Apple financials

Today in Apple history: Steve Jobs says Apple is finally debt-free

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Apple is worth more than the entire US energy sector combined
This was a significant moment in Apple's turnaround.
Photo: Ste Smith/Cult of Mac

February 18: Today in Apple history: Steve Jobs says Apple is finally debt-free February 18, 2004: Steve Jobs sends an internal memo to Apple employees revealing that the company is, for the first time in years, totally debt-free.

“Today is a historic day of sorts for our company,” he writes. This marks a big turnaround from the bad old days of the 1990s, when Apple carried more than $1 billion in debt — and faced the danger of bankruptcy.

iPhone up, China down: 7 nuggets from Apple’s earnings call

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Photo of an glass Apple Store with the words
Apple eked out a win thanks to strong iPhone sales last quarter. But not everything was rosy.
Photo: Karl Baron/Flickr CC/Modified by Cult of Mac

Apple’s holiday quarter financial results offer good news for investors. iPhone is doing great! And CEO Tim Cook talked about AI. But there’s rotten news coming out of China.

We pored over the results, and listened to the call Apple executives held Thursday with Wall Street analysts, so you don’t have to. Here’s the information you ought to know.

Strong iPhone sales power Apple back to revenue growth

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Finally! Strong holiday sales propel Apple back to growth.
Photo: Redd F/Unsplash License/Cult of Mac

Apple returned to revenue growth during its most recent critical holiday quarter. The total it took in during the December period went up 2% — that’s after the company experienced declining revenue in each of the four previous quarters.

“Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Apple CEO Tim Cook in a press release Thursday announcing Apple’s fiscal first-quarter results.

What to expect from Apple’s critical holiday quarter earnings results

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Thursday will reveal if Apple's latest earning results snap a long slowdown in revenue.
Photo: Cult of Mac

Apple earning results to be announced Thursday will reveal how well the company performed financially during the all-important holiday quarter of 2023. Analysts predict that revenue stayed steady in the October-through-December timeframe compared to the same period of the previous year, but the Mac-maker will announce a jump in earnings per share.

A strong earnings report might stop a recent slide in APPL share values — the stock price dropped about 5% over the last week or so.

5 upbeat takeaways from Apple’s earnings call

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A rainbow Apple logo looms over a cloudy sky with the sun peeking through. The words
Wall Street isn't happy right now, but Apple sees good days ahead.
Image: Cult of Mac, based on photos by Aaron Burden and Sumudu Mohottige/Unsplash License

Apple stock price dropped over 3% after it announced the results of its most recent financial quarter. But there’s good news mixed with the bad, and that shouldn’t be ignored. CEO Tim Cook and other executives stayed upbeat in a call with investors on Thursday, talking up strong iPhone sales, why Tim loves Apple silicon and more.

Here are the reasons for optimism we found in Apple’s quarterly financial results and call.

Apple brings in record quarterly iPhone revenue

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There's good news about iPhone, but less so for Mac.
Photo: Cult of Mac

The question on whether the iPhone 15 is off to a strong start has been answered. Apple just revealed that iOS handsets brought in more revenue in its most recent financial quarter than ever before.

“Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO.

1 billion subscribers push Apple’s services revenue to all-time high [Updated]

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Apple says more than a billion paid subscriptions pushed services revenues to an all-time high last quarter.
Photo: Goran Bogicevic/Free Stock photos by Vecteezy

The number of people subscribing to Apple services passed the 1 billion mark during the company’s most recent financial quarter, allowing that segment of the company to bring in record revenue.

But total revenue decreased slightly during the June quarter, the third time that’s happened in a row. And the money coming in from all Apple’s hardware groups is down.

Wall Street feels meh about Apple earnings, looks to future

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meh.
Yawn.
Photo: Cult of Mac

Apple is about to reveal the financial results of its most recent quarter, and Wall Street analysts are preparing for a whole lot of ho-hum. They’re predicting a very slight drop in revenue and earnings, during a traditionally slow time of the year for Apple sales.

That said, Apple has a habit of beating analysts’ predictions. So Thursday’s earnings call could be more upbeat than expected.

5 reasons to ignore Apple’s rare revenue dip

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Apple logo overlayed in front of a stormy sky with sun breaking through the clouds, and the text,
Despite a 3% year-to-year drop in quarterly revenue (to "only" $94.8 billion), Apple delivers plenty of reasons for optimism.
Photos: Michael & Diane Weidner and Sumudu Mohottige/Unsplash License/Modified by Cult of Mac

Perhaps the best phrase to describe the results of Apple’s most recent financial quarter is, “It could have been worse.” Total revenue dropped 3% as the company battled inflation and other macroeconomic problems not of its making.

Still, Apple’s quarterly numbers beat the overly pessimistic Wall Street estimates. And there is more good news buried in the results Apple reported Thursday (and in the company’s earnings call with investors). Read on for five reasons to be optimistic about Apple’s future.

Apple brings in robust iPhone revenue but Mac and iPad are down

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The Company posted quarterly revenue of $94.8 billion, down 3 percent year over year, and quarterly earnings per diluted share of $1.52, unchanged year over year.
Apple posts quarterly revenue of $94.8 billion, down 3% year over year.
Photo: Alex Kalinin/Unsplash License/Modified by Cult of Mac

During the first three months of 2023, Apple’s total revenue dropped 3% year over year. iPhone was a bright spot, but revenue from virtually all of the company’s other product segments saw annual declines. CEO Tim Cook blamed the drop on a “challenging macroeconomic environment.”

While the financial news isn’t good, Wall Street had been expecting it to be even worse. AAPL is up in after-hours trading on the news.

Wall Street thinks slowing sales will hit Apple’s bottom line

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Wall Street thinks Apple is just limping along
Market watchers predict a down quarter for Apple.
Photo: Anna Nekrashevich/Pexels

Don’t expect record-breaking profits when Apple reveals its financial results from the first three months of 2023. Quite the opposite. Analysts are predicting that the company’s revenue and profits will be down when compared to the same quarter of 2022.

If true, this will be the second quarter in a row in which global problems cut into Apple’s bottom line.

5 upbeat takeaways from Apple’s optimistic earnings call

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A rainbow Apple logo looms over a cloudy sky with the sun peeking through. The words
Wall Street might not be happy right now, but Apple sees strong growth ahead.
Image: Cult of Mac, based on photos by Aaron Burden and Sumudu Mohottige/Unsplash License

Although Apple’s December 2022 quarter was something of a disappointment, thanks to declines in revenue and profits, company executives accentuated the positives whenever possible during an earnings call with investors on Thursday.

Here are some upbeat developments coming out of Apple’s Q1 2023 financial results, including a significant milestone in active users and a big jump in iPad revenue.

Apple surpasses 2 billion active devices

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A Mac, iPhone and iPad with the words
Apple continues to woo new users and passes another milestone: 2 billion active devices as of February 2023.
Photo: Oleg Ivanov/Unsplash License

Apple’s installed base now exceeds 2 billion active devices, CEO Tim Cook said during Thursday’s earnings call. Although revenue in Apple’s first quarter fell $6.7 billion short of last year’s, the continued growth helped the company achieve what Cook called “a truly incredible milestone.”

Apple’s holiday quarter comes in worse than expected

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$117.2 billion in revenue seems like a lot of money, but Wall Street expected more from Apple
Image: Cult of Mac

Apple’s financial results from the December 2022 quarter include revenue and earnings per share that declined compared to the same period of the previous year. The figures did not live up to analysts’ expectations, which is dropping the share price.

Still, CEO Tim Cook stayed positive: “As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do.”

Wall Street thinks Apple is just limping along

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Wall Street thinks Apple is just limping along
While the final quarter of 2022 looks to have been a poor one for Apple, the future looks brighter.
Photo: Anna Nekrashevich/Pexels

Analysts don’t expect to be wowed when Apple announces the results of its most recent financial quarter Thursday. They predict the company’s revenue declined slightly during the October-through-December period.

Feeding into the prediction is the struggle Apple had meeting iPhone demand during the quarter, which a top market-analysis firm says could have caused a double-digit drop in shipments. Plus, Apple broke tradition by not introducing new Macs.

Huge jump in Mac revenue propels Apple to another record-breaking quarter

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A 25% increase in Mac sales helped Apple beat analysts' expectations during the September quarter.
Photo: Ed Hardy/Cult of Mac

Apple pulled in record revenue during the July-through-September quarter: $90.1 billion, an increase of 8% over the same period of last year. That’s $1.29 in earnings per share, a 4% annual bump. Most of Apple’s signature products experienced revenue growth.

“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.

Why Apple is (nearly) recession-proof

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Apple’s financial results were all the company could ask for.
Analysts expect consumers to keep buying Apple products, no matter what the global economy does.
Graphic: Cult of Mac

Although economists can’t agree whether a global recession is on the way, it’s definitely a possibility. But Apple execs don’t seem to have a lot to worry about – market analysts remain generally upbeat about the company.

Here are comments from a range of experts that are sure to warm Apple CEO Tim Cook’s heart.

Lightning strikes for Apple again, but storm clouds are on the horizon

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Apple warns that supply chain constraints will take a heavy toll in coming months.
Apple warns that supply chain constraints will take a heavy toll in coming months.
Photo: Raychel Sanner/Unsplash License/Cult of Mac

The first three months of 2022 were good to Apple, with revenue setting a quarterly record. But the company warned on Thursday that problems getting components and assembling products will take a nasty chunk out of revenue for the current quarter. The hit will to be between $4 billion and $8 billion.

But there’s also plenty of good news in from the conference call CEO Tim Cook had with investors after Apple’s March quarter results were announced.

Wall Street watches to see how Apple handles global challenges

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Apple MacBook cash dollars money
We'll discover on Thursday how Apple did during Q1 2022. Analysts are moderatly optimistic.
Photo: Ed Hardy/Cult of Mac

Wall Street analysts harbor modest hopes for Apple’s most-recent financial quarter. They predict the company saw its revenue rise by 5% versus the same quarter of 2021.

The iPhone-maker will announce the results of the January-through-March period ahead of Thursday’s quarterly earnings call. Investors will be looking closely to see how the company is managing the ongoing chip shortage, COVID-19 lockdowns at assembly plants, inflation and other challenges.

Chip shortages cripple iPad shipments

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iPadOS 15 split-view multitasking
The global chip shortage hit Apple in the iPads last quarter.
Screenshot: Apple

The lone dark spot in Apple’s otherwise bright Q4 earnings report was iPad. And analysts are out with their estimates of how bad the damage was, with Apple’s quarterly tablet shipments possibly dropping as much as 21% year over year.

The only good news for Apple is that the drop off wasn‘t because of low demand. It couldn’t get the necessary parts to make sufficient devices to meet demand.

Here’s everything you need to know about Apple’s biggest quarter ever

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Despite the challenges of the COVID-19 pandemic, Apple achieved its
Despite the challenges of the COVID-19 pandemic, Apple achieved its "biggest quarter ever," Tim Cook said
Photo: Elena Mozhvilo/Unsplash license

Apple sold a crazy number of iPhones and Macs during the December quarter. And the result is what CEO Tim Cook called the company’s “biggest quarter ever.”

Take a deeper dive into the details to see how Apple was so very successful.

Apple’s boffo quarter easily beats Wall Street expectations

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Apple’s financial results were all the company could ask for.
Multiple products contributed to Apple having a stellar financial results last quarter.
Graphic: Cult of Mac

Apple raked in $123.9 billion in revenue during the last three months of 2021. That’s a year-over-year increase of 11%. More importantly, it’s significantly higher than financial analysts had predicted.

All that revenue led to quarterly earnings per diluted share of $2.10. Again, that solidly beat expectations.

Wall Street expects best-ever Apple quarterly earnings

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Apple MacBook cash dollars money
Apple probably raked in more revenue in the 2021 holiday quarter than in any previous quarter in its history.
Photo: Ed Hardy/Cult of Mac

When Apple reveals its financial results from the holiday shopping season on Thursday, analysts predict the company will announce its best quarter ever.

Whether the Mac-maker meets this lofty goal will have a big effect on its stock price, which has been sliding in recent weeks. 

Apple’s growth in revenue leads to profits but misses expectations

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Apple earnings call Q4 2021: Despite strong iPhone sales, Apple revenues fall short of analyst expectations.
Despite strong iPhone sales, Apple revenues fall short of analyst expectations.
Image: Cult of Mac

Apple revenue during the July-to-September quarter totaled $83.4 billion, up 29% year over year and a new record for the quarter. That lead to an dramatic increase in net income. Revenue from iPhone was up significantly, while iPad, Mac, wearables and services revenue grew by smaller percentages.

But analysts had been expecting more. The consensus was for Apple’s total revenue to be nearly $85B. It’s rare for the company to not exceed these expectations. Apple execs said in a conference call after the announcement that component supply constraints cut revenue by $6B.