Apple beats by $0.02, beats on revs; iPhone miss expectations as CEO Tim Cook cites supply issues; Macs well ahead of expectations; margins beat
- Reports Q4 (Sep) earnings of $1.29 per share, $0.02 better than the S&P Capital IQ Consensus of $1.27; revenues rose 7.8% year/year to $90.15 bln vs the $88.77 bln S&P Capital IQ Consensus.
- Co reports Q4 iPhone revenue of $42.6 bln vs. $43.4 bln ests and $38.9 last year.
- Co reports Q4 Mac revenue of $11.5 bln vs. $9.4 bln ests and $9.2 bln last year.
- Co reports Q4 iPad revenue of $7.2 bln vs. $7.8 bln ests and $8.3 last year.
- Co reports Q4 wearables revenue of $9.7 bln vs. $9.0 bln ests and $8.8 bln last year.
- Co reports Q4 services revenue of $19.2 bln vs. $20.4 bln ests and $18.3 bln last year.
- Co reports Q4 gross margins of 43.2% vs. 42.3% ests and 42.2% last year.
- "Our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop," said Luca Maestri, Apple's CFO. "We continued to invest in our long-term growth plans, generated over $24 billion in operating cash flow, and returned over $29 billion to our shareholders during the quarter. The strength of our ecosystem, unmatched customer loyalty, and record sales spurred our active installed base of devices to a new all-time high. This quarter capped another record-breaking year for Apple, with revenue growing over $28 billion and operating cash flow up $18 billion versus last year."
- Tim Cook told CNBC that supply constraints exist in the iPhone 14 Pro models. This quarter is eight days of iPhone 14 sales. He said he is slowing the pace of hiring.