Apple reports FY1Q24 earnings on Thursday. Today’s update contains the second half of Neil’s earnings preview. The first half is available here. The update begins with Neil’s granular financial estimates. The discussion includes qualitative explanations for estimates related to Apple’s product categories. We then look at Neil’s expectations for what Apple will say about guidance (FY2Q24). We conclude with Neil’s updated Apple earnings model and how the model has changed over the past three months. Access to Neil’s Apple earnings model is a benefit associated with Above Avalon membership at no additional cost.

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Apple’s Installed Base Growth, Apple's Paid Subscriptions Growth, A More Effective Apple Growth Narrative for Wall Street

My 1Q24 Apple Estimates, Expectations for 2Q24 Guidance, My Updated Apple Earnings Model