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0 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Suhasini Chandramouli: Good afternoon, and welcome to the Apple Q4 Fiscal Year 2024 Earnings Conference Call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded. Speaking first today are Apple CEO, Tim Cook, and CFO, Luca Maestri, and they'll be joined by Kevan Parekh, Vice... |
1 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, Apple is reporting revenue of $94.9 billion, a September quarter record and up 6% from a year ago. iPhone grew in every geographic segment, marking a new September quarter revenue record for the category, and Services set a... |
2 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | experience that builds on Apple Intelligence, and ChatGPT integration, as well as localized English in several countries, including the UK, Australia, and Canada. These features have already been provided to developers and we're getting great feedback. More features will be rolling out in the coming months, as well as ... |
3 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | any other product on the market today, and it's become an essential device in homes, schools, and businesses of all sizes. Recently, we were thrilled to introduce the newest iPad mini, featuring an ultra-compact design built for Apple Intelligence with support for Apple Pencil Pro. It's been a big year for iPad. iPad A... |
4 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | before, including immersive entertainment like the new short film, Submerged, which gives people a view into the unique storytelling power made possible by spatial computing. Vision Pro has more than 2,500 native spatial apps and 1.5 million compatible apps for visionOS 2, as well as applications companies are building... |
5 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | where energy and enthusiasm filled the air. And in stores all over the world, customers are eager to get a closer look at our latest innovations. We also opened two new stores during the quarter and we can't wait to bring four new stores to customers in India. We're passionate about education and believe technology has... |
6 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | wanted to take a moment to recognize his extraordinary service as Apple's CFO and to thank him for his partnership. I am deeply grateful. In his 10 years in the role, Luca has done truly exceptional work in shaping Apple as we know it today. He has helped manage Apple for the long term, thoughtfully and deliberately. H... |
7 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Good afternoon, everyone. And thank you, Tim, for the very kind words. Serving as Apple's CFO has been a real privilege and an amazing journey, and I've greatly appreciated the support from our investors and the analyst community over the years. Kevan is exceptional, and I know you will enjoy interacting ... |
8 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | earnings per share were a $1.64, up 12% year-over-year, and a September quarter record. Operating cash flow was very strong at $26.8 billion, a new September quarter record. Let me now get into more detail for each of our revenue categories. iPhone revenue was $46.2 billion, up 6% year-over-year, and a September quarte... |
9 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | a new all-time high, with over half of customers purchasing an Apple Watch during the quarter being new to the product. And the latest reports from 451 Research indicated customer satisfaction of 96% for watch in the US. Our Services revenue reached an all-time record of $25 billion, growing 12% year-over-year. Service... |
10 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | room. Let me now turn to our cash position and capital return program. We ended the quarter with $157 billion in cash and marketable securities. We repaid $2.6 billion in maturing debt and increased commercial paper by $7 billion, leaving us with total debt of $107 billion. As a result, net cash was $50 billion at the ... |
11 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Suhasini Chandramouli: Thank you, Luca. We ask that you limit yourself to two questions. Operator, may we have the first question, please?
Operator: Certainly. We will go ahead and take our first question from Michael Ng with Goldman Sachs. Please go ahead.
Michael Ng: Hey, good afternoon. I just have two. The first on... |
12 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Thanks, Michael. As I noted in my comments, just this week on Monday, we made the first set of Apple Intelligence features available in US English for iPhone, iPad, and Mac. This includes things like systemwide Writing Tools that help you refine your writing, a more natural conversational Siri, more intellige... |
13 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Michael Ng: Great. Thank you very much. And my second one just for Luca. First, congratulations again, Luca, on the new role and it's been a real privilege being able to spend some time with you. A question that I think will overlap with your new role as well. Could you just talk a little bit about the CapEx outlook an... |
14 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Operator: Our next question is from Erik Woodring with Morgan Stanley. Please go ahead.
Erik Woodring: Great. Thanks so much for taking my questions. I have two as well. Tim, maybe if we start with you, I think each of the last four years you've exited the December quarter with iPhone demand outpacing supply. As we loo... |
15 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Tim Cook: There's a lot there. On Apple Intelligence, we believe it's a compelling upgrade reason. And we'll -- but we just launched it three days ago and so what we've got now from a data point point of view is the number I just referenced that 18.1 has twice the adoption rate of 17.1. So, that clearly shows a level o... |
16 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Yes, Erik. As you know, our gross margins are a factor of many, many variables. Commodities, of course, are important. They're not the only factor. But specifically on commodities, I can tell you that both for the September quarter and what we expect for the December quarter, most commodities are going to... |
17 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Ben, we are not providing that level of color today. Yes, we've said that we expect total company revenue to grow low- to mid-single digits. Keep in mind, Apple Intelligence, as Tim said, is rolling out over time, both features and languages. And we just had a number of exciting launches just this week fr... |
18 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Ben, I could not be more excited about Apple Intelligence and the rollout that we've got in front of us. I'm on the -- I'm obviously on future releases as well, working on it and it's changing my daily life. I'm super excited about the health features that we're rolling out. If the number of emails I'm alread... |
19 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Yes, Amit, I'll take this one. Yes, we are, first of all, very, very happy with -- it's an important milestone. Of course, we've got to a run rate of $100 billion. You look back just a few years ago, and the growth has been phenomenal. We're very pleased. We've got a very diversified portfolio of services... |
20 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Yeah, I'll take the China question. If you look at how we did for the quarter, we were relatively flat year-over-year. And a key component of that improvement relative to the year-over-year performance that we had been achieving is that there was a sequential improvement in foreign exchange. And so that helpe... |
21 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Operator: Our next question is from David Vogt with UBS. Please go ahead.
David Vogt: Great. Thanks everyone for taking my question, and congratulations, Luca. I know Luca, and I know Tim, you don't want to give a lot of granularity, but if I just try to pull together your comments about what the demand environment loo... |
22 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Yeah, David. It's clearly, as you point out, a different cadence, if you will, than we would normally do. As we talked about at WWDC, we wanted to give a comprehensive vision of Apple Intelligence, and we said then that it would rollout over time. And we're right on the, what we said, at WWDC, and so we're ex... |
23 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Wamsi Mohan: Okay. Thanks, Tim.
Tim Cook: Yeah.
Wamsi Mohan: And then, as a follow-up, maybe this is a little premature, but how is Apple at a high level prepared to potentially deal with any tariffs that might come post the selection cycle? And if not exactly how, perhaps you can just help investors think about some o... |
24 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Tim Cook: I think, just to keep it in mind, Apple Intelligence is also available on the Mac for the M-series products and on certain models of iPad, and in addition to the phone. And so, it's on all three. You're quite -- what was your follow-on question?
Krish Sankar: Tim, it does on -- can the Apple Intelligence actu... |
25 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Tim Cook: It's tough to answer your question, because we've been constrained in October on the Pro and the Pro Max. And so, it's really too early in the curve to call the precise mix on the consumer versus the Pro. So, we'll see.
Samik Chatterjee: Okay. And for my follow-up, Tim, during the quarter I think over the las... |
26 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Tim Cook: The way that I view it is that we have lots of opportunity in all of those. And so, there's lots of customers to try to convince to take advantage of it, and we're going to continue investing in the Services and adding new features and -- whether it's News+ or Music or Arcade, that's what we're going to do. K... |
27 | AAPL | 4 | 2,024 | 2024-10-31 17:00:00 | Apple Inc. | 24,937 | Richard Kramer: Okay. Thank you very much.
Suhasini Chandramouli: Thank you, Richard. We'll take our last question, please, operator?
Operator: Our last question comes from Atif Malik with Citi. Please go ahead.
Atif Malik: Thank you for squeezing me in. It seems to us that the spec differentiation between iPhone 16 Pr... |
28 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Suhasini Chandramouli: Good afternoon and welcome to the Apple Q3 Fiscal Year 2024 Earnings Conference Call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded. Speaking first today is Apple’s CEO, Tim Cook, and he'll be followed by CFO, Luca Maestri. After that, we'll open... |
29 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Tim Cook : Thank you Suhasini. Good afternoon everyone and thanks for joining the call. Today, Apple is reporting a new June quarter revenue record of $85.8 billion, up 5% from a year ago and better than we had expected. EPS grew double digits to $1.40 and achieved a record for the June quarter. We also set quarterly r... |
30 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | countries, giving customers the chance to discover the remarkable capabilities of this magical device. Vision Pro users are customizing their own workspaces, watching movies on 100-foot screens, and exploring entire worlds with just a pinch of their fingertips. With more than 2,500 native spatial apps and 1.5 million c... |
31 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | season upon us, MacBook Air is the perfect companion for students on campus and small business owners, developers, and creatives of all kinds depend on Mac to do more than they ever could before. Powered by Apple silicon with its neural engine and privacy built in at the chip level, Macs are simply the best personal co... |
32 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | earlier, in services, we set an all-time revenue record of $24.2 billion with paid subscriptions climbing to an all-time high. We achieve revenue records in the majority of the services categories with all-time revenue records in advertising, cloud, and payment services. Apple TV+ productions are delighting audiences o... |
33 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | technology is technology that works for everyone. And in honor of Global Accessibility Awareness Day, we introduced all new capabilities to give users more ways to take advantage of all our products can do. These include eye tracking for users to control iPhone or iPad visually, music haptics to give those who are deaf... |
34 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Luca Maestri : Thank you, Tim, and good afternoon, everyone. We are very pleased to report a new June quarter revenue record of $85.8 billion, up 5% year-over-year, despite 230 basis points of negative foreign exchange impact. We achieved growth in the vast majority of our markets, with June quarter revenue records in ... |
35 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | And the iPhone Active installed base grew to a new all-time high in total and in every geographic segment. During the June quarter, many iPhone models were among the top selling smartphones around the world. In fact, according to a survey from Kantar, iPhone was the top selling model in the US, urban China, the UK, Ger... |
36 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | the latest reports from 451 Research indicate a customer satisfaction of 97% for watch in the US. In services, total revenue reached an all-time record of $24.2 billion, growing 14% year-over-year. We continue to have great momentum in services, as the growth of our installed base of active devices, sets a strong found... |
37 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | maturing debt and increased commercial paper by $1 billion, leaving us with total debt of $101 billion. As a result, net cash was $52 billion at the end of the quarter. During the quarter, we returned over $32 billion to shareholders, including $3.9 billion in dividends and equivalents and $26 billion through open mark... |
38 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Suhasini Chandramouli : Thank you Luca. We ask that you limit yourself to two questions. Operator, may we have the first question, please?
Operator: Certainly. We will go ahead and take our first question from Erik Woodring with Morgan Stanley. Please go ahead.
Erik Woodring: Great. Thank you very much for taking my qu... |
39 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Yeah, Erik, as you point out, we decreased by 6.5% year-over-year for the whole of Greater China. And if you look at it on a constant currency basis, we declined by less than 3%. So over 50% of the decline year-over-year is currency related. That is an improvement from the first half of the fiscal year, and s... |
40 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Operator: Our next question is from Ben Reitzes with Melius. Please go ahead.
Ben Reitzes: Hey, thanks a lot. Appreciate it. Hey, Tim, you know, now that you've launched or announced Apple intelligence, do you have any ideas on how it may impact services. Would it – do you feel like it'll accelerate your Services busin... |
41 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Sure, Ben. I think I'll give you a bit of the walk for the June quarter and then get into the outlook that we provided for the September quarter. At the total company level, we've reported 46.3%. It is down 30 basis points sequentially, and it was really driven by a different mix. Within products, of cour... |
42 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Mike Ng: That's fair. And then with the focus on upgrader potential over the next several years, I was just wondering if you could talk about what you are expecting from the US promotional environment from your channel partners, whether that's US wireless carriers, given the importance of device sales for those partner... |
43 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Amit Daryanani: Got it. And then I guess your Services growth rates have been extremely impressive for several quarters and it seems like it is accelerated recently. Can you just touch -- talk about when you look at this double-digit growth, how much of that do you think is coming from the installed base growth versus ... |
44 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Yes, Amit, it is Luca. It's a combination of a number of factors. The installed base growth is very important of course, because we have a larger pool of customers that uses the ecosystem and uses our Services. We are seeing and we've seen this consistently for many, many quarters now. We see continued gr... |
45 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Suhasini Chandramouli: Thanks Amit. Operator we will take the next question please.
Operator: Our next question is from Wamsi Mohan with Bank of America. Please go ahead.
Wamsi Mohan: Yes. Thank you so much. Tim, you announced Apple Intelligence, but you also announced partnerships with OpenAI and presumably more comin... |
46 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Yes. Of course, as you said, the foreign exchange continues to be -- this is incremental on a year-over-year basis. And it is one of those things that is outside of our control. We try to hedge our exposures. But it is what it is. We know that when the dollar is strong, our gross margins are affected. The... |
47 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Maybe I'll take the second one first and then pass it over to Luca. In terms of the requirements to run Apple Intelligence, there are system requirements and there are silicon requirements. And so from an iPhone point of view, the iPhone 15 Pro and Pro Max will run Apple Intelligence and the successor product... |
48 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Operator: Our next question is from David Vogt with UBS. Please go ahead.
David Vogt: Great. Two, if I may also. Tim, first one for you. I know it is early days, and you talked about the developers just getting their hands on Apple Intelligence. But when you think about the categories that are currently in the App Stor... |
49 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | David Vogt: Yes. No, that's helpful. I appreciate it. And Luca, just maybe -- I know you didn't give a full rundown of product categories in your prepared remarks. But if I kind of take your comments at face value, I guess what I'm trying to think about is for the next quarter, it sounds like with Services being relati... |
50 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Operator: Our next question is from Atif Malik with Citi. Please go ahead.
Atif Malik: Hi, thank you for taking my question. The first one is for Tim. I know it's early days. The feedback on Apple Intelligence software features like notification summary and reduced interruption focus from the developers who have tried ... |
51 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Operator: Our next question is from Samik Chatterjee with JPMorgan. Please go ahead.
Samik Chatterjee: Yes. Hi. Thanks for taking my question. I guess, Tim, if I can just ask you about Apple Intelligence as well. There is a regulatory aspect as well in certain geographies. You mentioned the staggered launch that you ar... |
52 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Yes, I'll take that one. I think the important thing to remember when you look at the Wearables, Home and Accessories categories is that we have a difficult launch compare. And we've been running that for a few quarters and we still have that because last year had the continued benefit from the AirPods Pro se... |
53 | AAPL | 3 | 2,024 | 2024-08-01 17:00:00 | Apple Inc. | 24,937 | Richard Kramer: Okay. And maybe a quick follow-up for Luca. When we look at the free cash flow margins for the first nine months, they are up materially. And given this year's product mix, can you describe to us what exactly in the Services mix or cost control is driving what seems to be structurally higher free cash f... |
54 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Suhasini Chandramouli: Good Afternoon, and welcome to the Apple Q2 Fiscal Year 2024 Earnings Conference Call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded. Speaking first today is Apple's CEO, Tim Cook, and he'll be followed by CFO, Luca Maestri. After that, we'll ope... |
55 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, Apple is reporting revenue of $90.8 billion and an EPS record of $1.53 for the March quarter. We set revenue records in more than a dozen countries and regions. These include, among others, March quarter records in Latin-Am... |
56 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | exciting product announcement next week that we think our customers will love. And next month, we have our Worldwide Developers Conference, which has generated enormous enthusiasm from our developers. We can't wait to reveal what we have in-store. We continue to feel very bullish about our opportunity in Generative AI.... |
57 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | for Apple, and it's one of the many reasons I'm so optimistic about the future. Turning to Mac. March quarter revenue was $7.5 billion, up 4% from a year ago. We had an amazing launch in early March with the new 13-inch and 15-inch MacBook Air. The world's most popular laptop is the best consumer laptop for AI with bre... |
58 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | segments. Audiences are tuning in on screens large, small and spatial and are enjoying Apple TV+ Originals like Palm Royale and Sugar. And we have some incredible theatrical releases coming this year, including Wolves, which reunites George Clooney and Brad Pitt. Apple TV+ productions continue to be celebrated as major... |
59 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | time period. And we're now using more recycled materials in our products than ever before. Earlier this spring, we launched our first-ever product to use 50% recycled materials with a new M3-powered MacBook Air. We're also investing in new solar and wind power in the U.S. and Europe, both to power our growing operation... |
60 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Thank you, Tim, and good afternoon, everyone. Revenue for the March quarter was $90.8 billion, down 4% from last year. Foreign exchange had a negative year-over-year impact of 140 basis points on our results. Products revenue was $66.9 billion, down 10% year-over-year due to the challenging compare on iPh... |
61 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | around the world. In fact, according to a survey from Kantar, an iPhone was the top-selling model in the U.S., Urban China, Australia, the U.K., France, Germany and Japan. And the iPhone 15 family continues to be very popular with customers. 451 Research recently measured customer satisfaction at 99% in the U.S. Mac re... |
62 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | to grow at a nice pace. This provides a strong foundation for the future growth of the services business as we continued to see increased customer engagement with our ecosystem. Both transacting accounts and paid accounts reached a new all-time high with paid accounts growing double-digits year-over-year. And paid subs... |
63 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | markets, as we set first-half revenue records in several countries and regions, including Latin-America, the Middle East, India, Indonesia, the Philippines and Turkey. These results, coupled with double-digit growth in services and strong levels of gross margin, drove a first half diluted EPS record of $3.71, up 9% fro... |
64 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | at a rate similar to the growth we reported for the first-half of the fiscal year. And we expect iPad revenue to grow double-digits. We expect gross margin to be between 45.5% to -- and 46.5%. We expect OpEx to be between $14.3 billion and $14.5 billion. We expect OI&E to be around $50 million, excluding any potential ... |
65 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Suhasini Chandramouli: Thank you, Luca. We ask that you limit yourself to two questions. Operator, may we have the first question, please?
Operator: Certainly. We will go ahead and take our first question from Mike Ng with Goldman Sachs. Please go ahead.
Mike Ng: Hey, good afternoon. Thank you very much for the questio... |
66 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Yes. We are obviously very excited about the opportunity with Gen AI. We obviously are pushing very hard on innovation on every front and we've been doing that for many, many years. Just during the last five years, we spent more than a $100 billion in research and development. As you know, on the CapEx fr... |
67 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Wamsi Mohan: Okay. Thank you, Tim. And Luca, I was wondering if you could comment a bit on the product gross margins, the sequential step down. You noted both mix and leverage. Any more color on the mix, if you could share if customers are at all starting to mix down across product lines or is this more a mix across pr... |
68 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Erik Woodring: Okay. Very fair. Thank you. And then Luca, maybe to just follow up on Wamsi's comments or question. There's a broad concern about the headwind that rising commodity costs have on your product gross margins. Wondering if you could just clarify for us if we take a step back and look at all of the component... |
69 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Operator: Our next question is from Ben Reitzes with Melius. Please go ahead.
Ben Reitzes: Hey, thanks for the question. And hey, Tim, I was wondering if I could ask the China question again. Is there any more color from your visit there that gives you confidence that you've reached a bottom there and that it's turning... |
70 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Ben Reitzes: Okay. Hey, thanks, Tim. And then my follow-up, I want to ask this carefully though. It's a -- there's a fear out there that, you may lose some traffic acquisition revenue. And I was wondering if you thought AI from big picture and it doesn't have to be on a long-term basis, I mean from a big picture, if AI... |
71 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Our focus on enterprise has been and you know through the quarter and the quarters that preceded it on selling iPhones and iPads and Macs and we recently added Vision Pro to that. And we're thrilled with what we see there in terms of interest from big companies buying some to explore ways they can use it. And... |
72 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Suhasini Chandramouli: Thank you, Krish. Operator, we'll have the next question, please.
Operator: Our next question is from Amit Daryanani with Evercore. Please go ahead.
Amit Daryanani: Thanks for taking my question. I have two as well. You know, I guess, first off on capital allocation, you folks have about $58 bill... |
73 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Amit Daryanani: Fair enough. I figure it's worth trying anyway. If I go back to this China discussion a bit and, you know, Tim, I think your comments around growth in iPhones in Mainland China is really notable. Could you step back, I mean, these numbers are still declining at least Greater China on a year-over-year ba... |
74 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Operator: Our next question is from David Vogt with UBS. Please go ahead.
David Vogt: Great. Thanks guys for taking my question. I'm going to roll the two together, so you guys have them both. So Luca obviously, I'm trying to parse through the outlook for the June quarter. And just based on the quick math, it looks lik... |
75 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Yes, David, on the outlook, I'll only repeat what we said before, and this is the color that we're providing for the quarter. We do expect to grow in total, low-single-digits. And we do expect services to grow double-digits, and we expect iPad to grow double-digits for the rest. I'll let you make assumpti... |
76 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: So a number of things on services. First of all, the overall performance was very strong. As I said earlier, all-time records in both developed and emerging markets. So we see our services do well across the world. Records in many of our services categories. There are some categories that are growing very... |
77 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Sure. We did grow strong double-digit. And so we were very, very pleased about it. It was a new March quarter revenue record for us. As you know, as I've said before, I see it as an incredibly exciting market and it's a major focus for us. In terms of the operational side or supply chain side, we are producin... |
78 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Tim Cook: I can't address the data points. I can only address what our results are. And we did accelerate last quarter, and the iPhone grew in Mainland China. So that's what the results were. I can't bridge to numbers we didn't come up with.
Aaron Rakers: Okay. And then as a quick follow-up, I know you guys haven't tal... |
79 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: I think, Richard, you're asking a really interesting question. We were looking at something similar recently. Obviously, China is by far the largest emerging market that we have. But when we started looking at places like India, like Saudi, like Mexico, Turkey, of course, Brazil and Mexico and Indonesia, ... |
80 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: And if I can add to Tim's comments, Richard, one of the things that when you look over the long arc of time that maybe is not fully understood is that we've gone through a long period of very strong dollar. And what that means given that our company sells more than 60% of our revenue is outside the United... |
81 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Yes, the great thing is, I'm hearing about so many of them. I wouldn't say that one has emerged as the top, right now. The most impressive thing is that similar to the way people use a Mac, you use it for everything. People are using it for many different things in enterprise, and that varies from field servi... |
82 | AAPL | 2 | 2,024 | 2024-05-02 17:00:00 | Apple Inc. | 24,937 | Atif Malik: Thank you.
Suhasini Chandramouli: Thank you, Atif. A replay of today's call will be available for two weeks on Apple podcasts as a webcast on apple.com/investor and via telephone. The number for the telephone replay is 866-583-1035. Please enter confirmation code 0467138 followed by the pound sign. These re... |
83 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Operator: Good day, and welcome to the Apple Q1 Fiscal Year 2024 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions. I would like to turn the call over to Suhasini Chandramouli, Director of Investor Relations. Please go ahead.
Suhasini Chandramouli: Thank you f... |
84 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Thank you. Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, Apple is reporting revenue of $119.6 billion for the December quarter, up 2% from a year ago despite having one less week in the quarter. EPS was $2.18, up 16% from a year ago and an all-time record. We achieved revenue rec... |
85 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Moments like these are what we live for at Apple. They're why we do what we do. They're why we're so unflinchingly dedicated to groundbreaking innovation and why we're so focused on pushing technology to its limits as we work to enrich the lives of our users. As we look ahead, we will continue to invest in these and ot... |
86 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | silicon in 2020, we've been proud to offer our users unmatched performance and power along with a remarkable Neural Engine for artificial intelligence and machine learning. This past fall, we had an amazing launch of the latest generation of Apple silicon for Mac, M3, M3 Pro, and M3 Max. These chips break new ground in... |
87 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Apple Watch Ultra 2 make it easier to answer calls, play and pause music or take a photo with iPhone. I've been deeply moved by the many touching stories about how features like a regular rhythm notification and fall detection helped Apple Watch users when they needed it most. And for the first time ever, users can cho... |
88 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | stores, including our 100th store in Asia-Pacific. Throughout the holidays, our team members pulled out all the stops to help customers find the perfect gift. And I know our U.S. team members are especially excited to begin demoing Apple Vision Pro for our customers tomorrow. At Apple, we live and breathe innovation. W... |
89 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Thank you, Tim, and good afternoon, everyone. Revenue for the December quarter was $119.6 billion, up 2% from last year. During the December quarter a year ago, two unique factors affected our results. First, we had an additional week in the quarter. And second, we had COVID-related factory shutdowns that... |
90 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | to a more favorable mix. Operating expenses of $14.5 billion were at the midpoint of the guidance range we provided and up 1% year-over-year. Net income was $33.9 billion, up $3.9 billion from last year. Diluted EPS was $2.18, up 16% versus last year and an all-time record. And operating cash flow was very strong at $3... |
91 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | compare because during the December quarter last year, we launched the new iPad Pro and iPad 10 generation, and we had an extra week of sales. However, the iPad installed base continues to grow and is an all-time high with over half of the customers who purchased iPads during the quarter being new to the product, and c... |
92 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | leverage Apple products to improve productivity and drive innovation. Target recently added the latest M3 MacBook Pro to their existing deployment of thousands of Mac’s, enabling employees across various departments to do their best work. In emerging markets, Zoho, a leading technology company headquartered in India, o... |
93 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | types of forward-looking information that Suhasini referred to at the beginning of the call. The color we are providing today assumes that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter. And we expect foreign exchange to be a revenue headwind of about 2 percentage poi... |
94 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Suhasini Chandramouli: Thank you, Luca. We ask that you limit yourself to two questions. Operator, may we have the first question please?
Operator: Certainly. We'll go ahead and take our first question from Erik Woodring with Morgan Stanley. Please go ahead.
Erik Woodring: Hey guys, good evening. Thank you for taking m... |
95 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Luca Maestri: Thanks, Erik, for the question. Let's start with the December quarter. As we said, up 11%, $23.1 billion is an all-time record for us, with all-time records in The Americas, in Europe, and the rest of Asia Pac. So it was pretty broad-based geographically, and very strong across all the Services categories... |
96 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Tim Cook: Yes. Hi, Erik. I would say emerging markets are -- have been a very key area of strength for us. If you look at it, India grew -- in revenue terms grew strong double-digits in the December quarter and hit a quarter revenue record. The other emerging markets like Indonesia also hit a quarterly record. And we h... |
97 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Mike Ng: Great. Thank you, Luca. And then, my second question. It was very interesting to hear about some of the enterprise customer investments into Vision Pro. Could you maybe just talk about some of the efforts to support Vision Pro developer ecosystem. And it was also good to hear about the potential upcoming annou... |
98 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Operator: Our next question is from Wamsi Mohan with Bank of America. Please go ahead.
Wamsi Mohan: Yes, thank you so much. I have two questions as well. First on iPhone. There have been concerns around replacement cycles lengthening, China competition intensifying, and you still beat iPhone revenues despite the weaker... |
99 | AAPL | 1 | 2,024 | 2024-02-01 17:00:00 | Apple Inc. | 24,937 | Wamsi Mohan: Great. Thank you, Tim. And as a follow-up, obviously, you're just launching the Vision Pro and it's an entirely new category. It's a price point that's a much higher starting price point relative to most of your other, probably over the last decade, product introductions, but just wondering how would you m... |
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