Revenue for the quarter was $35 billion, while analysts' average expectation was for over $37 billion. The shortfall, relative to expectations, came in the iPhone segment. Apple reported selling 26 million iPhones during the quarter. Of major analysts and independents, none predicted less than 27 million iPhones sold. In fact, the average prediction was 29 million. It is worth noting that the 26 million phones sold are the most ever in the June quarter. The iPhone segment is a key to Apple's revenue and profit, with handset and accessory sales representing roughly half of revenue and having the highest margins among main products. Note: Sales of iPads, the second largest segment, met or beat analysts' expectations.
The rise has cooled this year despite Apple reporting its first ever quarter with more than US$100 billion in sales in January, with Apple shares rising only 3.9 per cent since the start of the year versus a nearly 10 per cent rise for the Nasdaq 100, as investors have questioned whether Apple shares are too expensive relative to other tech stocks.
Apple beats Street with biggest June quarter ever
On January 14, 2009, Jobs announced in an internal memo that he would be taking a six-month medical leave of absence from Apple until the end of June 2009 and would spend the time focusing on his health. In the email, Jobs stated that "the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well", and explained that the break would allow the company "to focus on delivering extraordinary products".[118] Though Jobs was absent, Apple recorded its best non-holiday quarter (Q1 FY 2009) during the recession with revenue of $8.16 billion and profit of $1.21 billion.[119]
The busiest week of second-quarter earnings season is upon us. Wall Street will be privy to results from some of the biggest names in technology, with Apple (AAPL (opens in new tab), $155.35), Amazon.com (AMZN (opens in new tab), $124.63), Alphabet (GOOGL (opens in new tab), $114.34), Meta Platforms (META (opens in new tab), $183.17) and Microsoft (MSFT (opens in new tab), $264.84) among those on this week's earnings calendar.
"AAPL's gross margins remain elevated, benefiting from the ongoing shift towards services and better mix within products," says Zino. "Positive tailwinds ahead will include more favorable selling prices and mix towards services while unfavorable forex is expected to act as a headwind over the next several quarters."
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