Transcript: Here's Everything Tim Cook Said About Apple's Impressive June Quarter Today

[MacRumors]

Apple today reported revenue of $45.4 billion and net quarterly profit of $8.7 billion, or $1.67 per diluted share, in its fiscal third quarter ended June 24.

Apple CEO Tim Cook and CFO Luca Maestri discussed the results on a conference call today. MacRumors has prepared a complete transcript of the call ahead.

Tim Cook

Good afternoon, and thanks everyone for joining us. Today, we're proud to announce very strong results for our fiscal third quarter, with unit and revenue growth in all of our product categories. We'll review our financial performance in detail, and I'd also like to talk about some of the major announcements we made in June at our Worldwide Developers Conference. It was our biggest and best WWDC ever, and the advancements we introduced across hardware, software, and services will help us delight our customers, and extend our competitive lead this fall, and well into the future.

For the quarter, total revenue was at the high end of our guidance range at $45.4 billion. That's an increase of 7 percent over last year, so our growth rate has accelerated in three consecutive quarters this fiscal year. Gross margin was also at the high end of our guidance, and we generated a 17 percent increase in earnings per share. iPhone results were impressive, with especially strong demand at the high end of our lineup. iPhone 7 was our most popular iPhone, and sales of iPhone 7 Plus were up dramatically compared to 6s Plus in the June quarter of last year. The combined iPhone 7 and 7 Plus family was up strong double digits year over year. One decade after the initial iPhone launch, we have now passed 1.2 billion cumulative iPhones sold.

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Article Link: Transcript: Here's Everything Tim Cook Said About Apple's Impressive June Quarter Today

 

[throAU]

apple are doing it wrong, apple are failing in the market place, etc.

 

[Sunny1990]

"One decade after the initial iPhone launch, we have now passed 1.2 billion cumulative iPhones sold."
------------
Well done! Tim Cook Amazing work.

Edit:- 1,200,000,000 that's crazy amount of numbers. Great job Apple

 

[jdillings]

Well done! Tim Cook Amazing work.

Tim's amazing work?! Most of Apple's revenue is coming from the products Steve Jobs created.

 

[anthorumor]

Wow, 1.2 billion of any product sold is very impressive.
And many people doubted Apple could even enter the competitive mobile phone market.

 

[Michaelgtrusa]

Anyone expecting more?

 

[IJ Reilly]

Tallying up the conference call scorecard, I rate this quarter as somewhat disappointing.

incredible: 2
fantastic: 0
amazing/amazingly: 3
big/biggest: 5
best: 5
major: 6
proud: 4
very: 46
great/greater: 17
strong/strongly/stronger/strongest: 19

They did very, very well, with strong and great, and the quarter resulted in excellent numbers of very, but the poor showing of incredible and amazing, and the complete lack of any fantastics, has to be taken as a worrying sign.

 

[throAU]

Tim's amazing work?! Most of Apple's revenue is coming from the products Steve Jobs created.

Apple is far bigger than Steve Jobs. Steve was essentially final QA (which is important, for sure, but...), not a developer, logistics manager, etc.

 

[Dave245]

Tim's amazing work?! Most of Apple's revenue is coming from the products Steve Jobs created.

Oh please, how long are people going to be riding this gravy train Apple is doing great, Tim Cook should get credit! even now that he's DEAD Steve Job's is still getting the credit

 

[HardRain]

I love Apple products, but damn if these numbers don't reveal how terribly overpriced the products are.

 

[nicho]

Oh please, how long are people going to be riding this gravy train Apple is doing great, Tim Cook should get credit! even now that he's DEAD Steve Job's is still getting the credit

Truly the greatest confidence trickster there ever was. Imagine if he'd become president, how many generations of successors' work he could've taken the credit for.

 

[44267547]

Tim's amazing work?! Most of Apple's revenue is coming from the products Steve Jobs created.

Which would only make sense Tim continues to build this Company from where Jobs left it. Jobs selected the best possible candidate to manage and conduct Apple to the success they are today. I would say Tim is doing some amazing work.

 

[Dave245]

Truly the greatest confidence trickster there ever was. Imagine if he'd become president, how many generations of successors' work he could've taken the credit for.

Don't get me wrong, Jobs was great for Apple and he did some amazing work dedicating his life to Apple, BUT it wasn't all Steve Jobs, Johny Ive was also behind Apple's success (Steve wasn't a designer) as were a lot of other people at Apple and Tim Cook had been working at Apple many years before he became CEO. Tim Cook doesn't get enough credit but neither does Johny Ive.

 

[MacsRgr8]

Oh please, how long are people going to be riding this gravy train Apple is doing great, Tim Cook should get credit! even now that he's DEAD Steve Job's is still getting the credit

See it this way: where would Tim & Apple be if Steve hadn't introduced iPod / Mac OS X / iPhone / iPad?
Sure, Steve didn't create them solely by himself, but it was his vision and RDF which led Apple to be able to create them.

But, I give Tim credit for maximising the revenue and profit, by overseeing global sales, managing supply and logistics, expanding the markets and dealing with the huge pressure of being CEO of the world's greatest company.
Tim is doing great as a CEO!

.. but, the products have to be there first.

 

[Feenician]

Don't get me wrong, Jobs was great for Apple and he did some amazing work dedicating his life to Apple, BUT it wasn't all Steve Jobs, Johny Ive was also behind Apple's success (Steve wasn't a designer) as were a lot of other people at Apple and Tim Cook had been working at Apple many years before he became CEO. Tim Cook doesn't get enough credit but neither does Johny Ive.

The trolls are about to swarm you with Jony Ive memes.

 

[Dave245]

See it this way: where would Tim & Apple be if Steve hadn't introduced iPod / Mac OS X / iPhone / iPad?
Sure, Steve didn't create them solely by himself, but it was his vision and RDF which led Apple to be able to create them.

But, I give Tim credit for maximising the revenue and profit, by overseeing global sales, managing supply and logistics, expanding the markets and dealing with the huge pressure of being CEO of the world's greatest company.
Tim is doing great as a CEO!

.. but, the products have to be there first.

This is true and I'm not discrediting Steve Job's at all, he had great vision BUT my point is that give credit where it's due, all the talk of Tim Cook needing to be fired and replaced is getting old. Cook isn't Job's, that doesn't mean he can't lead Apple well and has been doing so since Job's death in 2011. Steve Job's was the front man, but he didn't create or even come up with all the ideas on his own, he often had conversations with Jony Ive over lunch about things that they could change, iPod, iPhone, iPad, iMac and so on.

 

[bbrks]

I love Apple products, but damn if these numbers don't reveal how terribly overpriced the products are.

Sales are huge, so nothing is overpriced. Market is obviously gladly accepting these prices. Nothing we can do about it .

 

[Dave245]

It's time's like this i wish i knew how the stock market worked and brought some Apple stock!

 

[thekeyring]

.. but, the products have to be there first.

Luckily, they are still releasing great products. That's what I find most crazy about all these Apple haters... let everything fall away: The fact Tim Cook isn't as good on stage as Steve Jobs, the hard to describe feeling in your gut that "things were better in the old days" etc. and ask yourself: Are the products any good? I would say yes.

A case in point: The Apple Watch is better than any smartwatch out there, and the hardware is so well designed no one has bothered to criticise it. The bands look like actual watch straps.
[doublepost=1501654925][/doublepost]

Tallying up the conference call scorecard, I rate this quarter as somewhat disappointing.

incredible: 2
fantastic: 0
amazing/amazingly: 3
big/biggest: 5
best: 5
major: 6
proud: 4
very: 46
great/greater: 17
strong/strongly/stronger/strongest: 19

They did very, very well, with strong and great, and the quarter resulted in excellent numbers of very, but the poor showing of incredible and amazing, and the complete lack of any fantastics, has to be taken as a worrying sign.

Apple is such a one trick pony. Look at how dependent they are on Very:

http://imgur.com/a/8BSOC

 

[HardRain]

Sales are huge, so nothing is overpriced. Market is obviously gladly accepting these prices. Nothing we can do about it .

Huge sales don't mean a product isn't overpriced. It just means the hype train is big enough to sustain such overpricing, all the while personal debt continues to skyrocket. Well of course there is something we can do about it, we are the ones driving it..

 

[NMSUballa]

It's time's like this i wish i knew how the stock market worked and brought some Apple stock!

It is rather easy to get started. You find a broker (Fidelity, Scottrade, etc.) and deposit some cash. Then put in a buy order for "AAPL" for the amount of money you are confident investing in. AAPL is Apple's ticker symbol by the way. I got in Apple's stock a couple weeks ago. I hope the 6.5% gains in after hours stays for the open. I doubt it will though.

 

[MH01]

I'll give credit. His strength is talking political BS and pulling in the $$$$$$

 

[Dave245]

It is rather easy to get started. You find a broker (Fidelity, Scottrade, etc.) and deposit some cash. Then put in a buy order for "AAPL" for the amount of money you are confident investing in. AAPL is Apple's ticker symbol by the way. I got in Apple's stock a couple weeks ago. I hope the 6.5% gains in after hours stays for the open. I doubt it will though.

Thank you, i might buy some Apple stock and consider it a great investment.

 

[BigDO]

This is pretty much the reason why Apple products are

Luckily, they are still releasing great products.

No, they are not. They are releasing profitable products, but they are far from great - they are stagnant and predictable.
[doublepost=1501659239][/doublepost]

I'll give credit. His strength is talking political BS and pulling in the $$$$$$

Exactly. He's the boards/shareholders' dream CEO, stable, predictable and a master of minimising overheads while maximising margins.

Too bad it absolutely sucks for tech enthusiasts.

 

[DakotaGuy]

I guess it's exciting. Apples getting richer and I'm getting poorer.