Apple’s Earnings Call notes

Apple – Apple Financial Results – Q1 2015.

My notes:

74M iPhones +46%, 687$ avg, >$50B sales

Tim Cook sees long runway for iPhone 6 because:

-small fraction of installed base upgraded (most to come)
-tons of android switchers
-new users

5.5M macs +14% $6.9B sales
21.5M iPads. No changes – still bullish over the long arc of time, but nothing special coming, apart from IBM partnership for enterprise verticals

App store +41%
iOS developers earned $25B in total
>1 bn iOS devices sold in total
75B revenue in quarter
18B earnings
EPS +48% 3.06$
33.6B cash from operations
Apple Pay: 2/3 of all contactless payments in US
Apple Watch shipping in April
China +70% sales, double iPhone sales
Margin 39.9%
178B in cash
8B returned to shareholders – in total 103B, of which 57B just in the last year
In April will update return program
Guidance 52-54B
Margin 38.5-39.5
Divident for quarter 0.47$ for shareholders of Feb 9
Sales -4% because of US$ appreciation, mitigated somewhat by hedging
Next Q even stronger currency headwinds – about 5%
Gross market % impacted by about 1% – but already included in guidance

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