Apple earnings Q2 2013 round-up

For its fiscal second quarter, which ended March 30, the company said its net income dropped to $9.55 billion , or $10.19 a share, from $11.62 billion, or $12.30 a share, during the same period a year earlier.

Revenue, meanwhile, rose 11 percent to $43.6 billion from $39.19 billion a year before.

Wall street analysts had expected the company to report earnings of $10.07 a share and revenue of $42.59 billion, according to the average of estimates compiled by Thomson Reuters.

2.3 million, or 7%, more iPhones sold year-over-year. 7.7 million units, or 65%, more iPads sold year-over-year. Sales more than doubled in Greater China and Japan.

The company forecast this quarter‘s revenue at $33.5 billion to $35.5 billion, compared to $35 billion in the year-ago quarter and well below consensus of $37.97 billion. Gross margin is expected to decline to a range of 36% to 37%. Brian Marshall of ISI Group argues the revenue projection presages an EPS of about $7, assuming $3.85 billion to $3.95 billion in operating expenses. That is below the Street consensus of $8.74 per share, he notes. Dar calculul asta nu tine seama de probabila reducere a numarului de actiuni in urma buyback-ului, care e o influenta pozitiva asupra EPS.

Apple will return $100 billion by the end of 2015, most of it coming in the form of share repurchases (+50 bn!!). „We concluded that investing in Apple was the best.” „This is the largest share buyback operation of any company in history.” Apple said it will borrow funds and will announce more details about that “in the near future.” (pentru ca majoritatea cash-ului e in strainatate si ar costa impozite aberante la repatriere, iar Apple face lobby impreuna cu altii pentru o vacanta fiscala si pana atunci va utiliza fonduri imprumutate la dobanzi minuscule pentru dividende si buy back). A release out just now from S&P ratings service announced it has assigned an “AA+” rating to any possible debt issuance by Apple, with a “stable” outlook.

„Our teams are hard at work on some amazing new hardware, software and services we can’t wait to introduce this fall and throughout 2014.” – deci nimic nou pana in septembrie, iar ceva cu adevarat spectaculos de-abia la anul. :(

Tim Cook, on payments: „I think it’s in its infancy, Gene. It’s just getting started.”

Per total, se confirma decelerarea cresterii vanzarilor si scaderea profiturilor (data de scaderea marjelor, consecinta a unui mix mai soft din cauza iPad mini si iPhone 4 la pret redus). Apple a facut un „beat” (a depasit asteptarile analistilor) dar nu substantial; a marit cu 15% dividendul si mai ales a marit cu 50 bn programul de buyback pana in 2015.

Probabil ca actiunea va mai creste nitel dar nu masiv pana in toamna cand se prevad noi produse. Sunt curios insa ce ne aduce 2014, e clar ca unul sau mai multe produse complet noi.

2 comments

    1. Una peste alta, se pare ca vestea negativa (lipsa produselor noi peste vara) eclipseaza pt moment vestile pozitive (in primul rand buyback-ul masiv). Adica raliul se amana pentru la vara. Dar buyback-ul si dividendul sporit au pus efectiv un prag sub actiune, caderi masive nu se mai prea pot intampla, deci actiunea o va lalai in zona asta vreo 3-4 luni…

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