Financial
Financial data and analysis
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Announcing ACTIVE: The Apple Investor Conference, June 10, 2025
I’m pleased to announce the next Apple investor event, taking place on Tuesday, June 10, 2025, timed to coincide with Apple’s Worldwide Developers Conference (WWDC25). ACTIVE: The Apple Investor Conference ACTIVE is an in-depth examination of Apple as a business. The event is designed for individual investors, analysts, developers, and others with a stake in the Apple… Continue reading
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Who lost the antitrust case? Google or Apple?
In November of last year I wrote a series of posts regarding the relationship between Google and Apple in light of the antitrust trial that Google was facing. The expected verdict was issued (Google was declared a Monopolist and found to be abusing that position). Many more appeals will follow and a remedy will need… Continue reading
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Announcing WWIC, The Apple Worldwide Investor Conference
I’m thrilled to announce the next Apple investor event, September 19, 2024. Henceforth the events will be called the Apple Worldwide Investor Conference (WWIC). WWIC will examine Apple’s business in-depth using the latest data. In addition to financial review, we will also cover technology, externalities, company culture, brand and competitive stance. We’re maintaining the intimate… Continue reading
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Traffic Acquisition Costs
In June of this year Apple reported that it had paid a total of $100 billion to developers. That is the 18th such figure given in the 10 year history of App Store, making the progress of payments and hence revenue and spending easily trackable. The other regularly reported figure is the business segment revenue… Continue reading
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Lasts Longer
I think Lisa Jackson’s presentation at the September 2018 iPhone launch event was perhaps the most interesting and most profound. Lisa Jackson is Apple’s vice president of Environment, Policy and Social Initiatives. Previously, Ms. Jackson served as Administrator of the U.S. Environmental Protection Agency (EPA). In her role at Apple she has been responsible for the transition… Continue reading
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Preview of the holiday quarter
Every October, at the end of its fiscal year, Apple files its Form 10K or annual report. In this report the company includes a section titled “Capital Assets” which details expenditures for capital equipment. This is last year’s entry: The Company’s capital expenditures were $14.9 billion during 2017. The Company anticipates utilizing approximately $16.0 billion… Continue reading
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Earnings Per Share
Three months ago Apple provided the following guidance: As we move ahead into the June quarter,[…] We expect revenue to be between $51.5 billion and $53.5 billion. We expect gross margin to be between 38% and 38.5%. We expect OpEx to be between $7.7 billion and $7.8 billion. We expect OI&E to be about $400… Continue reading
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Determining The Average Apple Device Lifespan
In The Number I provided a model for estimating the number of active Apple devices at any point in time. The relationship between active devices and cumulative devices sold gives us a rule of thumb that says that 2 out of 3 devices ever sold are active. I propose now that knowing active devices and… Continue reading
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Apple Remarks to Investors in FQ1 2018 Earnings Conference Call, Categorized and Annotated
The following is a transcript of the comments from Tim Cook (CEO) and Luca Maestri (CFO) at Apple’s Q1 2018 Earnings Conference Call February 1, 2018. I color coded my interpretation of the comments into four categories: Grey: Background and promotional commentary Red: Strategy and signals of what management considers important and may include data beyond… Continue reading
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Predicting The Second Quarter
The last quarter of 2016 was Apple’s biggest ever. $78.4 billion in revenues. 78.3 million iPhones. Both records. Earnings of $3.36 ((On shares priced at the time around $105 or 3.2% yield quarterly earnings)) and cash reached new highs. The growth was modest but Services is now not just the second largest revenue but also… Continue reading