Apple 3Q16 Earnings Review: Details

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Today's daily update is the second part of my Apple 3Q16 earnings review. Yesterday's update was focused on the major themes (available here). The email covers my perspective on the details from Apple's earnings release and conference call. Twenty-two topics are covered, including:

  • Revenue guidance
  • Margins
  • R&D
  • Apple's iPhone channel inventory reduction

The full earnings review is available for Above Avalon members. To continue reading, click here.

Become an Above Avalon member to read my full 3Q16 earnings review and receive future stories in a daily email containing 2-3 stories (10-12 stories/week). You can use the payment forms/links below to sign up ($20/month or $200/year). For more information on membership, click here. 

 
 
 
 

Apple 3Q16 Earnings Review: Major Themes

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Today's daily update is focused on reviewing Apple's 3Q16 earnings. Along with a big picture overall of the quarter, the email covers five major themes from the report and conference call: 

  • Apple 3Q16: Sure Looks Like a Bottom
  • It's All About Low Expectations
  • iPhone SE Success
  • Light at the End of the iPad Tunnel
  • Narrative Issues Continue
  • China Mystery

Tomorrow's daily update will include additional thoughts and observations on Apple's quarter.

The full earnings review is available for Above Avalon members. To continue reading, click here.

Become an Above Avalon member to read my full 3Q16 earnings review and receive future stories in a daily email containing 2-3 stories (10-12 stories/week). You can use the payment forms/links below to sign up ($20/month or $200/year). For more information on membership, click here. 

 
 
 
 

AAPL 3Q16 Earnings Preview (Part 5 - Thoughts on AAPL), Deep Dive into 2Q16 Smartwatch Market, Apple Selling Exclusive Watch Bands for Olympics

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Today's Above Avalon stories: 

  • AAPL 3Q16 Earnings Preview (Part 5 - Thoughts on AAPL)
  • Deep Dive into 2Q16 Smartwatch Market
  • Apple Selling Exclusive Watch Bands for Olympics

Today's email includes the fifth and final installment of my AAPL 3Q16 earnings preview. The previous four parts of the 3Q16 earnings preview are: 

  1. Methodology
  2. Services, Mac, iPad, Apple Watch
  3. iPhone
  4. Guidance

We begin today's email by discussing a few big picture themes concerning AAPL shares ahead of Apple's earnings release tomorrow. The email then turns to the latest IDC shipment numbers for the smartwatch industry. We go over a few of my observations on the latest trends. We conclude with a discussion of Apple's Watch band strategy by looking at news of Apple selling limited edition Watch bands in Brazil for the Olympics. 

These stories are available for Above Avalon members. To continue reading, click here.

Become an Above Avalon member to read today's stories and receive future stories in a daily email containing 2-3 stories (10-12 stories/week). You can use the payment forms/links below to sign up ($20/month or $200/year). For more information on membership, click here. 

 
 
 
 

AAPL 3Q16 Earnings Preview (Part 4 - 4Q Guidance), Tesla's New Master Plan, Thursday Q&A

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Today's Above Avalon stories: 

  • AAPL 3Q16 Earnings Preview (Part 4 - 4Q Guidance)
  • Tesla's New Master Plan
  • Thursday Q&A

We begin today's email with the fourth installment of my AAPL 3Q16 earnings preview. Part 1 - Methodology was published in Monday's daily update, Part 2 - Services, Mac, iPad, Apple Watch was published in Tuesday's update, and Part 3 - iPhone was published in yesterday's update. In today's update, we discuss my perspective on Apple's upcoming 4Q guidance, including the contributing factors that will play a key role in analyzing management's guidance. The email then turns to Elon Musk's new master plan for Tesla. I take a deep dive through the plan, offering a number of observations on Musk's vision for Tesla. We conclude with Thursday Q&A in which I answer questions from Above Avalon members. This week's questions:

  • What will happen if there aren't new Macs announced this fall?
  • What do you make of the rumor that Apple will buy Formula 1?

These stories are available for Above Avalon members. To continue reading, click here.

Become an Above Avalon member to read today's stories and receive future stories in a daily email containing 2-3 stories (10-12 stories/week). You can use the payment forms/links below to sign up ($20/month or $200/year). For more information on membership, click here. 

 
 
 
 

AAPL 3Q16 Earnings Preview (Part 3 - iPhone), Swatch Issues Profit Warning, 2Q16 Microsoft Surface Shipments

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Today's Above Avalon stories: 

  • AAPL 3Q16 Earnings Preview (Part 3 - iPhone)
  • Swatch Issues Profit Warning
  • 2Q16 Microsoft Surface Shipments

We begin today's email with the third installment of my AAPL 3Q16 earnings preview. (Part 1 - Methodology was published in Monday's daily update, and Part 2 - Services, Mac, iPad, Apple Watch was published in yesterday's update). Along with going over my iPhone sales estimate, we discuss my broader views on the iPhone business heading into next week's earnings report. The email then turns to Swatch, the largest watchmaker in the world, issuing a profit warning on weak sales. We go over why so much attention is being given to Swatch and why some of the questionable actions being taken by the company suggest intense turmoil in the Swiss watch industry. The discussion then turns to new Microsoft Surface revenue data included in Microsoft's 2Q16 earnings release yesterday. We back into Surface shipment data and then compare it to my iPad and Mac 3Q estimates.

These stories are available for Above Avalon members. To continue reading, click here.

Become an Above Avalon member to read today's stories and receive future stories in a daily email containing 2-3 stories (10-12 stories/week). You can use the payment forms/links below to sign up ($20/month or $200/year). For more information on membership, click here. 

 
 
 
 

AAPL 3Q16 Earnings Preview (Part 2 - Services, Mac, iPad, Apple Watch), Netflix Has a Big Problem, SoftBank to Buy ARM Holdings

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Today's Above Avalon stories: 

  • AAPL 3Q16 Earnings Preview (Part 2 - Services, Mac, iPad, Apple Watch)
  • Netflix Has a Big Problem
  • SoftBank to Buy ARM Holdings

We kick off today's email with the second part of my AAPL 3Q16 earnings preview. We discuss my revenue and unit sales estimates for Services, Mac, iPad, and Apple Watch. The email then turns to Netflix as the company reported earnings yesterday. Upon closer examination, I see the company facing a big problem in video streaming. There are also implications on how Apple may view video streaming. We conclude with my thoughts on SoftBank announcing its intention to buy ARM Holdings and what it may mean for Apple. 

These stories are available for Above Avalon members. To continue reading, click here.

Become an Above Avalon member to read today's stories and receive future stories in a daily email containing 2-3 stories (10-12 stories/week). You can use the payment forms/links below to sign up ($20/month or $200/year). For more information on membership, click here. 

 
 
 
 

AAPL 3Q16 Earnings Preview (Part 1 - Methodology), Eddy Cue's Odd Interview About TV, Line's IPO

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Today's Above Avalon stories: 

  • AAPL 3Q16 Earnings Preview (Part 1 - Methodology)
  • Eddy Cue's Odd Interview About TV
  • Line's IPO

We begin today's email with the first part of my AAPL 3Q16 earnings preview. We discuss my view on earnings previews and how my approach is different than Wall Street's. Today's update helps set the stage for the rest of this week's daily updates in which we cover my expectations headed into Apple's earnings release next Tuesday. The email then turns to Eddy Cue's interview with The Hollywood Reporter concerning TV. A few of his comments stood out to me. We conclude with a few brief observations on Line's IPO, including messaging platform valuation. We also discuss why the narrative that some of these messaging platforms are potential threats to Apple and iOS has been exaggerated.

These stories are available for Above Avalon members. To continue reading, click here.

Become an Above Avalon member to read today's stories and receive future stories in a daily email containing 2-3 stories (10-12 stories/week). You can use the payment forms/links below to sign up ($20/month or $200/year). For more information on membership, click here.