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I expect them to miss most metrics, possibly each one. Apple is in an innovation downspiral, eventually it will start being reflected in the earnings. Maybe not yet - probably, but maybe not - but definitely eventually.

Looks like you were wrong.

Total revenue, iPad, Mac, Services and Other revenues are all up. iPhone down slightly, which was expected anyway.
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That’s one way to spin it. Here is another:

Only spin is you backtracking from your earlier comment.
 
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They just posted their best June quarter ever and sequential improvement in iPhone.

Guidance is higher than last year for Q4.

Apple said net income had dropped to $10.04 billion for its fiscal third quarter compared with $11.5 billion a year ago. Revenue rose to $53.8 billion from $53.3 billion a year ago. Apple’s earnings beat analysts’ estimates of $2.10 a share.

Apple has tried to slow the bleeding in its iPhone business with new financing offers and a trade-in program for owners of older models after finding that people are keeping their iPhones longer. In the latest quarter, revenue from iPhone sales fell nearly 12 percent, to $25.97 billion, from a year earlier. In the company’s previous quarter, iPhone sales fell 17 percent.
 
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Apple said net income had dropped to $10.04 billion for its fiscal third quarter compared with $11.5 billion a year ago. Revenue rose to $53.8 billion from $53.3 billion a year ago. Apple’s earnings beat analysts’ estimates of $2.10 a share.

Apple has tried to slow the bleeding in its iPhone business with new financing offers and a trade-in program for owners of older models after finding that people are keeping their iPhones longer. In the latest quarter, revenue from iPhone sales fell nearly 12 percent, to $25.97 billion, from a year earlier. In the company’s previous quarter, iPhone sales fell 17 percent.
Stock is up 3.5% and that’s after being up almost 8% in the last month.

Apple’s biggest growing business right now is AirPods and Apple Watch.
 
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Apple said net income had dropped to $10.04 billion for its fiscal third quarter compared with $11.5 billion a year ago. Revenue rose to $53.8 billion from $53.3 billion a year ago. Apple’s earnings beat analysts’ estimates of $2.10 a share.

Apple has tried to slow the bleeding in its iPhone business with new financing offers and a trade-in program for owners of older models after finding that people are keeping their iPhones longer. In the latest quarter, revenue from iPhone sales fell nearly 12 percent, to $25.97 billion, from a year earlier. In the company’s previous quarter, iPhone sales fell 17 percent.
Right, so iPhone sales fall has slowed.

Profit includes increased tax rates and higher SG&A and R&D expenses, which are fluid. Apple spent more on R&D versus last year. The gross margin of over $20.2B was almost identical to last year.

Stock is up 4% on results because 4/5 business segments showed growth, the top line was still the best June quarter ever, and China showed improvement.
 
You consider a 13% loss on profits their “best” quarter in history? Interesting perspective, but OK.

You think cherry-picking a single number out of several positive ones is enough to declare this a bad quarter? Funny how you went from "most metrics" to honing in on a single one to try and back up your claim, which has been proven false.
 
You think cherry-picking a single number out of several positive ones is enough to declare this a bad quarter? Funny how you went from "most metrics" to honing in on a single one to try and back up your claim, which has been proven false.


Apple’s June quarter revenue showcases just how much revenue growth has been slowing for the company. The Q3 2019 revenue of $53.8 billion just peeks above the Q3 2018 revenue of $53.3 billion.

iPhone revenue had the biggest year-over-year dip going from $29.5 billion in last year’s Q3 to just $26 billion this most recent quarter.
 
That’s one way to spin it. Here is another:

Apple Reports Declining Profits and Slowing Growth, Again

On Tuesday, the Silicon Valley behemoth said that its net income had fallen nearly 13 percent and that its revenue growth had slowed to 1 percent in the latest quarter, with iPhone sales continuing to decline and gains in the company’s services business failing to make up the difference.

https://www.nytimes.com/2019/07/30/technology/apple-earnings-iphone.html
Yeah, according the "Jack Nicas."

The market understands the stock and sent the shares up 4% because the sales were the best ever and there is solid growth in 4/5 businesses.

Falling net income was result of increased R&D, higher taxes and increased SG&A. Not really relevant. Their gross margins are nearly identical.
 
You think cherry-picking a single number out of several positive ones is enough to declare this a bad quarter? Funny how you went from "most metrics" to honing in on a single one to try and back up your claim, which has been proven false.


Apple’s quarterly profit falls as iPhone sales sputter


SAN FRANCISCO — Apple’s iPhone sales are still sputtering while the company tries to offset the decline by milking more money from services such as music subscriptions.

The latest downturn announced Tuesday as part of Apple’s latest quarterly results underscores a big challenge for a company that has been riding the smartphone revolution since 2007.

The iPhone’s waning popularity is the main reason Apple’s profit for the April-June period fell 13% to $10 billion.
 
Apple’s June quarter revenue showcases just how much revenue growth has been slowing for the company. The Q3 2019 revenue of $53.8 billion just peeks above the Q3 2018 revenue of $53.3 billion.

iPhone revenue had the biggest year-over-year dip going from $29.5 billion in last year’s Q3 to just $26 billion this most recent quarter.
Stock is up 4% after hours.
 
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Apple’s quarterly profit falls as iPhone sales sputter


SAN FRANCISCO — Apple’s iPhone sales are still sputtering while the company tries to offset the decline by milking more money from services such as music subscriptions.

The latest downturn announced Tuesday as part of Apple’s latest quarterly results underscores a big challenge for a company that has been riding the smartphone revolution since 2007.

The iPhone’s waning popularity is the main reason Apple’s profit for the April-June period fell 13% to $10 billion.

You think making everything big & bold enhances your argument?

Apple stock price is already up 2.9% in after hours trading. Seems people disagree with you and your "doom & gloom" conclusions.
 
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iPhone install base grew YOY in China.

75% of Apple Watch sales this quarter were to first time buyers.
 
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Yes all eyes on the stock price.

Never mind the disastrous product portfolio.

As long as The Accountant keeps the stock price high, what could go wrong??

That's why I say they should #FIRETHEACCOUNTANT. Because Apple is not a product company anymore.
 
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Apple's share repurchases slowed some from the previous quarter. During the last three quarters respectively, it's bought back about 25 million, 123 million, and 76 million shares.

Since Apple starting buying back shares in FY 2013, it has reduced its outstanding share count from 6.57 billion (split-adjusted) to 4.53 billion. If you held shares over that period of time, you now own 45% more of the company without having to have spent any money to buy additional shares.



EDIT: I should have said, Apple's outstanding share counts have been reduced by those amounts over the last 3 quarters respectively. That, however, isn't necessarily the number of shares repurchased because new shares get issued - e.g., when RSU awards vest.
 
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You think making everything big & bold enhances your argument?

Apple stock price is already up 2.9% in after hours trading. Seems people disagree with you and your "doom & gloom" conclusions.

They can disagree all they want. iPhone sales make up 48% (usually more) of all of Apple’s revenue. And their services revenue is primarily tied to using the iPhone and iPad, like Apple Music and iCloud.

iPhone sales have now declined for three straight quarters and show no signs of reversing. It is the primary reason their profits are down 13% year over year. Next year, profits will be down even further than 13%, and in a year after that...you get the idea.

They haven’t turned a damned thing around, just got better at misrepresenting the numbers as “best quarter ever.” All the warning signs still present to those who wish to see them. Three straight quarters of declining China sales, etc.
 
Yes all eyes on the stock price.

Never mind the disastrous product portfolio.

As long as The Accountant keeps the stock price high, what could go wrong??

That's why I say they should #FIRETHEACCOUNTANT. Because Apple is not a product company anymore.

Oh please. Yes, that's such an adorable claim. But so dead wrong.
 
This quarter underlines that: despite iPhone sales continuing to shrink, the firm's revenues are up, thanks to booming success with its Wearables, Home and Accessories category (so: Apple Watch, mostly, and AirPods) and continued growth of it Services (App Store, Apple Pay, Apple TV, Apple Music etc).

How do people not understand that all of the bolder, RELY ON IPHONE?

Third straight quarter of declining iPhone sales. 12% year over year decline. Revenue is up, while *PROFITS* fell 13%, because of iPhone. Almost all of their Services revenue also depends on iPhone.

This is not good news. One really has to wonder just what the shareholders on Wall Street are thinking.
 
This quarter underlines that: despite iPhone sales continuing to shrink, the firm's revenues are up, thanks to booming success with its Wearables, Home and Accessories category (so: Apple Watch, mostly, and AirPods) and continued growth of it Services (App Store, Apple Pay, Apple TV, Apple Music etc).

How do people not understand that all of the bolder, RELY ON IPHONE?

Third straight quarter of declining iPhone sales. 12% year over year decline. Revenue is up, while *PROFITS* fell 13%, because of iPhone. Almost all of their Services revenue also depends on iPhone.

This is not good news. One really has to wonder just what the shareholders on Wall Street are thinking.

People are wondering alright. But more about your ridiculous rants on Apple supposedly failing.

iPhone sales aren't dropping. They're leveling off. There's a difference. Dropping would be like Samsung going from 80-100million a year down to 40-50 million a year. They sank like the Titanic.

Apple has around 900 million iPhone users last time they reported figures. If they upgrade every 5 years that's still 180 million sales a year. In order for Apple to continue dropping they would actually have to lose active users every quarter. And that's just not happening. In fact Apple specifically stated active installed base of iPhone users is at an all-time high. They also stated that last quarter as well. The cause of lower sales is nothing more than people hanging on to their iPhones longer than previously.
 
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Oh please. Yes, that's such an adorable claim. But so dead wrong.
Their keyboards tend to fail for no reason. Their software is demonstrably low-quality. They haven't entered an important new product category in 4 years. They haven't dominated a new product category in a decade. They cloud offering didn't catch on. Their services offering didn't catch on. Their bluetooth speaker didn't catch on. Siri sucks. iTunes sucks so bad they canceled it. Their attempt at a car was abortive, and they ceded the field to Elon Musk. et cetera. et. cetera.

But heck if they don't do a great job of marketing themselves, of keeping the stock price up and getting The Accountant his bonuses.

As the old saw goes, Apple is a vertically-integrated marketing company.

That's why I think they should #FIRETHEACCOUNTANT.
 
This quarter underlines that: despite iPhone sales continuing to shrink, the firm's revenues are up, thanks to booming success with its Wearables, Home and Accessories category (so: Apple Watch, mostly, and AirPods) and continued growth of it Services (App Store, Apple Pay, Apple TV, Apple Music etc).

How do people not understand that all of the bolder, RELY ON IPHONE?

Third straight quarter of declining iPhone sales. 12% year over year decline. Revenue is up, while *PROFITS* fell 13%, because of iPhone. Almost all of their Services revenue also depends on iPhone.

This is not good news. One really has to wonder just what the shareholders on Wall Street are thinking.

Those things depend, to a great degree, on iPhones, yes.

But they don't depend on new (and increasing) iPhone sales. They depend on iPhone ownership and use. iPhone install base continues to grow, and that's what matters more when it comes to those products and services. (Though they could grow for quite a while even if iPhone install base stopped growing.)

Apple doesn't have a problem with losing iPhone customers or users. The issue is elongating purchase cycles. That issue has been anticipated - even in effect - for quite some time. And Apple has been taking steps - fairly effective ones - to deal with that anticipated reality. The reality is that iPhones remain effective for most people's use needs for a long time. There's less need to upgrade. And Apple has embraced that reality. It, e.g., offers updates for iPhones which are many years old. Rather than that reality being a negative, it's a positive - and Apple has worked on turning it into a positive. iPhones represent even better values because, more often, newly purchased iPhones are going to be used for 3 or 4 or 5 years.

iPhone unit sales peaked in CY 2015 and they've dropped every year since then. That isn't something new and it isn't, for the most part, because of things which Apple has done wrong. It's the reality of a product market that is maturing (or has matured) in many important geographic markets. And it's because iPhones have gotten better and remain useful (relative to what's new) longer.

As for why net income fell: Gross margin was nearly flat - $20.2 billion as compared to $20.4 billion in the year-ago quarter. It may even have been up if we back out the one-time item (from the year-ago quarter) relating to the resolution of lawsuits. So profit didn't fall because Apple made less money selling products and services. It fell mostly for other reasons. For instance, R&D spending increased by 15%, non-operating income fell by 45%, and Apple's effective income tax rate increased from 13.3% to 15.7%.
 
You consider a 13% loss on profits their “best” quarter in history? Interesting perspective, but OK.

Right. Good luck shorting Apple if that's your thing. The headwinds on that one are still pretty impressive.

Do they still make gear I'm interested in? Yes? Wake me end of October so I can ask again, by then I may have rounded up the dough for the school tax and I'll be looking for some Apple gear to fall into my basket.

I don't think I have to spring for Apple stuff every quarter just because you fret over the company's imminent demise. Even Apple is used to my pattern now, I would think. Buy one skip two, buy one skip one, buy two... rinse and repeat, it runs without rest like 7/8 time more or less since 1985 and I ain't dead yet.
 
Their keyboards tend to fail for no reason. Their software is demonstrably low-quality. They haven't entered an important new product category in 4 years. They haven't dominated a new product category in a decade. They cloud offering didn't catch on. Their services offering didn't catch on. Their bluetooth speaker didn't catch on. Siri sucks. iTunes sucks so bad they canceled it. Their attempt at a car was abortive, and they ceded the field to Elon Musk. et cetera. et. cetera.

But heck if they don't do a great job of marketing themselves, of keeping the stock price up and getting The Accountant his bonuses.

As the old saw goes, Apple is a vertically-integrated marketing company.

That's why I think they should #FIRETHEACCOUNTANT.

What's so adorable about your conclusion is that Apple does indeed make products. I own quite a few Apple products myself and they delight every time I use them. The same is true for the millions of repeat customers who open their wallets and purchase Apple products, year after year after year.
 
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