Posted on 08/01/2017 5:23:56 PM PDT by Swordmaker
Apple today announced financial results for its fiscal 2017 third quarter ended July 1, 2017. The company posted quarterly revenue of $45.4 billion and quarterly earnings per diluted share of $1.67. These results compare to revenue of $42.4 billion and earnings per diluted share of $1.42 in the year-ago quarter. International sales accounted for 61 percent of the quarter’s revenue.
Analysts polled by Thomson Reuters expected Apple to report $1.57 EPS on revenue of $44.89 billion for the quarter.
“With revenue up 7 percent year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for Services revenue,” said Tim Cook, Apple’s CEO, in a statement. “We hosted an incredibly successful Worldwide Developers Conference in June, and we’re very excited about the advances in iOS, macOS, watchOS and tvOS coming this fall.”
“We reported unit and revenue growth in all our product categories in the June quarter, driving 17 percent growth in earnings per share,” said Luca Maestri, Apple’s CFO, in a statement. “We also returned $11.7 billion to investors during the quarter, bringing cumulative capital returns under our program to almost $223 billion.”
Apple is providing the following guidance for its fiscal 2017 fourth quarter:
• revenue between $49 billion and $52 billion
• gross margin between 37.5 percent and 38 percent
• operating expenses between $6.7 billion and $6.8 billion
• other income/(expense) of $500 million
• tax rate of 25.5 percent
Apple’s board of directors has declared a cash dividend of $0.63 per share of the company’s common stock. The dividend is payable on August 17, 2017 to shareholders of record as of the close of business on August 14, 2017.
MacDailyNews Take: Boom! Good quarter!
Services bonanza (up 22% YOY)!
iPad unit shipments increased (15%) for the first time in 14 quarters (thanks, $329 iPad).
Good guidance, too! Apple’s Q417 revenue guidance of between $49 billion and $52 billion exceeded expectations, with analysts’ consensus at $49.2 billion. Strong guidance implies an on-time iPhone launch (not significantly delayed, if at all).
UPDATE: AAPL after hours: $159.10, up $9.05 (+6.03%) @ 6:20PM EDT
I again repeat, it was NOT today's dollars, and Microsoft not reach that milestone. It was in YESTERDAY's counters, the dollars of that day and age, and you don't get to re-run the race. You can't change the goal post to change the winner of the games after the fact. You want to make the touch downs of the past worth more. . . YOU can dance and prance as much as you want, but that doesn't make Microsoft the winner of that claim.
"IFS" work in fairy tales. . . reality interrupts your wishful thinking. The record book does not ever show that Microsoft's market cap had TWELVE ZEROS AFTER A ONE! That is the goal post they needed to pass to be called the first TRILLION DOLLAR COMPANY. $1,000,000,000,000. YOU want to add an after the fact fudge factor to carry Microsoft over that goal line. Yes, it was the largest private company in the world by market cap for a short time but NO ONE said "Microsoft is the first TRILLION DOLLAR COMPANY!" at that time!
And, no, your claim of Microsoft hitting a trillion dollar inflation adjusted market cap sometime in the past is a Wall Street Financial myth. Even at Microsoft's max market Cap in 1999 of almost $450 billion in actual 1999 dollars during the height of the Silicon Valley Bubble, when calculated at a compounded total 47% inflation for the 18 years since that peak cap, Microsoft's peak inflation adjusted Market Cap has hit only about $662 Billion in today's 2017 dollars, not over a trillion dollars. ,
For that myth to have been true, Microsoft would have had to have had a $450 billion market cap in 1986, the year they went public, and then the inflation that's occurred since then would have made THAT cap the equivalent of just over $1 trillion in 2017 dollars. . . but, unfortunately for your myth, Microsoft's Market Cap in 1986, which was the year MS went public, was only $778 million, not even $1 billion. Inflation (compounded rate of 123.5%) on that amount over those intervening years would result in a market capitalization of only about $961 million, so still no Microsoft trillion dollar market cap. Calculate it yourself.
Just three years later after the Silicon Valley bubble popped, Microsoft's Cap was down to $288 billion and for the next fifteen years, it bounced around between $245 billion and $300 billion. You will not find a time or Microsoft stock value where your myth proves true.
It is amusing that you are the one spouting fallacies on this threads with your false claim that Microsoft passed a fictional market cap of a trillion dollars sometime in the past with your moving goal post. The fact is that it never did. . . There simply has not been that much inflation since Microsoft peaked in its market cap at ~$450 Billion in 1999 during the Silicon Valley Bubble. Plug that $450 billion into any inflation calculator and find out that it results in only a $661 billion market cap in 2017 dollars after adjusting to 2017 dollars using the know historic inflation rates for the past 18 years. That is nowhere near a $1 trillion Market Cap.
Now, if you want to go much farther back in time, the Dutch East India Company is estimated to have had an inflation adjusted Market Cap of over $25 Trillion. . . but where is that company today. Again, going to the past, Standard Oil had a huge historic Market Cap and was traded. . . and went through some huge inflationary times. Go back far enough using your specious approach to valuation, would have very early been the "first trillion dollar market cap" company. . . but YOU CAN'T VALUE COMPANIES BY MARKET CAP IN FUTURE DOLLARS! Today, the Saudi Oil Company is estimated to have a market cap (if it were traded) of over $25 trillion, but then it isn't traded. The China Oil Company has a huge Market Cap and IS traded, but it is majority owned by the Chinese Government. . . which put up the vast majority of its capital, so doesn't count. . . same for the Bank of China, which has a Market Cap north of 8 Trillion. So it doesn't bother me in the least that Apple wasn't first.
Your spouting your false claim makes YOU the cultist here. YOU are the one believing in a MYTH and wanting everyone to believe it. I have posted easily discovered and checkable facts with evidence and you can calculate it your self. You just keep pushing your falsehood with religious fervor because you think it denigrates Apple.
I think I have told you in the past that I was educated as an Economist. It's obvious you were not. My minor was in Finance. Words mean things and YOU don't get to redefine their meaning like the Liberals always do to hijack debate. A Trillion dollars is a specific amount of money, a specific value of market cap. It is NOT what you want it to be, somehow reached in the past with a fudge factor that was NOT applied at the time.
It is amusing that you are the one spouting fallacies on this threads with your false claim that Microsoft passed a fictional market cap of a trillion dollars sometime in the past with your moving goal post. The fact is that it never did. . . There simply has not been that much inflation since Microsoft peaked in its market cap at ~$450 Billion in 1999 during the Silicon Valley Bubble. Plug that $450 billion into any inflation calculator and find out that it results in only a $661 billion market cap in 2017 dollars after adjusting to 2017 dollars using the know historic inflation rates for the past 18 years. That is nowhere near a $1 trillion Market Cap.
Now, if you want to go much farther back in time, the Dutch East India Company is estimated to have had an inflation adjusted Market Cap of over $25 Trillion. . . but where is that company today. Again, going to the past, Standard Oil had a huge historic Market Cap and was traded. . . and went through some huge inflationary times. Go back far enough using your specious approach to valuation, would have very early been the "first trillion dollar market cap" company. . . but YOU CAN'T VALUE COMPANIES BY MARKET CAP IN FUTURE DOLLARS! Today, the Saudi Oil Company is estimated to have a market cap (if it were traded) of over $25 trillion, but then it isn't traded. The China Oil Company has a huge Market Cap and IS traded, but it is majority owned by the Chinese Government. . . which put up the vast majority of its capital, so doesn't count. . . same for the Bank of China, which has a Market Cap north of 8 Trillion. So it doesn't bother me in the least that Apple wasn't first.
Your spouting your false claim makes YOU the cultist here. YOU are the one believing in a MYTH and wanting everyone to believe it. I have posted easily discovered and checkable facts with evidence and you can calculate it your self. You just keep pushing your falsehood with religious fervor because you think it denigrates Apple.
I think I have told you in the past that I was educated as an Economist. It's obvious you were not. My minor was in Finance. Words mean things and YOU don't get to redefine their meaning like the Liberals always do to hijack debate. A Trillion dollars is a specific amount of money, a specific value of market cap. It is NOT what you want it to be, somehow reached in the past with a fudge factor that was NOT applied at the time.
I have shares with a cost basis of $4.50. Every year they pay dividends which are almost equal to their original purchase price. If I had cashed out every time I read that I should, I would be a lot poorer than today.
As a guy who actually uses his computer in a small business, I am a big Apple fan. I don't really care what it costs to buy, the fact that it just works all day long, every day means that I can just use it.
DW also has a business, and she switched to Apple 15 years ago because she saw my computer work while her Windows machine failed on a regular basis. They just plain work, and the hardware lasts like a mother-in-law's curse.
Same for our iPhones. No futzing, no lost contacts.
We don't have a ridiculous religious devotion, we just like to have our stuff work. We use it to make a living.
One of the most amazing things in the world to me is that no one thinks twice about a carpenter having a $200 hammer, and top of the line tools, or a plumber having professional pipe wrenches. But if we choose to buy computers that are more durable and easier to use, we are "fanbois" and somehow suspect...
Now the interesting question is: “will Apple pull up the FANG stocks, which have had a few bad days in a row lately?”
I am going to bet that the entire tech sector gets a boost.
Wait till the new IPhone hits the market...$1,400. That is out of the reach of most of us. I’ll stick to my Samsung Note 3. Don’t use half the crap they load it with any way. Scrapbook??? You really need that?
Using your logic, I am a billionaire - probably in 2115 dollars!
... sez the MS cultist while whinging about Muh Inflation, lol.
Spoken like a true MS Certified technician.
Just using your logic - trying to make Microsoft a trillion dollar company when they are not. Swordmaker cleaned your clock!
I could ask the same of you, since the word “cultist” entered into this thread via the fevered keyboard pounding of whom?
You.
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