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On supply constraints: Cook told me the impact was LESS than the $4 billion - $8 billion he warned about last quarter. Although would not say precisely how bad it was.— Steve Kovach (@stevekovach) July 28, 2022
Apple does not provide a country-wise split of its revenues but the "Rest of Asia-Pacific Region", which includes India, reported revenues of $6.15 billion for the quarter ended June 25, 2022, a 14 percent increase from $5.4 billion in the year-ago period.— Chandra R. Srikanth (@chandrarsrikant) July 29, 2022
Just spoke to Apple CEO @tim_cook who told me:— Emily Chang (@emilychangtv) July 28, 2022
- Apple will continue to invest through downturn but be “deliberate” in spending decisions.
- Expects revenue to accelerate in Sept. despite “some softness in some areas.”
- Saw “significant improvement” in China in supply/demand
This earnings season has really made clear that the companies in FAAMNG aren’t equal. Apple’s moat and customer loyalty with the iPhone is so significant that their revenue was mostly impacted by supply chain issues not reduced demand.— Dare Obasanjo (@Carnage4Life) July 28, 2022
They expect faster revenue growth in Q3. 🤯 https://t.co/H4QylSGe9d
Tim Cook on iPhone:— Patrick McGee (@PatrickMcGee_) July 28, 2022
"We set a June quarter record for both revenue and switchers to iPhone with its advanced performance capability, and ease of use."
(CFO Maestri tells me "switchers" -- people coming from Android - saw double-digit growth)
Apple being very careful not to call a bottom in the silicon shortage but Cook's language suggests things are improving.— Neil Cybart (@neilcybart) July 28, 2022
Just got off the phone with Tim Cook. On hiring: he says Apple will be "deliberate" in hiring. But wouldn't call it a slow down.— Steve Kovach (@stevekovach) July 28, 2022
Important observation as Apple continues to defy macro concerns (just like they did in 08-09 economic downturn). The premium/high-end segments of the market are not as susceptible to downturns as the mid and low-end.— Ben Bajarin (@BenBajarin) July 28, 2022
Apple may see some pullback, but unlikely to be hit as hard.
This is another trophy case moment for Cook and Apple given the macro. Demand holding firm and iPhone 14 product cycle on the way. China down only 1% was a shocker given shutdowns during quarter. Positive call. Combining this with Amazon print, tech bulls will sleep well tonight— Dan Ives (@DivesTech) July 28, 2022
@Apple has "multiple profitable billion dollar" lines & is best positioned in the entire tech industry to continue hiring & attract talent from other firms which are grappling with uncertainty & layoffs.— Neil Shah (@neiltwitz) July 28, 2022
That is what @tim_cook means by "deliberately"!!https://t.co/Z812fI6HGG
i say own it, don't trade it because if you listen to Apple's conference call you will know this company is simply a cut above all others— Jim Cramer (@jimcramer) July 29, 2022
Another important observation within these macro-economic concerns. Businesses with the most diverse revenue streams (ideally across different market segments) can weather economic down turns better.— Ben Bajarin (@BenBajarin) July 28, 2022
Looks like the greatest American companies in big tech are…— Dare Obasanjo (@Carnage4Life) July 29, 2022
"We didn't have enough product to test the demand," Cook says of impact of inflation and other macroeconomic trends on iPad and Mac in last quarter.— Joanna Stern (@JoannaStern) July 28, 2022
A different story from Apple than from Microsoft / Intel this week...
On that 10% fall in Mac sales yoy: Cook told me supply constraints and foreign exchange to blame.— Steve Kovach (@stevekovach) July 28, 2022
Apple Revenue (Billions)— Charlie Bilello (@charliebilello) July 28, 2022
Apple saw China revenue decline 1% in the June quarter because of Covid-related lockdowns in major cities. But iPhone demand remains healthy and the company held up pretty decently even as the broader Chinese smartphone market fell $AAPL https://t.co/jklm9DrnkJ pic.twitter.com/7uY7xhQj9D— Arjun Kharpal (@ArjunKharpal) July 29, 2022
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