O'Grady's PowerPage

Tag: Finance

  • Apple announces 3Q 2021 financial results, reports $21.7 billion profit on $81.4 billion in revenues

    Apple announces 3Q 2021 financial results, reports $21.7 billion profit on $81.4 billion in revenues

    Apple on Tuesday announced the results of its third quarter for 2021. The company posted revenues of $81.4 billion with a net quarterly profit of $21.7 billion, compared to revenue of $59.7 billion and net quarterly profit of $11.25 billion, in the year-ago quarter. Apple’s top-line numbers shattered June quarter records for the company.

    Gross margin for the quarter reached 43.3 percent, compared to 38.0 percent in the year-ago quarter.

    “This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important,” said Tim Cook, Apple’s CEO. “We’re continuing to press forward in our work to infuse everything we make with the values that define us — by inspiring a new generation of developers to learn to code, moving closer to our 2030 environment goal, and engaging in the urgent work of building a more equitable future.”

    As has been the case for over a year now, Apple is once again not issuing guidance for the current quarter ending in September.

    Stay tuned for additional details as they become available.

    Via MacRumors and Apple

  • Rumor: Apple developing “Apple Pay Later” program which would allow Apple Pay purchases to be paid in monthly installments

    Rumor: Apple developing “Apple Pay Later” program which would allow Apple Pay purchases to be paid in monthly installments

    There’s something to be said for paying over time.

    Apple is apparently developing a new service that will allow Apple Pay users to buy products and pay them off in monthly installments. Per Bloomberg, this featureis in development and internally named ‘Apple Pay Later’.

    However, Apple’s service would be directly integrated with Apple Pay. Apple is said to be partnering with Goldman Sachs on the new scheme. Goldman Sachs already serves as the backing bank behind the Apple Card.

    The feature sounds similar to a program currently available to Apple Card users. With Apple Card Monthly Installments, Apple Card owners can already buy iPhones and other Apple devices with 0 percent financing over 24-months. 

    The Apple Pay Later scheme would expand the market, and not require Apple Card ownership. In short, Apple would allow users to easily purchase goods with Apple Pay and have the purchase go on a monthly financing plan. Goldman Sachs will be the underlying lender of the loans for the instalment plans.

    The report also indicates that customers will have to apply and be approved via an application process in the Wallet app.  

    The article stated that both interest-free and interest-accumulating plans will be available:

    The service is currently planned to work as follows: When a user makes a purchase via Apple Pay on their Apple device, they will have the option to pay for it either across four interest-free payments made every two weeks, or across several months with interest, one of the people said. The plan with four payments is called “Apple Pay in 4” internally, while the longer-term payment plans are dubbed “Apple Pay Monthly Installments.

    Stay tuned for additional details as they become available.

    Via 9to5Mac and Bloomberg

  • Apple announces Q3 2021 earnings call for July 27

    Apple announces Q3 2021 earnings call for July 27

    Apple on Wednesday announced that will report and discuss earnings results for the company’s third fiscal quarter of 2021 on Tuesday, July 27.

    The company also announced that it will be holding a call with analysts. The call is scheduled for 2 p.m. Pacific (5 p.m. Eastern) on Tuesday, typically lasts an hour, and will feature CEO Tim Cook and CFO Luca Maestri offering prepared remarks before taking questions from financial analysts.

    During its Q2 2021 earnings call, the company did not provide specific guidance for the third quarter. However, it did note that, while it expects “strong double-digit growth” during the period, it’s also predicting a greater-than-normal sequential decline.

    Per the conference call, Apple is expected to offer updates as to its product line, and while Apple’s June quarters are typically slower, analyst Katy Huberty expects the company to beat both guidance and Wall Street expectations during the period. A combination of stronger-than-usual iPhone demand and App Store estimates leads Huberty to believe that Apple will report a June quarter beat.

    Current Wall Street consensus predicts that Apple will report revenue around $72 billion and an earnings-per-share of $0.99.
    In 2020, Apple reported quarterly revenue of $59.7 billion in the third quarter, up 11 percent year-over-year.

    Stay tuned for additional details as they become available.

    Via AppleInsider and investor.apple.com

  • Apple posts $89.6 billion in revenues, $23.6 billion profit for Q2 2021

    Apple posts $89.6 billion in revenues, $23.6 billion profit for Q2 2021

    The financial returns are in and Apple earned $89.6 billion in revenue for the second fiscal quarter of 2021.

    Released ahead of its customary conference call with analysts, Apple has confirmed revenue of $89.6 billion for the quarter ending March 2021. This represents a year-on-year growth of 54percent from Q2 2020, when Apple reported $58.3 billion at the start of the COVID-19 pandemic. Net profit rose a gargantuan 110 percent to hit $23.6 billion.

    The gross margin for the quarter reached 42.5 percent is up from the year-ago quarter, which was 38.4 percent. Operating expenses for the period were $10.6 billion, above Q2 2020’s $9.5 billion. Diluted earnings per share is reported at $1.40.

    Apple’s record-setting Q1 revenue of $111.4 billion was aided by considerable growth in iPhone sales, due to the release of its iPhone 12 handsets. iPhone revenues hit $42.9 billion, up from $28.96 billion in Q2 2020.

    The record-setting Q1 revenue of $111.4 billion was aided by considerable growth in iPhone sales, due to the release of the iPhone 12 range. Q2 benefits from Q1’s lead, with iPhone revenues hitting $47.9, up from the $28.96 billion seen in Q2 2020.

    Revenues from iPad rose to $7.8 billion for the quarter, up from $.4 billion from one year ago. Mac revenues rose to $9.1 billion, up from $5.4 billion in Q2 2020. Revenues for Wearables, Home, and Accessories rose to $7.8 billion form $6.3 billion from Q2 2020.

    This represents the first full quarter of sales for the iPhone 12 range, as well as the Apple Watch Series 6, the Apple Watch SE, the 2020 iPad, the iPad Air, the HomePod mini, the initial wave of Apple Silicon Macs, and the AirPods Max.

    It’s unknown as to whether Apple’s results met the company’s own internal forecast, as it has refused to issue quarterly forecasts since the start of the pandemic. However, for the Q1 results, CFO Luca Maestri said he expected Apple’s revenue growth to accelerate year-on-year in the second quarter.

    As expected, Apple did not provide a forecast for Q3 2020.

    Stay tuned for additional details as they become available.

    Via AppleInsider

  • iOS 14.5 beta hints at Apple Card, finance-related features for Apple Wallet

    iOS 14.5 beta hints at Apple Card, finance-related features for Apple Wallet

    This could definitely come in handy.

    A number of code references in the iOS 14.5 beta indicate that the updated operating system arrives with new features slated for Apple Card customers.

    First, Apple Card customers could get a featured codenamed “FinHealth.” This seems to indicate that it’ll offer budgeting tools via machine learning that analyze your spending. This also comes as potentially great news for Apple Card owners, as Apple doesn’t allow third-party apps to plug into Wallet for this kind of financial service given privacy concerns.

    Another feature located within the beta is Apple Card Family. Codenamed “Madison,” this feature allows families to share the same Apple Card through iCloud Family Sharing. The card owner can invite others to use it and can track everyone’s spending through Wallet. The owner can set a spending limit for each user and there will be options for parents to monitor their kids’ use of the card.

    As always, stay tuned for additional details as they become available.

    Via The Mac Observer and 9to5Mac