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AAPL
FY2026 Q3
Ослабевает
Отчётный звонок Apple Inc.
Вывод Buzzberg
iPhone revenue up 22% to $54.3B
Apple reported strong June quarter results with iPhone revenue up 22%, but guided for a sharp deceleration to 9-11% growth in September due to significant supply constraints on advanced SOC nodes and FX headwinds. Gross margins are pressured by a '100-year flood' in memory pricing, leading to price increases on iPad and Mac. Enterprise adoption continues with wins at Morgan Stanley, Disney, and Credit Agricole, and education displacement of Windows/Chromebooks is accelerating. Services growth slowed to 12% with further deceleration expected. iPhone revenue $54.3B (+22% YoY) driven by iPhone 17 family, with double-digit growth in most markets.
Вывод Buzzberg iPhone revenue up 22% to $54.3B Apple reported strong June quarter results with iPhone revenue up 22%, but guided for a sharp deceleration to 9-11% growth in September due to significant supply constraints on advanced SOC nodes and FX headwinds. Gross margins are pressured by a '100-year flood' in memory pricing, leading to price increases on iPad and Mac. Enterprise adoption continues with wins at Morgan Stanley, Disney, and Credit Agricole, and education displacement of Windows/Chromebooks is accelerating. Services growth slowed to 12% with further deceleration expected. iPhone revenue $54.3B (+22% YoY) driven by iPhone 17 family, with double-digit growth in most markets. Читать полный анализСвернуть анализ
Apple reported strong June quarter results with iPhone revenue up 22%, but guided for a sharp deceleration to 9-11% growth in September due to significant supply constraints on advanced SOC nodes and FX headwinds. Gross margins are pressured by a '100-year flood' in memory pricing, leading to price increases on iPad and Mac. Enterprise adoption continues with wins at Morgan Stanley, Disney, and Credit Agricole, and education displacement of Windows/Chromebooks is accelerating. Services growth slowed to 12% with further deceleration expected. iPhone revenue $54.3B (+22% YoY) driven by iPhone 17 family, with double-digit growth in most markets.
- September quarter revenue guided to 9-11% YoY growth, below consensus, due to supply constraints on advanced SOC nodes and FX headwinds.
- Gross margin guided to 47-48% (vs 48.1% reported), with memory cost inflation as the primary driver.
- Apple raised prices on iPad and Mac due to exponential memory price increases; expects memory costs to continue rising beyond September.
IPAD Выручка$6.2BФакт
IPHONE Выручка$54.3BФакт
SERVICES Выручка$30.7BФакт
Выручка$109.417B-2% к/к
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Guidance
September quarter revenue guided 9-11% growth
Supply chain
Supply constraints to increase significantly in September
Показать ещё 3 тезиса
Margins
Memory costs driving price increases and margin impact
AI
Siri AI receives overwhelmingly positive feedback
AI
On-device AI advantages driving enterprise adoption
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| IPAD Выручка | $6.2B | Факт |
| IPHONE Выручка | $54.3B | Факт |
| SERVICES Выручка | $30.7B | Факт |
| Выручка | $109.417B | -2% к/к |
| WEARABLES Выручка | $7.9B | Факт |
| EPS | $2.02 | +0% к/к |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Валовая маржа | FY2026 Q4 | 47%–48% | 47.5% | Обозначен |
| Выручка | FY2026 Q4 | 9%–11% | 10% | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
confident
Management struck a confident tone, driven by strong iPhone demand, record services revenue, and optimism about Siri AI, despite acknowledging supply constraints and memory cost headwinds; Tim Cook expressed never being more optimistic.
Оценка AI от менеджмента
Management expressed strong enthusiasm for Siri AI, highlighting overwhelmingly positive feedback from developers and public beta, and noted that on-device AI advantages are driving enterprise adoption. They see enormous opportunities in AI and plan to monetize through iCloud Plus upgrades for heavy users.
все упомянутые компании ниже: 7
Компаниис момента звонка
Клиенты
Клиенты
Kevin
Morgan Stanley is a large enterprise customer adopting Apple devices, signaling enterprise momentum for iPhone.
Доказательства
“Morgan Stanley has deployed over 20,000 iPhone 17 devices globally as part of a shift from employee-owned to corporate-owned devices for reliability and security.”
Клиенты
Kevin
Disney is using Apple Macs for on-device AI, reducing cloud costs and indicating competitive advantage for Apple in creative workflows.
Доказательства
“At Disney, creative teams are increasingly turning to Mac for on-device AI workflows that reduce overall cloud token costs and keep their IP secure.”
Клиенты
Kevin
Credit Agricole is deploying Mac for on-device AI in banking, showcasing productivity gains and enterprise adoption outside the US.
Доказательства
“Credit Agricole, France's leading retail bank, is using on-device AI and MacBook Pro to streamline regulatory workflows, reducing manual processing time by over 80%.”
Цепочка поставок
Цепочка поставок
Tim Cook
Apple is raising prices on iPad and Mac due to a '100-year flood' in memory pricing, and expects further memory cost increases beyond September. — Memory inflation is a major headwind for Apple's gross margins, but a tailwind for memory suppliers like Micron, suggesting pricing power for those suppliers.
Доказательства
“We reluctantly raised prices because we're in what I would characterize as a 100-year flood on memory pricing, with exponential increases in memory prices.”
Цепочка поставок
Tim Cook
Apple's supply constraints on advanced SOC nodes are driven by demand exceeding expectations for iPhone and Mac, with limited supply chain flexibility. — Strong iPhone/Mac demand is straining TSMC's advanced node capacity, likely benefiting TSMC but could limit Apple's ability to meet demand.
Доказательства
“The primary issue is advanced nodes that we run our SOCs on. That's the primary supply constraint now, and the root cause is a demand forecast issue.”
Цепочка поставок
Kevin
Approximately half of MacBook Neo large purchases by US education institutions in the quarter displaced Windows and Chromebook devices. — Apple is gaining share in education from Microsoft and Google, threatening their installed base in a key market.
Доказательства
“In the last quarter, about half of the MacBook Neo large purchases by US education institutions displaced Windows and Chromebook devices.”
Внешние сигналы
Альфа цепочки поставок · 3с момента звонка
Apple is raising prices on iPad and Mac due to a '100-year flood' in memory pricing, and expects further memory cost increases beyond September.
Apple's supply constraints on advanced SOC nodes are driven by demand exceeding expectations for iPhone and Mac, with limited supply chain flexibility.
Approximately half of MacBook Neo large purchases by US education institutions in the quarter displaced Windows and Chromebook devices.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 7. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.