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Reminder: Apple to Announce Q1 2020 Earnings on January 28

As a reminder for anyone who may have missed the announcement during the holidays, Apple revealed that it will share its earnings results for the first quarter of its 2020 fiscal year on Tuesday, January 28. The financial report should be released at 1:30 p.m. Pacific Time on that day as usual, followed by a conference call with Apple CEO Tim Cook and Apple CFO Luca Maestri at 2:00 p.m. Pacific Time that will be streamed live on Apple's website. Cook and Maestri will discuss the results and field questions from analysts. Apple's guidance for the quarter, which ran September 29 through December 28 of 2019:revenue between $85.5 billion and $89.5 billion gross margin between 37.5 percent and 38.5 percent operating expenses between $9.6 billion and $9.8 billion other income/(expense) of $200 million tax rate of approximately 16.5 percentBy comparison, Apple brought in revenue of $84.3 billion in Q1 2019, despite issuing a rare earnings warning due to declining iPhone sales at the time. The company's all-time quarterly revenue record is $88 billion in Q1 2018. Apple's earnings results will provide some insight into how well the latest iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max models sold during the holiday shopping season. The devices became available to purchase in stores on September 20 in many countries, nine days before the quarter began. Apple's services and wearables categories have also been growing for several quarters, so investors will look to see if that trend continues. (Thanks, Leonard!)

Apple Stock Sets New All-Time High, Closes at $300 Per Share

Apple shares today hit a new all-time high and reached a closing price of $300 following yesterday's New Year's holiday, marking significant growth over the course of the last year. In early January 2019, Apple shares were at $144 after Apple lowered its revenue guidance for Q1 2019 by up to $9 billion, spooking investors. iPhone sales in late 2018 and 2019 saw a major drop in China due to rising ‌iPhone‌ prices and trade tensions, but Apple has managed to boost sales by lowering prices, offering promotions, and introducing the iPhone 11 at a new $699 price point. Apple stock has surged over the course of the last two months thanks to reports of better than expected ‌iPhone 11‌ and 11 Pro sales and reports of stronger than ever AirPods

Apple Shares Reach New All-Time High, But Saudi Aramco to Overtake as World's Most Valuable Company

Apple shares crossed the $269 mark in intraday trading today, setting a new all-time high for the company. However, oil giant Saudi Aramco is set to overtake Apple as the world's most valuable company based on market cap after raising $25.6 billion in the world's biggest initial public offering ever, according to Reuters. The shares are expected to begin trading on the Saudi stock market on December 11. Saudi Aramco only offered a 1.5 percent stake in the company to public shareholders, so the $25.6 billion raised gives it an overall valuation of around $1.7 trillion, topping Apple's market cap of around $1.1

Apple Sets New Q4 Wearables Record in Every Market

Apple CEO Tim Cook today said that Apple set new fourth quarter revenue records for wearables in every market that it operates in thanks to strong sales of the Apple Watch, AirPods, and Beats headphones. Cook said that Apple saw "amazing results" in the wearables, home, and accessories category with revenue hitting $6.5 billion. That's up from $4.2 billion in the year-ago quarter, which is impressive growth. Cook said that Apple is "thrilled" with its wearables category specifically. We're thrilled with the results. As to what's driving it - it's the totality that's driving it. For some people, it's about fitness, for some people it's about health, for some people it's about communication, and for some people, it's about all of the above. I think always-on for the Series 5 is a game changer for many of our users.According to Cook, three quarters of ‌Apple Watch‌ buyers were new to ‌Apple Watch‌. Apple is still "significantly in the build mode" in terms of getting them in the hands of more consumers. Cook also touched briefly on Apple's focus on health. Cook said that Apple plans to improve on Health related efforts that it has now such as medical records and health research, but that there are also "things that we aren't going to talk about just yet," perhaps referring to future ‌Apple Watch‌ features. "There will be a day that we look back and see Apple's greatest contribution to people's health," Cook

Apple's Services Revenue Hits New All-Time High of $12.5 Billion in Q4 2019

Apple's services category, which includes iTunes, the App Store, the Mac App Store, Apple Music, Apple Pay, AppleCare, Apple Arcade, Apple News+ and more, is an important revenue driver for Apple amid flagging iPhone sales, leading Apple to focus more effort on its services category. In the fourth fiscal quarter of 2019, Apple's services segment brought in $12.5 billion, up from $10.6 billion in the year-ago quarter and $11.46 billion in the third quarter of 2019. Services grew 18 percent year-over-year, and Apple said that it saw growth in all regions around the world. Apple CEO Tim Cook said that almost every one of Apple's services set new all-time revenue records, including its search ad business, ‌Apple Music‌, Apple Care, cloud services, and the ‌App Store‌. Apple's services category is now the size of a Fortune 70 company by revenue. 450M paid subscribers across its services. Apple well on the way to surpassing the 500M mark during 2020. For ‌Apple Pay‌, revenue and transactions more than doubled year over year with more than 3 billion transactions, growing four times as fast as PayPal. Apple now has 450 million paid subscribers across its services, and is on its way to surpassing the 500 million mark in 2020. Apple later this week will unveil Apple TV+, a new $4.99 per month streaming television service. ‌Apple TV‌+ revenue will be limited for the first year as Apple is giving it away for free to customers who have purchased a new device, but along with ‌Apple News‌+, ‌Apple Arcade‌, and Apple Card, ‌Apple TV‌+ could drive significant services

Former Apple Lawyer Facing Criminal Charges for Insider Trading

Former Apple lawyer Gene Levoff, who was in charge of enforcing Apple's Insider Trading Policy, is facing criminal charges related to insider trading of Apple stock, reports CNBC. Levoff was today indicted for insider trading, and he is facing six counts of security fraud and six counts of wire fraud. According to the U.S. government, Levoff used inside information from Apple, including financial results before they were published, to sell Apple stock ahead of weaker than expected earnings results between 2011 and 2016 as well as to purchase stock during stronger quarters. This scheme to defraud Company-1 and its shareholders allowed Levoff to realize profits of approximately $227,000 on certain trades and to avoid losses of approximately $377,000 on others. When Levoff discovered that Company-1 had posted strong revenue and net profit for a given financial quarter, he purchased large quantities of stock, which he later sold for a profit once the market reacted to the news.The United States Securities and Exchange Commission first filed charges against Gene Levoff in February, but now he is facing criminal charges in addition to civil charges. Levoff worked for Apple from 2008 to 2018, and prior to when he was fired from the company, he was the senior director of corporate law. Apple declined to comment on the criminal charges filed today, but in February, said the following: "After being contacted by authorities last summer we conducted a thorough investigation with the help of outside legal experts, which resulted in

Apple's Stock Sets New All-Time High

Apple shares are currently trading above the $234 mark on the intraday market, setting a new all-time high for the company. As noted by CNBC, the stock's previous all-time high was $233.47 in October 2018. AAPL has surged nearly 10 percent over the past month, fueled in part by multiple reports indicating that iPhone 11 and iPhone 11 Pro sales have been better than expected so far in several countries, including the United States, China, and India, something that Apple CEO Tim Cook alluded to in a recent interview. Apple is set to report its fourth quarter earnings results on Wednesday, October 30 after the stock market

Apple to Announce Q4 2019 Earnings on October 30

Apple today updated its investor relations page to announce that it will share its earnings results for the fourth fiscal quarter (third calendar quarter) of 2019 on Wednesday, October 30. The earnings results will offer up some insight into how well the iPhone 11, iPhone 11 Pro, and ‌iPhone 11‌ Max did during their first week of availability, though Apple no longer breaks out iPhone unit sales so specific data won't be available. Apple's guidance for the fourth quarter of fiscal 2019 includes expected revenue of $61 to $64 billion and gross margin between 37.5 and 38.5 percent. If on the higher end of the range, Apple's revenue will beat its Q4 2018 revenue of $62.9 billion. Guidance for the holiday quarter provided by Apple in its Q4 earnings results will give us the most insight into how the company's newest iPhones are selling. The quarterly earnings statement will be released at 1:30 PM Pacific/4:30 PM Eastern, with a conference call to discuss the report taking place at 2:00 PM Pacific/5:00 PM Eastern. MacRumors will provide coverage of both the earnings release and conference call on October

Apple Disputes Goldman Sachs Analyst Report Claiming Free Year of Apple TV+ Will Impact Earnings

Goldman Sachs this morning cut its target price for Apple's stock from $187 a share to $165 a share, claiming Apple's plans to give away free access to its upcoming Apple TV+ service will cause a "material negative impact" on earnings because of how the accounting for the service will work. Goldman Sachs' Rod Hall said that Apple would account for the one-year free trial as a combined hardware and services bundle discount, which would show lower hardware profit margins."We believe that Apple plans to account for its 1-year trial for TV+ as a ~$60 discount to a combined hardware and services bundle," wrote Goldman analyst Rod Hall, in a note. "Effectively, Apple's method of accounting moves revenue from hardware to Services even though customers do not perceive themselves to be paying for TV+. Though this might appear convenient for Apple's services revenue line it is equally inconvenient for both apparent hardware ASPs and margins in high sales quarters like the upcoming FQ1′20 to December," Hall added.Apple in a statement to CNBC disputed Goldman Sachs' negative call and said that it does not expect the introduction of ‌Apple TV‌+ to have an impact on its financial results."We do not expect the introduction of ‌Apple TV‌+, including the accounting treatment for the service, to have a material impact on our financial results," the company said in a statement to CNBC.Apple is planning to provide one free year of ‌Apple TV‌+ access to all customers who purchase an iPhone, iPad, iPod touch, ‌Apple TV‌, or Mac, aka any device able to play the service's TV shows and

Apple Becomes Trillion Dollar Company Again

Apple has regained its status as a trillion dollar company by market cap, which is its total outstanding shares multiplied by its stock price. Apple achieved this milestone by hitting a stock price above $221.28 in intraday trading today, giving it a market cap slightly over $1,000,000,000,000 based on its 4,519,180,000 outstanding shares as of July 19, 2019, which the company disclosed in its most recent quarterly 10-Q filing with the SEC. Apple first achieved a trillion dollar valuation in August 2018 with a $207 share price, but the company continues to buy back its shares, which is why it took a higher share price this time around to hit the 13-digit milestone. Apple's stock is up over three percent since it hosted its annual iPhone and Apple Watch event at Steve Jobs Theater yesterday. Apple and Microsoft, valued at around $1.03T, are currently the only U.S. companies with a trillion dollar market cap, but Amazon has achieved the milestone in the past and Google parent company Alphabet has come very

Apple's Stock Surges After U.S. Delays Additional 10% Import Tariff on Products Like Cell Phones and Laptops

Apple's stock has surged around five percent after the United States Trade Representative announced that an additional tariff of 10 percent on approximately $300 billion of Chinese imports will be delayed to December 15 for products such as cell phones, laptop computers, and monitors, per CNBC. Moreover, the USTR said certain products are being removed from the tariff list based on "health, safety, national security and other factors" and will not be subject to the additional tariff of 10 percent whatsoever. It is unclear if this decision applies to any Apple products or accessories. BREAKING: Stocks jump to session highs, Apple surges more than 4.5% after USTR removes items from China tariff list, delays some others including those on cell phones and laptops https://t.co/4gGcxyFOnV pic.twitter.com/AMmid6LZJY— CNBC Now (@CNBCnow) August 13, 2019 The USTR said it will provide additional details and lists of the tariff lines affected by this announcement on its website today. The new tariff kicks in September 1 for the remaining Chinese imports impacted. Note: Due to the political nature of the discussion regarding this topic, the discussion thread is located in our Politics, Religion, Social Issues forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.

Apple Earnings Preview: All Eyes on Next Quarter's Guidance Ahead of New iPhones, Apple Card, and Apple TV+

Apple is set to report its earnings results for the third quarter of its 2019 fiscal year at 1:30 p.m. Pacific Time today. The quarter began March 31, 2019 and ran through June 29, 2019, according to Apple's fiscal year accounting calendar. Apple's guidance for the quarter from April 30:revenue: $52.5 billion-$54.5 billion gross margin: 37-38 percent op. ex.: $8.7 billion-$8.8 billion other income/expense: $250 million tax rate: approximately 16.5 percentApple's guidance suggests it will report its second-best third quarter ever by revenue: 2014: $37.4 billion 2015: $49.6 billion 2016: $42.4 billion 2017: $45.4 billion 2018: $53.3 billion 2019: $52.5+ billionWall Street's revenue estimates average out to $53.39 billion, slightly below the midpoint of Apple's guidance, based on 33 analysts tracked by Yahoo Finance. Earnings per share is estimated to be $2.10. Key Facts and What to Look ForiPhone revenue of $26.5 billion, according to a Bloomberg average. Product launches in the third quarter: 13-inch and 15-inch MacBook Pro refresh on May 21 (excluding entry-level 13-inch model, which was updated in July) and seventh-generation iPod touch on May 28. Apple's guidance for its fourth fiscal quarter, which typically encompasses the launch of at least some new ‌iPhone‌ models in mid-to-late September. Wall Street expects fourth quarter revenue to be $61 billion, down around three percent year-over-year, according to Bloomberg. Apple's revenue in Greater China and any potential commentary regarding the U.S.-China trade war. Apple reported revenue of $9.5

What to Expect From Apple's Second Quarter Earnings Results Today

Apple is set to report its earnings results for the second quarter of its 2019 fiscal year at 1:30 p.m. Pacific Time today. The quarter began December 30, 2018 and ran through March 30, 2019, according to Apple's fiscal year accounting calendar. Apple's guidance for the quarter from January 29:revenue between $55 billion and $59 billion gross margin between 37 percent and 38 percent op. ex. between $8.5 billion and $8.6 billion other income/expense of $300 million tax rate of approximately 17 percent before discrete itemsApple's guidance suggests that it will report at least its third-best second quarter ever based on revenue: 2015: $58 billion 2016: $50.6 billion 2017: $52.9 billion 2018: $61.1 billion 2019: $55+ billionWall Street analysts forecast that Apple will report $57.4 billion revenue, above the midpoint of its guidance, and earnings per share of $2.36, according to 28 estimates averaged by Yahoo Finance. What to Look ForInvestors will be looking for iPhone revenue and Greater China revenue to rebound after Apple issued its first revenue warning in 16 years last quarter due to fewer-than-anticipated iPhone sales, primarily in the Greater China region. Wall Street expects iPhone revenue to be around $30.5 billion, according to six estimates compiled by Bloomberg News. Any potential commentary surrounding Apple's settlement and chipset agreement with Qualcomm. Apple is expected to release its first 5G-enabled iPhones in 2020 with Qualcomm and Samsung modems. Apple's growing services category remains key. Apple's services revenue reached an

18 Key Takeaways From Apple's First Earnings Call of 2019

Apple yesterday reported its earnings results for the first quarter of the 2019 fiscal year. Apple's CEO Tim Cook and CFO Luca Maestri then went on a conference call with analysts to discuss the results. Key takeaways are below. Revenue of $84.3 billion. For financial details, see our earnings report coverage. 1.4 billion active devices at end of quarter. Apple Music now has over 50 million paying subscribers. App Store set single-day spending record: over $322 million on New Year's Day. 1.8 billion Apple Pay transactions in quarter, more than 2x vs. year-ago quarter. Target, Taco Bell, and Jack in the Box stores in U.S. will accept ‌Apple Pay‌ soon. Apple News now has over 85 million monthly active users. ‌Apple News‌ launching in Canada later this quarter. English and French. Apple's gross margin was 34.3% for hardware products and 62.8% for services. Apple remains on track to double its fiscal 2016 services revenue by 2020. Apple now has 360 million paid subscriptions across its services. Apple expects to surpass 500 million paid subscribers across its services in 2020. Wearables revenue driven by "amazing popularity" of Apple Watch and AirPods. Wearables category is "approaching the size of a Fortune 200 company." 506 Apple Stores across 22 regions at end of quarter. Apple ended the quarter with $245 billion in cash plus marketable securities. Apple to provide update on its capital return program in March earnings report. iPhone XR is best-selling iPhone model, then iPhone XS Max, then ‌iPhone XS‌.More coverage:Apple Lowering iPhone Prices in

Apple to Announce Earnings Today Following First Revenue Warning in 16 Years, End of Unit Sales Reporting

Apple is set to report its earnings results for the first quarter of its 2019 fiscal year at 1:30 p.m. Pacific Time today. The quarter began September 30, 2018 and ran through December 29, 2018, according to Apple's fiscal year accounting calendar. Apple issued a rare earnings warning for the quarter on January 2, its first in over 16 years. The revised guidance is as follows:revenue of approximately $84 billion gross margin of approximately 38 percent op. ex. of approximately $8.7 billion other income/expense of approximately $550 million tax rate of approximately 16.5 percent before discrete itemsApple's initial guidance for the quarter on November 1:revenue between $89 billion and $93 billion gross margin between 38 percent and 38.5 percent op. ex. between $8.7 billion and $8.8 billion other income/expense of $300 million tax rate of approximately 16.5 percent before discrete itemsApple's guidance suggests it will report its second-best first quarter results ever, based on revenue, behind its 2018 record of $88.3 billion: 2015: $74.6 billion 2016: $75.9 billion 2017: $78.4 billion 2018: $88.3 billion 2019: $84 billionWhat to Look ForApple's revised guidance suggests it will report its first holiday quarter sales decline since 2001, although it would still be the company's second-best quarter ever in terms of revenue. This is Apple's first earnings report in which it will not disclose iPhone, iPad, or Mac unit sales, a change it announced back on November 1. Apple's financial chief Luca Maestri said Apple may provide qualitative commentary about sales

AAPL Stock Recoups Losses Incurred After Tim Cook Slashed Apple's Revenue Guidance

AAPL shares are currently trading above the $157 mark on the intraday market, recouping virtually all losses incurred since Apple CEO Tim Cook slashed Apple's revenue guidance by up to $9 billion for the first quarter of its 2019 fiscal year. AAPL closed at $157.92 on January 2, immediately prior to Cook revealing the shortfall in an after-hours letter to shareholders, and is now trading just cents below that level. The stock has gradually recovered over the past two weeks since establishing a new 52-week low of $142 on January 3. Apple share price now returned to level before ‌Tim Cook‌’s letter to investors.— Horace Dediu (@asymco) January 18, 2019 Apple originally guided for revenue of between $89 billion and $93 billion in the three-month period ending in December, but revised its estimate to $84 billion due to "fewer iPhone upgrades" than it anticipated, primarily due to "significantly greater" economic weakness than it projected in the Greater China region. The letter sparked concerns among some investors and analysts that Apple has reached "peak ‌iPhone‌," especially given Apple's revelation that it will no longer disclose unit sales in its quarterly earnings reports going forward. While the ‌iPhone‌ accounts for around two-thirds of Apple's revenue, the company has repeatedly touted the continued growth of its services, including the App Store, Apple Music, iCloud, iTunes, and so forth, which combined for a nearly 19 percent increase in revenue on a year-over-year basis in the quarter. Apple is widely expected to launch a streaming TV service this

Apple Faces Second Class Action Lawsuit Threat Over Failing to Warn Investors About Slowing iPhone Demand

New York-based law firm Bronstein, Gewirtz & Grossman has announced it is investigating whether Apple and certain executives violated U.S. federal securities laws after the company lowered its revenue guidance by up to $9 billion for the first quarter of its 2019 fiscal year earlier this week. The law firm is conducting the investigation on behalf of AAPL shareholders, with potential for a class action lawsuit, and encourages affected investors to obtain additional information and assist the investigation by visiting its website. Bernstein Liebhard LLP, another New York-based investor rights law firm, launched a nearly identical investigation of Apple earlier this week. Apple CEO Tim Cook in a letter to shareholders this week disclosed that Apple's revenue for the quarter just ended will be approximately $84 billion, significantly lower than its original guidance of $89 billion to $93 billion, due to "lower than anticipated iPhone revenue, primarily in Greater China." Both investigations contrast the positive language that Cook has previously used when speaking about China with the weaker language used in his letter to shareholders this week, in which he said Apple "did not foresee the magnitude of the economic deceleration, particularly in Greater China."On January 2, 2019, Apple revealed that its revenue for the first fiscal quarter of 2019 would be more than 7% lower than it expected because of "[l]ower than anticipated iPhone revenue, primarily in Greater China, [which] accounts for all of [Apple's] revenue shortfall to [its] guidance and for much more

AAPL Opens at $144, Sliding Nearly 10% After Major Revenue Cut and Down 35% Since Early November

AAPL has opened at $144 today on the stock market, with share prices sliding roughly nine percent after Apple lowered its revenue guidance by up to $9 billion for the first quarter of its 2019 fiscal year. AAPL is down just over 35 percent since closing at $222.22 on November 1, just prior to its last earnings report. In a letter to shareholders on Wednesday, Apple disclosed that its revenue will be lower than its original guidance for the first quarter of its 2019 fiscal year, coming in at approximately $84 billion. Apple originally guided for revenue of $89 billion to $93 billion in the quarter on November 1. The letter said lower than anticipated iPhone revenue, primarily in Greater China, accounts for the entire revenue shortfall. In an internal memo, Apple CEO Tim Cook said he will host an all-hands meeting with employees today at 9:30 a.m. Pacific Time at Apple's Town Hall auditorium on its Infinite Loop campus to answer questions about the shortfall. AAPL was already dragged down by Apple's recent announcement that it will no longer disclose iPhone, iPad, and Mac unit sales starting with its next quarterly earnings report. The move sparked fears among some investors and analysts that Apple had something to hide, particularly regarding slowing iPhone sales. Apple yesterday announced that it will report its earnings for the first quarter of its 2019 fiscal year on January 29.

Microsoft Passes Apple to Become Most Valuable U.S. Company

Microsoft today surpassed Apple to become the world's most valuable publicly traded company as a result of Apple's continually declining share price, reports Business Insider. Microsoft has reached a market capitalization of approximately $814 billion, while Apple's is now slightly less. Apple earlier this year became the world's only trillion dollar publicly traded company, but it lost that status in November and its market cap has steadily declined since then over concerns of weak iPhone sales and its announcement that it will no longer share iPhone, iPad, and Mac sales on a unit basis. According to Bloomberg, Microsoft's market cap has not previously matched Apple's since mid-2010, eight years ago. Microsoft's growing cloud business and strong PC sales made Microsoft one of the few tech companies to grow in value following its September quarter earnings results. Apple's valuation, meanwhile, has fallen more than 20 percent since its own earnings results. Microsoft shares hit a high of $105.94 in intra-day trading, while Apple's have dropped to a low of $170.27. As stock prices fluctuate, Microsoft and Apple are now competing for the most valuable company title with the lead company shifting back and forth.

Apple Loses Trillion Dollar Company Status Due to 10% Slide on Stock Market Since Thursday

AAPL has dipped below the $200 mark at times today, and is down around 10 percent since Apple's earnings report last week, resulting in the company losing its trillion dollar valuation in terms of market capitalization. As of writing, Apple has a market cap of around $950 billion based on its latest share count. Apple on Thursday reported revenue of $62.9 billion during the fourth quarter of its 2018 fiscal year, an all-time record for the July-September period, but the good news was overshadowed by Apple's revelation that it will no longer disclose iPhone, iPad, and Mac sales on a unit basis starting next quarter. The news has sparked concerns among some analysts and investors that Apple may have something to hide, as iPhone unit sales in particular were essentially flat last quarter and could begin to decline in upcoming quarters. Apple's financial chief Luca Maestri said unit sales are "not particularly relevant for our company at this point," as they are "not necessarily representative of the underlying strength of our business." He added that Apple may provide qualitative commentary related to unit sales if the info is valuable to investors. AAPL is also being dragged down by a questionable report claiming Apple has informed its suppliers to halt plans for additional production lines dedicated to the iPhone XR due to "disappointing demand" for the smartphone. Not everyone believes Apple's decision to stop reporting unit sales is a bad one. Apple bull Brian White at Monness Crespi Hardt believes the change "makes perfect sense" as Apple's success is