O'Grady's PowerPage

Tag: Q2

  • Apple to hold Q2 2024 earnings call on Thursday, May 2nd

    Apple to hold Q2 2024 earnings call on Thursday, May 2nd

    You might want to carve out a few hours for Apple’s financial returns on May 2nd.

    Per MacRumors, Apple on Thursday announced that its next quarterly earnings conference call will be held on Thursday, May 2, at 2 p.m. Pacific Time.

    As usual, the call will be streamed live on Apple’s investor website, Apple’s CEO Tim Cook and CFO Luca Maestri will discuss the company’s earnings results for the second quarter of the 2024 fiscal year. The period covers the recent quarter, which ran from December 31, 2023, through March 30, 2024, Apple launched the Vision Pro headset in the U.S., and it updated the 13-inch and 15-inch MacBook Air models with its latest M3 chip.

    Apple has not offered any formal guidance as to what to expect since early 2020, although Yahoo Finance has noted that analysts expect the company to report quarterly revenue of $90.6 billion on average. Apple reported $94.8 billion in revenue in the year-ago quarter.

    Stay tuned for additional details as they become available.

    Via MacRumors, Apple, and Yahoo Finance

  • Netflix drops Basic ad-free tier, pushing users towards more expensive subscription offerings

    Netflix drops Basic ad-free tier, pushing users towards more expensive subscription offerings

    If you love Netflix’s cheapest ads-free tier, you may have to say goodbye soon.

    According to The Verge, Netflix, which stopped letting new users sign up for its “Basic” ads-free tier in the summer of 2023, just before its ad tier launched, announced during its quarterly earnings report that this will change in 2024.

    Per the announcement, the ads-free Basic tier would be phased out entirely, starting with the UK and Canada in Q2 2024, with the US and other countries to follow.

    The move is seen as an effort to push users to more lucrative subscriptions. Users will have to choose to either spend $15.49 on 1080p ads-free content or $6.99 for ad-supported content.

    Netflix has offered the following statement on the matter:

    “In Q4’23, like the quarter before, our ads membership increased by nearly 70 percent quarter over quarter, supported by improvements in our offering (e.g., downloads) and the phasing out of our Basic plan for new and rejoining members in our ads markets.

    The ads plan now accounts for 40 percent of all Netflix sign-ups in our ads markets and we’re looking to retire our Basic plan in some of our ads countries, starting with Canada and the UK in Q2 and taking it from there.”

    Netflix has continued to boost its prices as well as change its subscription tiers to ensure the swath of content it buys can be paid for with maximum profits.

    Netflix also announced it struck a 10-year deal with WWE to air “Monday Night RAW” in its content lineup.

    Stay tuned for additional details as they become available.

    Via AppleInsider and The Verge

  • Apple reports Q2 2023 financial results, cites $24.16 billion profit on $94.8 billion in revenues for quarter

    Apple reports Q2 2023 financial results, cites $24.16 billion profit on $94.8 billion in revenues for quarter

    It was a 3 percent drop for the quarter, but the numbers still looked good.

    Apple on Thursday officially reported earnings for Q2 2023, posting quarterly revenue of $94.8 billion, down 3 percent year-over-year. Earnings-per-share came in at $1.52, unchanged year-over-year. Net profits for the quarter came in at $24.16 billion.

    Apple also set a March quarterly record for iPhone revenue and a new all-time high for Services.

    While Apple no longer reports unit sales for any of its products but instead reports a breakdown of revenue by product category. The full breakdown for the fiscal Q1 2023, compared to fiscal Q1 2022 numbers, went as follows:

    iPhone: $51.33 billion ($48.84 billion estimated)

    Mac: $7.17 billion ($7.80 billion estimated)

    iPad: $6.67 billion ($6.69 billion estimated)

    Wearables, Home, and Accessories: $8.76 billion ($8.43 billion estimated)

    Services: $20.91 billion ($20.97 billion estimated)

    Apple CEO Tim Cook offered the following comments regarding the financial report:

    “We are pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment, and to have our installed base of active devices reach an all-time high. We continue to invest for the long term and lead with our values, including making major progress toward building carbon neutral products and supply chains by 2030.”

    Apple CFO Luca Maestri offered the following:

    “Our year-over-year business performance improved compared to the December quarter, and we generated strong operating cash flow of $28.6 billion while returning over $23 billion to shareholders during the quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $90 billion for share repurchases. We are also raising our quarterly dividend for the eleventh year in a row.”

    Stay tuned for additional details as they become available.

    Via 9to5Mac and Apple

  • Netflix begins cracking down on password sharing in several counties, change to arrive in the United States in Q2 2023

    Netflix begins cracking down on password sharing in several counties, change to arrive in the United States in Q2 2023

    Netflix has begun cracking down on the password sharing that you’ve come to know and love.

    The company has begun enforcing the crackdown in Canada, New Zealand, Portugal, and Spain. In its quarterly earnings report on Wednesday, Netflix revealed that it would expand its paid password sharing system to the United States within the next three months.

    The new system, which has been launched in four countries, prevents users from sharing passwords with users outside of their households by requiring a device be logged into a Netflix account to log into the home Wi-Fi network of that account at least once every 31 days.

    The service uses data such as IP addresses, account activity, and device IDs to “determine whether a device signed into your account” is actually associated with the account’s primary location. Logging in once every 31 days ensures that Netflix considers your equipment to be a trusted device, even if you’re away from your primary location. If you happen to be away from your primary location for an extended period of time, the device may be blocked from watching Netflix. Users can request a temporary access code to continue watching.

    The company also allows users to pay an extra monthly fee for a “sub-account” for people they don’t live with.

    The “broad rollout” to additional countries, including the United States, will begin in Q2. Starting sometime between now and the end of June. The full list hasn’t been announced just yet, but Netflix has confirmed that the US is included.

    Netflix has also reiterated that there are over 100 million households currently sharing passwords, which “undermines our ability to invest in and improve Netflix for our paying members.”

    Ahead of the implementation of anti-password sharing features, you can visit your Netflix account settings to view devices currently logged into your account. This page also showed details on the location and IP addresses of those devices. This location information is what Netflix will use when determining the “primary location” of your account and associated devices.

    Stay tuned for additional details as they become available.

    Via 9to5Mac and q4cdn

  • Apple announces $97.3 billion in revenue, $25 billion profit for Q2 2022

    Apple announces $97.3 billion in revenue, $25 billion profit for Q2 2022

    Apple on Thursday announced its Q2 2022 earnings, the company posting revenue of $97.3 billion, an increase of 9 percent year over year.

    Apple reported a profit of $25 billion alongside earnings per share of $1.52.

    The reports beat estimates of $95.51 billion in revenues, against $89.58 billion for the same quarter last year and earnings per share of $1.53. 

    Wall Street also predicted growth for the iPhone, Mac, Wearables, and Services businesses, while they predicted a slight drop in iPad revenue. 

    Apple once again refrained from offering any guidance for the quarter, again citing concerns over supply-side disruptions. Ongoing COVID-19 disruptions and supply shortages continue to impact Apple’s revenue and its ability to predict future numbers. 

    While specific unit sales weren’t provided, Apple offered the following breakdown for fiscal Q2 2022:

    • iPhone: $50.57 billion (Up 5.5 percent YOY)
    • Mac: $10.43 billion (Up 14.3 percent YOY)
    • iPad: $7.65 billion (Down 2.2 percent YOY)
    • Wearables: $8.82 billion (Up 12.2 percent YOY)
    • Services: $19.82 billion (Up 17.2 percent YOY)

    Apple has also declared a cash dividend of $0.23 per share of its common stock, an increase of 5 percent. The board of directors has also authorized an increase of $90 billion to the existing share repurchase program. 

    Stay tuned for additional details as they become available.

    Via 9to5Mac