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iPhone Struggles But iPad And Services Expand



Today, Apple announced its second-quarter revenue in 2019 fiscal year. Revenue was down 5.1% to $ 58.0 billion in the quarter. The gross margin for the quarter was 37.6%, down from 38.3% a year ago. Operating revenues fell 15.6% to $ 13.4 billion, and net revenues fell 16.3% to $ 11.6 billion. This resulted in earnings per share of $ 2.46, down 9.9% from the previous year.

Apple Q2 2019 Financial Results (GAAP)
Q2 2018 Q1 2019 Q2201
8
Q22018
Q22018
Q22018
Revenue (in billions USD) $ 58,015 $ 84,310 $ 61,137
Gross margin (in billion USD) $ 21,821 $ 32,031 $ 23,422
Revenue $ 13,415 $ 23,344 $ 15,894
Net income (in billion USD) $ 11,561 $ 19,695 $ 13,822
Margins 37.6% 38 , 0% 38.0% 38.0%] 38.3%
Earnings per share (in USD) $ 2.46 $ 4.18 $ 2.73

Although Apple no longer delivers individual sales of its products, iPhone sales continue to struggle. The revenue for this quarter for the iPhone was down 17.3% to $ 31.0 billion, and this is at a time when the unit price is highest in the iPhone story. What once seemed an unstoppable force has met the irreversible goal of market saturation.

Mac sales were also down, but only 4.5%, with revenues of $ 5.5 billion in the quarter. As with the iPhone, we are no longer interested in the unit's sales figures though.

iPad has seen a bit of a resurgence after several years of income reduction. iPad revenue increased by 21.5% in Q2 2018, with sales of $ 4.9 billion for the quarter. Here, Apple has not only increased the price of its Pro models, but also lowered the entry-level price of the basic iPad, and this two-sided approach seems to have helped correct the falling sales, at least for now.

Apple's ever-expanding list of products in their Accessories group continues to do well, so much so that the group is now called Wearables, Home and Accessories. Lack of an Oxford comma can be forgiven since this segment had revenues, rising 30% to $ 5.1 billion in the quarter.

Finally, Apple Services segment continues to grow, thanks to the 1.4 billion active units. Services that include iTunes, Apple Music, iCloud and other products grew 16.2% to $ 11.4 billion. If you share it with active devices, Apple generates $ 8.18 per unit in service fees in just three months.

Apple Q1 2019 Segment Revenue (Billion USD)
Q2 & 2019 Q2 & 2018 Q2 & 2018 [19659004] Year / Year Change
iPhone $ 31,051 $ 37,559 -17.3%
iPad $ 4,872 $ 4,008 + 21.5%
Mac $ 5,513 $ 5,776 – 4.5%
Wear articles, home and accessories $ 5,129 $ 3,944 + 30.0%
Services $ 11,450 $ 9,850 +16.2%

Apple has approved a cash dividend of $ 0.77 per share and approved a repurchase of an additional $ 75 billion in shares. Looking forward to Q3, the company expects revenue between $ 52.4 and $ 54.5 billion, with a gross margin of between 37% and 38%.

Source: Apple Investor Relations


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