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Tim Cook Expects Apple to Resume Rev. Growth in 3FQ, with Possible iPhone Sales Rise in CN
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Apple (AAPL.US)'s 2FQ revenue fell 4.3% YoY to US$90.75 billion, with revenue from the Greater China segment plummeting 8.1% to US$16.4 billion. While describing China as the world's most competitive market, Apple CEO Tim Cook nevertheless felt good about the company's business in China for the long term, stressing that he is focused on the long-term performance of the Chinese market, not next week. He expected iPhone sales in China to grow in 3FQ, with the possibility of a surprise. Cook forecasted Apple's overall revenue to post low single-digit growth in 3FQ, with the consensus expecting a 1.33% increase to US$82.89 billion. Apple CFO Luca Maestri meanwhile predicted double-digit service and iPad revenue growth in 3FQ, with gross margins ranging from 45.5% to 46.5%. Cook also hinted at the launch of new AI-related products on the earnings call, saying he was very optimistic about the development of generative AI. Apple has been making significant investments, and he looked forward to sharing that with customers as soon as possible. AAStocks Financial News |
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