Apple's Earnings Smasher: No Room For Bearishness

seekingalpha2021-04-29

Summary Apple delivered flawless fiscal second quarter results across its product portfolio and geographical segments. The earnings smasher was further enabled by easy comps and lingering stay-at-...

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精彩评论

RYukyo
2021-05-24
RYukyo
Yes...buy on dips.
Finree
2021-05-14
Finree
Buy on weakness!
377tkr
2021-05-13
377tkr
I use only iPhone n ipad
- 377tkr:
  Pls give a like. Thanks
Topwong
2021-05-13
Topwong
But why is it falling? 🤪
tungleh
2021-05-13
tungleh
I am using laptop with Windows but my wife is using Macbook Pro. She prefers Apple product, and I can see why. Haha... Just that I still prefer to use different vendor. Haha.
- tungngie:
  i see
tungngie
2021-05-12
tungngie
I still prefer to use laptop with windows, but apple is really gaining lots of popularity in all its hardware and services, and seem like playing well in china. Hehe. Go go Apple.

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple's Earnings Smasher: No Room For Bearishness\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-29 16:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4422326-apple-earnings-smasher-no-room-for-bearishness-aapl><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nApple delivered flawless fiscal second quarter results across its product portfolio and geographical segments.\nThe earnings smasher was further enabled by easy comps and lingering stay-at-...</p>\n\n<a href=\"https://seekingalpha.com/article/4422326-apple-earnings-smasher-no-room-for-bearishness-aapl\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AAPL","symbol_name":"苹果","start_time":0,"source_url":"https://seekingalpha.com/article/4422326-apple-earnings-smasher-no-room-for-bearishness-aapl","article_id":"1198510299","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1198510299","pubTimestamp":1619686706,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Apple delivered flawless fiscal second quarter results across its product portfolio and geographical segments.The earnings smasher was further enabled by easy comps and lingering stay-at-home tailwinds.Apple is approaching all-time highs. But, due to substantially higher 2021 projected EPS, I estimate that P/E has dipped to pre-pandemic levels.iPhone growth of 66%, supported primarily by the strong performance of the Pro and Pro Max models;iPad growth of 79%, which compares favorably to Microsof","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"AAPL":"苹果"},"translate_title":"苹果财报：没有看空的空间","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AAPL":0.9},"content_text":"Summary\n\nApple delivered flawless fiscal second quarter results across its product portfolio and geographical segments.\nThe earnings smasher was further enabled by easy comps and lingering stay-at-home tailwinds.\nApple is approaching all-time highs. But, due to substantially higher 2021 projected EPS, I estimate that P/E has dipped to pre-pandemic levels.\n\nPhoto by Drew Angerer/Getty Images News via Getty Images\nIn my earnings preview, I sounded skeptical that Apple (AAPL) could see its stock climb solely on the back of above consensus fiscal second quarter results. In my view, the bar was set high enough. Bullishness would most likely be triggered, if at all, by (1) reinstatement of guidance and/or (2) lavish cash return to shareholders, in the form of higher dividends or share repurchases.\nYes, Apple provided partial guidance for fiscal third quarter, and both the dividend and buyback programs were boosted. But what impressed the most, in my opinion, was the extent of Apple's Q2 beat.\nThe company's performance bordered \"unbelievable,\" as Morgan Stanley's analyst pointed out during the conference call. With a historic earnings smasher, Apple made sure to leave no room for post-earnings bearishness.\nEarnings crusher\nAnalyzing Apple's results was relatively easy this time. Virtually all metrics climbed substantially YOY – from total company and per-segment revenues to margins, earnings and cash flow. There was virtually no bad news to speak of.\nBelow are the highlights of Apple's results, delivered on April 28. To the best of my knowledge, none of the figures below are typos, as much as they might seem to be.\nSource: DM Martins Research, data from company report\n\niPhone growth of 66%, supported primarily by the strong performance of the Pro and Pro Max models;\niPad growth of 79%, which compares favorably to Microsoft's (MSFT) 12% increase in Surface revenues and the broad industry's projected double-digit decline in tablet unit sales in first calendar quarter;\nMac growth of 70%, a result of (1) a strong lineup of M1-equipped devices and (2) stay-at-home trends still playing a crucial role in global markets, particularly Europe;\nServices growth of 27% that, contrary to popular belief, accelerated compared to pre-pandemic levels;\nGreater China growth of 87%, due in part to the country being ahead in the COVID-19 cycle, definitely turning this market from a 2015-2020 loser into a winner over the past six months;\nGross margin expansion of over four percentage points due to cost savings and favorable mix;\nOp margin expansion of more than eight percentage points due to gross margin increase and gains of scale.\n\nTo be fair, a few one-off factors may have helped to turn an otherwise strong second quarter into a record-shattering one. The odd timing in the launch of the iPhone 12 in 2020 created a revenue gap in the holiday period that is still being smoothed out today. Also, COVID-19 has lasted longer than some may have wished in parts of the world, extending the stay-at-home tailwinds.\nStock is cheap again\nWith impressive results under the belt, Apple climbed modestly after the closing bell. Between the regular and after-hours trading sessions, the stock gained about 1.5%, pushing shares closer to their all-time high of $143.\nDespite the small earnings day gains, Apple exits this season a more affordable stock. The math is fairly simple:\n\nThe monstrous 42-cent Q2 EPS beat alone should push fiscal 2021 consensus higher, to $4.87;\nGuidance for Q3 was incomplete, but I conservatively estimate that it points at another 20-cent gap to consensus, at least. Both quarters combined add up to new fiscal 2021 EPS expectations of about $5.10.\n\nData by YCharts\nApple's after-hours share price of $136 divided by a conservative $5.10 in fiscal 2021 EPS suggests a current-year P/E of only 26.8x. This is roughly in line with AAPL's pre-pandemic valuation multiple, and lower than those of tech peers whose stocks are sometimes considered \"value,\" like Facebook (FB) and Alphabet (GOOG)(NASDAQ:GOOGL). See chart above.\nJust like that, following a killer earnings report, Apple stock starts to look cheap once again – despite shares having climbed about 90% in the past 12 months alone.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":131301759,"gmtCreate":1621824785171,"gmtModify":1634186309117,"author":{"id":"3580445955391890","authorId":"3580445955391890","name":"RYukyo","avatar":"https://static.tigerbbs.com/390194fd6f59520ee0b7649e7fabb953","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3580445955391890","authorIdStr":"3580445955391890"},"htmlText":"Yes...buy on dips.","listText":"Yes...buy on dips.","text":"Yes...buy on dips.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/131301759","repostId":1198510299,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":198861248,"gmtCreate":1620951427084,"gmtModify":1634195066325,"author":{"id":"3578179845340728","authorId":"3578179845340728","name":"Finree","avatar":"https://static.tigerbbs.com/90e0afcf8b7bfce8ce34256846ba6981","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3578179845340728","authorIdStr":"3578179845340728"},"htmlText":"Buy on weakness!&nbsp;","listText":"Buy on weakness!&nbsp;","text":"Buy on weakness!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/198861248","repostId":1198510299,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":191472068,"gmtCreate":1620904074954,"gmtModify":1634195428243,"author":{"id":"3582001642809284","authorId":"3582001642809284","name":"377tkr","avatar":"https://static.tigerbbs.com/25cbfadab64a300119ffe30a37937ff2","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3582001642809284","authorIdStr":"3582001642809284"},"htmlText":"I use only iPhone n ipad","listText":"I use only iPhone n ipad","text":"I use only iPhone n ipad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/191472068","repostId":1198510299,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4398255,"gmtCreate":1621564308755,"gmtModify":1635403937800,"authorId":3582001642809284,"author":{"id":3582001642809284,"idStr":"3582001642809284","authorId":3582001642809284,"name":"377tkr","avatar":"https://static.tigerbbs.com/25cbfadab64a300119ffe30a37937ff2","vip":1,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191472068,"type":1,"supId":0,"prevId":0,"content":"Pls give a like.  Thanks","text":"Pls give a like.  Thanks","html":"Pls give a like.  Thanks"}],"langContent":"EN"},{"id":191190066,"gmtCreate":1620862018155,"gmtModify":1634195849115,"author":{"id":"3580330681390064","authorId":"3580330681390064","name":"Topwong","avatar":"https://static.tigerbbs.com/5f391750e9e61481646f8b96856d14d2","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3580330681390064","authorIdStr":"3580330681390064"},"htmlText":"But why is it falling? 🤪","listText":"But why is it falling? 🤪","text":"But why is it falling? 🤪","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191190066","repostId":1198510299,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":191101075,"gmtCreate":1620861592997,"gmtModify":1631884222187,"author":{"id":"3581840130059040","authorId":"3581840130059040","name":"tungleh","avatar":"https://static.tigerbbs.com/862170607dcc04a30a6db5b2beb5c8c9","vip":1,"hat":"https://static.tigerbbs.com/d30fc324d24ff33075e053005564f0df","crmLevel":2,"crmLevelSwitch":0,"idStr":"3581840130059040","authorIdStr":"3581840130059040"},"htmlText":"I am using laptop with Windows but my wife is using Macbook Pro. She prefers Apple product, and I can see why. Haha... Just that I still&nbsp;prefer to use different vendor. Haha.&nbsp;","listText":"I am using laptop with Windows but my wife is using Macbook Pro. She prefers Apple product, and I can see why. Haha... Just that I still&nbsp;prefer to use different vendor. Haha.&nbsp;","text":"I am using laptop with Windows but my wife is using Macbook Pro. She prefers Apple product, and I can see why. Haha... Just that I still prefer to use different vendor. Haha.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/191101075","repostId":1198510299,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4314243,"gmtCreate":1620906128702,"gmtModify":1635496256344,"authorId":3576456086582950,"author":{"id":3576456086582950,"idStr":"3576456086582950","authorId":3576456086582950,"name":"tungngie","avatar":"https://static.tigerbbs.com/988bf89c2727c98e8bd27200a813c1b2","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191101075,"type":1,"supId":0,"prevId":0,"content":"i see","text":"i see","html":"i see"}],"langContent":"EN"},{"id":193814833,"gmtCreate":1620779406322,"gmtModify":1634196409664,"author":{"id":"3576456086582950","authorId":"3576456086582950","name":"tungngie","avatar":"https://static.tigerbbs.com/988bf89c2727c98e8bd27200a813c1b2","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3576456086582950","authorIdStr":"3576456086582950"},"htmlText":"I still prefer to use laptop with windows, but apple is really gaining lots of popularity in all its hardware and services, and seem like playing well in china. Hehe. Go go Apple.","listText":"I still prefer to use laptop with windows, but apple is really gaining lots of popularity in all its hardware and services, and seem like playing well in china. Hehe. Go go Apple.","text":"I still prefer to use laptop with windows, but apple is really gaining lots of popularity in all its hardware and services, and seem like playing well in china. Hehe. Go go Apple.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/193814833","repostId":1198510299,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":160,"commentSize":68,"repostSize":0,"favoriteSize":3,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1198510299"}