Apple (AAPL) CEO Tim Cook and his righthand CFO Luca Maestri channeled their inner Wall Street economist on the tech giant's earnings call late Thursday. After a rare earnings miss for Apple, Cook and Maestri used some variation of the phrase "challenging economy" seven times on the earnings call. Both are unusual for the mighty Apple. "The macroeconomic environment this past quarter markedly was more challenging than 12 months ago," Maestri told analysts. Shares of Apple — which fell substantially in pre-market trading on Friday — nevertheless rallied on Friday. The economic challenges to which Cook referred could be seen in Apple's earnings. Apple Earnings Overview Revenue: $117.1 billion versus $121.1 billion expected Adj. earnings per share: $1.88 versus $1.94 expected iPhone revenue: $65.7 billion versus $68.3 billion expected Mac revenue: $7.7 billion versus $9.72 billion expected iPad revenue: $9.4 billion versus $7.7 billion expected Wearables: $13.4 billion versus $15.3 billion expected Services: $20.7 billion versus $20.4 billion expected Wins: 1) China demand appears to be gaining steam; 2) $50 billion plus in cash on the books; 3) Supply constraints have pretty much ended. Misses: 1) No March quarter revenue guidance again; 2) Executive tone negative on the economy; 3) Weak wearables sales due to economic conditions. https://news.yahoo.com/apple-stock-tim-cook-economy-outlook-earnings-160945327.html submitted by /u/Unique-Nothing9257 [comments]
