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Daiwa: Apple Inc. (AAPL.US) 2Q Results and Guidance Beat; Strong iPhone Growth, Reiterates Outperform
Daiwa issued a research report stating that Apple Inc. (AAPL.US) delivered 2Q results above market expectations. Revenue rose 17% YoY to USD111.2 billion, USD1.5 billion higher tha...
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Daiwa: Apple Inc. (AAPL.US) 2Q Results and Guidance Beat; Strong iPhone Growth, Reiterates Outperform
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Daiwa issued a research report stating that Apple Inc. (AAPL.US)      delivered 2Q results above market expectations. Revenue rose 17% YoY to USD111.2 billion, USD1.5 billion higher than market forecasts, while EPS was USD2.01, USD0.06 above expectations. During the period, iPhone revenue increased 22% YoY to USD57 billion, services revenue rose 16% YoY to USD31 billion, while iPad and Mac revenue grew 8% and 6%, respectively.

Greater China recorded the strongest performance, with revenue rising 28% YoY to USD20.5 billion, an increase of USD4.5 billion compared with the same period last year. Revenue in the Americas and Europe grew 12% and 14%, respectively, while the rest of Asia posted 25% growth. Management noted that iPhone 17, featuring an upgraded camera, new AI capabilities and other advanced features, drove robust growth.

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Apple expects 3Q revenue to grow 14% to 17% YoY, well above the market expectation of 9%. Gross margin is forecast at 47.5% to 48.5%. Management also announced a new CEO appointment: Tim Cook will transition to Executive Chairman on September 1, with John Ternus succeeding as Chief Executive Officer. Daiwa maintained its Outperform rating on Apple. (ec/u)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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