Thursday, June 13, 2024

What to Expect From Apple’s Earnings Report This Week Following Vision Pro Launch

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Apple will report its earnings results for the second quarter of its 2024 fiscal year on Thursday, May 2 at 1:30 p.m. Pacific Time. Apple’s CEO Tim Cook and CFO Luca Maestri will discuss the results on a conference call with analysts a half hour later.

Keep reading for some key things to know about the quarter, including a recap of new products announced, revenue expectations, and more.

New Products During Quarter

The quarter ran from December 31, 2023 through March 30, 2024, according to Apple’s fiscal calendar. The following products launched during this period:

  • Apple Vision Pro
  • 13-inch MacBook Air with M3 chip
  • 15-inch MacBook Air with M3 chip

Revenue Expectations

Apple has not provided formal revenue guidance since before the COVID-19 pandemic, but the average Wall Street estimate for Apple’s second quarter revenue is $90 billion, according to Zacks Investment Research. This would be around a 5% decline compared to the $94.8 billion revenue the company reported in the year-ago quarter.

Maestri provided the following commentary on Apple’s earnings call last quarter:

As a reminder, in the December quarter a year ago, we faced significant supply constraints on the iPhone 14 Pro and 14 Pro Max due to COVID-19 factory shutdowns. And in the March quarter a year ago, we were able to replenish channel inventory and fulfill significant pent-up demand from the constraints. We estimate that this impact added close to $5 billion to the March quarter’s total revenue last year. When we remove this impact from last year’s revenue, we expect both our March quarter total company revenue and iPhone revenue to be similar to a year ago.

Conference Call

Cook and Maestri will hold a conference call at 2:00 p.m. Pacific Time on Thursday to discuss the company’s quarterly earnings results. The call should last around one hour, and it will include a Q&A segment with analysts.

A live audio stream of the conference call will be available on Apple’s Investor Relations page, and a recording will be available later in the day for replay.

What’s Next

Apple’s current quarter runs through June 29. Apple has yet to announce any new products during the quarter, but it is expected to unveil new versions of the iPad Pro, iPad Air, Apple Pencil, and Magic Keyboard at its “Let Loose” event on May 7.

AAPL is trading above $172 as of writing, down from a 52-week high of $199.62.Tags: Earnings, AAPL
This article, “What to Expect From Apple’s Earnings Report This Week Following Vision Pro Launch” first appeared on MacRumors.com

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