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2021-04-20
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Apple Earnings Preview: Smashing Quarter For The iPhone
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Below is a discussion of how the iPhone, the larg","content":"<p>The Apple Maven’s pre-earnings coverage continues. Below is a discussion of how the iPhone, the largest of Apple’s segment, will likely outperform in fiscal second quarter.</p><p>The Apple Maven moves on with its coverage of the current quarterly earnings reporting season. Here are a few of the preview articles published so far:</p><ul><li>Mark your calendars for April 28, after the closing bell. The Apple Maven will review Apple earnings report and conference call via live blog, starting at 4 p.m. EST;</li><li>Wall Street analyst estimates are through the roof: a year-over-year increase in revenues and earnings per share of 32% and 53%, respectively;</li><li>The Mac is shaping up to be the most successful segment in the quarter. I see Apple’s PC sales rising by an astounding 50% or more over easy 2020 comps;</li><li>The iPad will face an uphill battle: tablet sales across the industry are expected to fall double digits this quarter. I believe that Apple will do better than average, however.</li><li>In the last several years, Apple stock gained three times morein the two weeks following earnings day than during other, non-earnings related weeks.</li></ul><p>As I continue to dive deeper into Apple’s fiscal second quarter numbers by segment, I turn my attention to the iPhone today.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a969d65f8683b4e0266088aefd59b13\" tg-width=\"970\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone lineup.</span></p><p><b>iPhone: easy comps, solid lineup</b></p><p>The iPhone, not unlike much of the rest of the Cupertino company, will face easy comps this time – the comparable period in a COVID-19 pandemic-stricken 2020 saw revenues land flat, the worst top-line performance since early 2019. This is a good start for fiscal second quarter results.</p><p>Beyond comps, at least one research company expects Apple and other China-based device makers to stand out in the three-month period. Total smartphone shipments are projected to grow by an impressive 50%, with Apple claiming an unusual top vendor status over the past half year.</p><p>The graph below shows revenue growth for the iPhone over the past nine quarters. The upward trend is clear, and seems to be at least partly explained by the success of the most recent device launches:</p><ul><li>The iPhone XS and XR fell short of expectations in 2019 (red dot number 1), after the previous year’s iPhone X seems to have accelerated the upgrade cycle;</li><li>The iPhone 11 marked a recovery in 2020 smartphone sales (red dot number 2), but the rebound was quickly squashed by the COVID-19 crisis;</li><li>The second generation of the iPhone SE was a successful midcycle launch (red dot number 3) that helped to jump-start revenues during the pandemic year, even if momentarily;</li><li>The iPhone 12 captured much of the pent-up demand in the first fiscal year of 2021 (red dot number 4), returning Apple to what seems to be a path of longer-lasting recovery.</li></ul><p><b>The Apple Maven’s take</b></p><p>Apple seems to have a great lineup of iPhones, from the well-received 11 to the budget-oriented SE to the higher-end 5G models launched late last year.</p><p>In fiscal second quarter, the robust smartphone portfolio will meet a recovering consumer in the US, many of whom have recently received the third wave of fiscal stimulus from the government. It is hard to imagine the iPhone not performing well in the post-holiday quarter, especially against easy comps.</p><p>Here are a few questions that remain to be answered:</p><ol><li>Will the higher-end models (i.e. 12 Pro and Pro Max) perform substantially better than the cheaper version (i.e. mini),as some suggest? If so, will ASP (average selling prices) and margins increase beyond expectations?</li><li>Will the global component shortage negatively impact sales in the quarter or revenue expectations for the remainder of 2021?</li></ol>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Earnings Preview: Smashing Quarter For The iPhone</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\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 Earnings Preview: Smashing Quarter For The iPhone\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-20 15:00 GMT+8 <a href=https://www.thestreet.com/apple/iphone/apple-earnings-preview-smashing-quarter-for-the-iphone><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Apple Maven’s pre-earnings coverage continues. Below is a discussion of how the iPhone, the largest of Apple’s segment, will likely outperform in fiscal second quarter.The Apple Maven moves on ...</p>\n\n<a href=\"https://www.thestreet.com/apple/iphone/apple-earnings-preview-smashing-quarter-for-the-iphone\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-earnings-preview-smashing-quarter-for-the-iphone","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196760355","content_text":"The Apple Maven’s pre-earnings coverage continues. Below is a discussion of how the iPhone, the largest of Apple’s segment, will likely outperform in fiscal second quarter.The Apple Maven moves on with its coverage of the current quarterly earnings reporting season. Here are a few of the preview articles published so far:Mark your calendars for April 28, after the closing bell. The Apple Maven will review Apple earnings report and conference call via live blog, starting at 4 p.m. EST;Wall Street analyst estimates are through the roof: a year-over-year increase in revenues and earnings per share of 32% and 53%, respectively;The Mac is shaping up to be the most successful segment in the quarter. I see Apple’s PC sales rising by an astounding 50% or more over easy 2020 comps;The iPad will face an uphill battle: tablet sales across the industry are expected to fall double digits this quarter. I believe that Apple will do better than average, however.In the last several years, Apple stock gained three times morein the two weeks following earnings day than during other, non-earnings related weeks.As I continue to dive deeper into Apple’s fiscal second quarter numbers by segment, I turn my attention to the iPhone today.Figure 1: Apple's iPhone lineup.iPhone: easy comps, solid lineupThe iPhone, not unlike much of the rest of the Cupertino company, will face easy comps this time – the comparable period in a COVID-19 pandemic-stricken 2020 saw revenues land flat, the worst top-line performance since early 2019. This is a good start for fiscal second quarter results.Beyond comps, at least one research company expects Apple and other China-based device makers to stand out in the three-month period. Total smartphone shipments are projected to grow by an impressive 50%, with Apple claiming an unusual top vendor status over the past half year.The graph below shows revenue growth for the iPhone over the past nine quarters. The upward trend is clear, and seems to be at least partly explained by the success of the most recent device launches:The iPhone XS and XR fell short of expectations in 2019 (red dot number 1), after the previous year’s iPhone X seems to have accelerated the upgrade cycle;The iPhone 11 marked a recovery in 2020 smartphone sales (red dot number 2), but the rebound was quickly squashed by the COVID-19 crisis;The second generation of the iPhone SE was a successful midcycle launch (red dot number 3) that helped to jump-start revenues during the pandemic year, even if momentarily;The iPhone 12 captured much of the pent-up demand in the first fiscal year of 2021 (red dot number 4), returning Apple to what seems to be a path of longer-lasting recovery.The Apple Maven’s takeApple seems to have a great lineup of iPhones, from the well-received 11 to the budget-oriented SE to the higher-end 5G models launched late last year.In fiscal second quarter, the robust smartphone portfolio will meet a recovering consumer in the US, many of whom have recently received the third wave of fiscal stimulus from the government. It is hard to imagine the iPhone not performing well in the post-holiday quarter, especially against easy comps.Here are a few questions that remain to be answered:Will the higher-end models (i.e. 12 Pro and Pro Max) perform substantially better than the cheaper version (i.e. mini),as some suggest? If so, will ASP (average selling prices) and margins increase beyond expectations?Will the global component shortage negatively impact sales in the quarter or revenue expectations for the remainder of 2021?","news_type":1},"isVote":1,"tweetType":1,"viewCount":237,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/371817537"}
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