Q2 In Line/Weak Management Guidance for Q3

Published: 11/29/2023

Author: Sid Rajeev, B.Tech, CFA, MBA

Thumbnail of the report Q2 In Line/Weak Management Guidance for Q3

*See important disclosures at the bottom of this report

Sector: Technology | Industry: Consumer Electronics

Ticker Symbols:

AAPL - NASDAQ 🔹

AAPL.NE - CNQ 🔹

Highlights

Q2-FY2023 (quarter ended March 2023) revenue and net income were down 3% YoY, but in line with our forecasts. Q1 revenue was down 6% YoY.

Stronger revenue from services (5% YoY) and iPhone sales (2% YoY) was more than offset by weaker sales of Mac (-31% YoY) and iPad (-13% YoY). Management expects Q3 sales to contract 3% YoY as well.

We believe continued growth in revenue from services is highly promising, bringing more stability to AAPL’s revenue. At the end of Q2, there were 975M paid subscribers, up from

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