Apple

We’ve been tracking lead times of four key Apple products in 13 countries since mid-February 2020 and recently found supply has improved over the past two weeks. Recent Changes to Availability iPhone (~52% of revenue) supply, as measured by the…

Apple recently announced further steps in response to the spread of COVID-19. Bottom line: we applaud the leadership role Apple has assumed in taking these steps despite the near-term negative impact on revenue. Our takeaways: The impact of retail closings:…

We’re updating our Apple Wearables, Home, and Accessories model. This category includes two signature products, Apple Watch and AirPods. While Apple does not report details on those segments, the company has made 27 guiding comments since Dec. 2014 related to trends…

In the midst of reports that Apple’s supply chain is set to resume production, we’re reminded the Coronavirus impact will likely affect the June quarter and potentially beyond. That said, we continue to believe this storm will pass, and Apple…

As the health impact of the coronavirus continues to mount, the economic impact is increasingly apparent. The lives of the people affected by the virus are the primary concern, but understanding its impact on the global economy is also an…

First things first – the real impact of COVID-19 is on the individuals affected. Apple announced they will miss March guidance based on COVID-19 affecting demand for Apple’s products in China and dampening global iPhone supply. Outside of China, the…

There are three big questions that I always return to when investing in companies big or small, public or private: 1. Does this solve a time, money, or meaning problem? From a first principles standpoint, time, money, and meaning are…

Apple announced that, out of an “abundance of caution,” it has closed all stores, corporate offices and contact centers in China through February 9. These closings overlap with the back half of the Chinese new year (January 25th – February…

Apple’s December results strengthen the case that the company deserves a higher earnings multiple. There are currently two conventional investor views on Apple’s valuation: First, while Services have diversified the company’s business, Apple is still a “supercycle” boom and bust…

Apple reports Tuesday, January 28th. We expect the takeaways to be that the iPhone business has stabilized and strength in Services and wearables continues (which combined will approach 30% of revenue in FY20). The guidance for Mar-20 will likely leave…

We believe Apple will be one of 5G’s biggest beneficiaries. The company has potentially four initiatives that will benefit from 5G: iPhone, augmented reality, healthcare, and the long shot wild card of autonomous vehicles. While multiple Apple segments will gain,…

Apple released its annual holiday app store numbers. The most important takeaway, despite declines in iPhone unit sales, is that App Store revenue growth continues at 16% driven by an active Apple device installed base which is now likely above…