Three Charts From Apple’s 2Q24 Earnings, Warren Buffett Trims Apple Stake, Buffett and AAPL Underperformance


Today's Above Avalon Daily email covers the following topics:

  • Three Charts From Apple’s 2Q24 Earnings

  • Warren Buffett Trims Apple Stake

  • Buffett and AAPL Underperformance

Quarterly earnings provide snapshots for how a company is performing. Stringing together a few earnings reports provides a clearer picture of business trends. After going through Apple's 2Q24 earnings, a few items jumped out at me as needing some context. In today’s update, we go over three charts that highlight a few intriguing Apple financial trends. There is then Warren Buffett news to go over.

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The iPad Event

Today's Above Avalon Daily email covers the following topic:

  • The iPad Event

Hello everyone. Today's update will be dedicated to discussing Apple's iPad event. We will circle back to a few final things about Apple's 2Q24 earnings (and Warren Buffett news) tomorrow.

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Reading Between the Lines of Apple’s 2Q24 Earnings Q&A With Analysts

Today's Above Avalon Daily email covers the following topic:

  • Reading Between the Lines of Apple’s 2Q24 Earnings Q&A With Analysts

Instead of just recapping the question and answer exchanges that occurred on Apple’s 2Q24 earnings call, we will go over Neil’s thoughts / response to each exchange. This will allow Neil to go beyond what was talked about on the call.

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Key Takeaways From Apple’s 2Q24 Earnings

Today's Above Avalon Daily email covers the following topic:

  • Key Takeaways From Apple’s 2Q24 Earnings

Hello everyone. Welcome to a special Friday edition of the Above Avalon Daily. We will begin analyzing Apple’s 2Q24 earnings. There is a lot to unpack. The earnings review will take place across a few updates.

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My 2Q24 Apple Estimates, Expectations for Apple's 3Q24 Guidance, My Updated Apple Earnings Model

Today's Above Avalon Daily email covers the following topics:

  • My 2Q24 Apple Estimates

  • Expectations for Apple's 3Q24 Guidance

  • My Updated Apple Earnings Model

We go over the second half of my Apple earnings preview. The update covers my granular financial estimates for Apple’s 2Q24, my thoughts on what Apple will say about 3Q24, and my current Apple earnings model.

Above Avalon membership is required to read this update. Members can read the update here.

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  • Exclusive Analysis. Receive my daily newsletter and reports containing analysis and perspective, 100% related to Apple. 

  • Earnings Model. Access my working Apple earnings model (an Excel file that also works in Numbers).

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Setting the Stage for Apple’s 2Q24 Earnings, Thoughts on Apple’s Stock Price Underperformance

Today's Above Avalon Daily email covers the following topics:

  • Setting the Stage for Apple’s 2Q24 Earnings

  • Thoughts on Apple’s Stock Price Underperformance

Happy last day of April. We will begin preparing for Apple earnings. Today’s discussion will look at the big picture ahead of Thursday’s earnings release. We will go over my granular estimates tomorrow.

Above Avalon membership is required to read this update. Members can read the update here.

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  • Earnings Model. Access my working Apple earnings model (an Excel file that also works in Numbers).

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Alphabet 1Q24 Earnings, Pichai (Sort of) Hints at Apple / Gemini Rumors, Google Announces HW Reorganization

Today's Above Avalon Daily email covers the following topics:

  • Alphabet 1Q24 Earnings

  • Pichai (Sort Of) Hints at Apple / Gemini Rumors

  • Google Announces HW Reorganization

Today's update will look at Alphabet’s earnings.

Above Avalon membership is required to read this update. Members can read the update here.

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Meta 1Q24 Earnings, About Meta’s “AI-Recommendation” System, Meta’s HW Sales

Today's Above Avalon Daily email covers the following topics:

  • Meta 1Q24 Earnings

  • About Meta’s “AI-Recommendation” System

  • Meta’s HW Sales

Today's update will be dedicated to discussing Meta's earnings. We begin with my overall takeaways from the earnings release and conference call. The discussion then turns to focusing on Meta’s AI-recommendation system. We conclude with estimates to Meta’s HW sales (Quest and Ray-Ban Meta) during the quarter.

Above Avalon membership is required to read this update. Members can read the update here.

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Apple Announces May Product Event, Apple Vision Pro Sales Noise, A Few Suggestions for Apple

Today's Above Avalon Daily email covers the following topics:

  • Apple Announces May Product Event

  • Apple Vision Pro Sales Noise

  • A Few Suggestions for Apple

We will begin today’s update with some words on Apple’s upcoming product event. The discussion will then turn to Apple Vision Pro.

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Meta Unveils “Open” Mixed Reality Ecosystem, Zuckerberg’s Motivation, Getting Out Ahead of Android XR

Today's Above Avalon Daily email covers the following topics:

  • Meta Unveils “Open” Mixed Reality Ecosystem

  • Zuckerberg’s Motivation

  • Getting Out Ahead of Android XR

The news continues to flow. Today’s update will be focused on the big development from Meta in mixed reality land.

Above Avalon membership is required to read this update. Members can read the update here.

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Member Privileges and Benefits

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  • Exclusive Analysis. Receive my daily newsletter and reports containing analysis and perspective, 100% related to Apple. 

  • Earnings Model. Access my working Apple earnings model (an Excel file that also works in Numbers).

  • Member Archive. Access all previous analysis sent to members.

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Netflix 1Q24 Earnings, Netflix to Stop Disclosing Subscriber Data, Key Paid Video Streaming Metrics

Today's Above Avalon Daily email covers the following topics:

  • Netflix 1Q24 Earnings

  • Netflix to Stop Disclosing Subscriber Data

  • Key Paid Video Streaming Metrics

Welcome to a new week.

It’s hard to believe, but we are beginning another earnings season. Netflix reported earnings last week. Heading into this tech earnings cycle, there’s angst in the air. Many companies have seen very strong stock price performances to date – Apple and Tesla being the exceptions – while macro issues are once again grabbing headlines. 

Let’s jump right in with Netflix earnings.

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Member Privileges and Benefits

Become an Above Avalon member and receive the following privileges and benefits:

  • Exclusive Analysis. Receive my daily newsletter and reports containing analysis and perspective, 100% related to Apple. 

  • Earnings Model. Access my working Apple earnings model (an Excel file that also works in Numbers).

  • Member Archive. Access all previous analysis sent to members.

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Humane Ai Pin and Smartphone Replacements, The Limitless Pendant, Apple Watch Momentum

Today's Above Avalon Daily email covers the following topics:

  • Humane Ai Pin and Smartphone Replacements

  • The Limitless Pendant

  • Apple Watch Momentum

This was a crazy week in the world of consumer gadgets as the Humane Ai Pin reviews were released. Not surprisingly, they weren’t pretty. More worrying for Humane, the product simply didn’t work for reviewers. There are a few directions we can take the discussion. This week’s Inside Orchard essay will look at several broad observations that have been on my mind regarding the whole ordeal.

For today’s update, we will begin by focusing on the idea of Humane Ai Pin replacing smartphones. Let’s jump in.

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Member Privileges and Benefits

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  • Earnings Model. Access my working Apple earnings model (an Excel file that also works in Numbers).

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Tim Cook Visits Vietnam for the First Time, Apple Open to Indonesia Manufacturing, Addressing U.S. Semiconductor Manufacturing Bottleneck

Today's Above Avalon Daily email covers the following topics:

  • Tim Cook Visits Vietnam for the First Time

  • Apple Open to Indonesia Manufacturing

  • Addressing U.S. Semiconductor Manufacturing Bottleneck

We kick things off with my thought’s on Tim Cook’s visit to Vietnam and Indonesia. The discussion includes various insights regarding Apple’s business in the two countries. We then turn back to semiconductor manufacture in the U.S.

Above Avalon membership is required to read this update. Members can read the update here.

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Member Privileges and Benefits

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  • Exclusive Analysis. Receive my daily newsletter and reports containing analysis and perspective, 100% related to Apple. 

  • Earnings Model. Access my working Apple earnings model (an Excel file that also works in Numbers).

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iPhone Sales Angst Continues, Sales on Apple Products Spread, Tesla Announces 10% Layoff

Today's Above Avalon Daily email covers the following topics:

  • iPhone Sales Angst Continues

  • Sales on Apple Products Spread

  • Tesla Announces 10% Layoff

We kick things off with my thought’s on iPhone sales trends in the first three months of 2024. The discussion then turns to more retailers running with surprisingly large discounts on Apple products. We conclude with Tesla layoffs.

Above Avalon membership is required to read this update. Members can read the update here.

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Choose either a monthly or annual membership. Payment is hosted by MoonClerk and secured by Stripe. Apple Pay and other mobile payment options are accepted. After signup, use this link to update your payment information and membership status at any time. Contact me with any questions. 

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Member Privileges and Benefits

Become an Above Avalon member and receive the following privileges and benefits:

  • Exclusive Analysis. Receive my daily newsletter and reports containing analysis and perspective, 100% related to Apple. 

  • Earnings Model. Access my working Apple earnings model (an Excel file that also works in Numbers).

  • Member Archive. Access all previous analysis sent to members.

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Tesla Reportedly Cancels Inexpensive Car Project, Tesla’s Master Plan, Part Deux, Friday Q&A

Today's Above Avalon Daily email covers the following topics:

  • Tesla Reportedly Cancels Inexpensive Car Project

  • Tesla’s Master Plan, Part Deux

  • Friday Q&A

We kick things off with my thought’s on Reuters’ article regarding Tesla cancelling its Model 2 project. The discussion then revisits Elon Musk’s revised master plan for Tesla from the mid-2010s. The update concludes with a Friday Q&A and the following questions:

  • Were Project Titan’s cancellation and the in-house microLED displays team disbandment driven by cost-cutting motives as revenue stagnates?

  • Why can’t Apple build a battery-powered HomePod or HomePod mini for portable use cases?

  • Do you think it will take years for Apple Vision Pro to become a meaningful contribution to Apple’s revenue story?

  • Why didn’t Apple launch Apple Vision Pro with a larger catalog of Apple Immersive Video films?

Above Avalon membership is required to read this update. Members can read the update here.

Above Avalon Membership

Choose either a monthly or annual membership. Payment is hosted by MoonClerk and secured by Stripe. Apple Pay and other mobile payment options are accepted. After signup, use this link to update your payment information and membership status at any time. Contact me with any questions. 

Contact me directly if you would like to purchase multiple subscriptions (five or more) for your team or company.

Member Privileges and Benefits

Become an Above Avalon member and receive the following privileges and benefits:

  • Exclusive Analysis. Receive my daily newsletter and reports containing analysis and perspective, 100% related to Apple. 

  • Earnings Model. Access my working Apple earnings model (an Excel file that also works in Numbers).

  • Member Archive. Access all previous analysis sent to members.

  • Member Forums. Interact with other members in the Above Avalon team in Slack.

  • Priority Email Access. Receive timely responses to all email inquiries. 

  • Access to Add-ons. Customize a membership with the Podcast, Inside Orchard, and Financial Models add-ons.

  • Above Avalon Support. Play an active role in supporting Above Avalon as an independent voice and resource.