min BB) be quick to cancel and replace at the bid or market...and sell at market if the price falls below the 5 min second bars low.
4. If prices hold up and are stable for a couple of hours(No sell off), then buy into a shorter term higher strike position so you don't miss the rest of the rally.
5. After selling 1/2 or all but one wait until 1:15PM or when most or all of the gap is filled or pulls back to the rising 20 on the 5 min chart to re-buy the other 1/2 or full position again.
6. Buy that other half at the close if price is stable, but sell entire position if prices sell off and go lower for the day
7. Do not place the sell order before the open or you might sell too cheap, remember PNRA + V
Anyone know how bad Vision Pro sales were?
NOTHING here but buybacks to hang your hat on
$189 zone tapped then $193- $$198 if a little more squeeze left. Other then that horrible earnings year over year less revenues and considering inflation should have been better
DELIRIOUS PUMPTARDS BUYING ALL THEY CAN IN AH'S!!!!!!!!!
HYSTERICAL!!!!!!!!
I just love it when shorts get squeezed by the balls!
How about $15 possibly $20. Giddy-up!!
Growth PEAKED, this move is hilarious
TERRIBLE report for a once unstoppable company… but… AI!!!!
Nah you’re right, boomers will keep buying this stock no matter how bad it gets lol
$180 AH!!!! Weeee!!!!! Apple leader will make BB stocks rally big tomorrow imo!
Apple $AAPL Just Reported Earnings: Double Beat
By: Evan | May 2, 2024
• APPLE $AAPL JUST REPORTED EARNINGS
EPS of $1.53 beating expectations of $1.51
Revenue of $90.8B beating expectations of $90.6B
APPLE $AAPL JUST INCREASED ITS DIVIDEND
Apple just declared a quarterly dividend of $0.25 per share up from its previous quarterly dividend of $0.24 per share
Read Full Story »»»
DiscoverGold
~puts is actually where I was first headed
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