Paul Morris·

Apple Expected To Report Its First $100 Billion Quarter

When Apple takes to the public stage to report its fiscal first-quarter earnings next week, expectations are going to be extremely high. Big things are always expected of Apple but this time around Tim Cook’s company is expected to report its first-ever $100 billion+ quarter due to seasonal success over the festive period.

Pre-announcement predictions are suggesting that Apple could report $102.6 billion in revenues on its earnings call next Wednesday.

Those numbers would be impressive enough but some well-placed analysts are actually predicting that the company’s success over the festive shopping period could actually inflate those predictions. Apple’s current quarterly revenue record sits at $91.8 billion from 2019 Q4.

It seems that even a global pandemic can’t stop the Apple steam train from rolling and it certainly doesn’t seem to have dampened consumer appetite for Apple’s products and services. The record revenues have been strongly driven by Apple’s extremely popular iPhone 12 lineup but we’re also expecting Apple to announce that the pandemic has created a bigger appetite for iPads and Macs as more schools and educational establishments deliver curriculums in a remote capacity.

Katy Huberty of Morgan Stanley expects strong growth for all of Apple’s revenue segments and predicts that demand for the iPhone will remain strong during the coming year, forecasting that the fruit company will shift around 220 million units. If accurate, that level of shipment would put iPhone sales during 2021 at 2% ahead of consensus estimates.

Our checks point to strength across Apple’s entire Product and Services portfolio, and we model double digit Y/Y growth for all 5 revenue segments in the December quarter, with risk skewed to the upside for iPhone, Mac and Services.

During Apple’s upcoming earnings call, Tim Cook and his executive team are expected to follow previous behavior and forgo giving any solid predictions or guidance on future performance. In light of the ongoing coronavirus pandemic, the company is expected to offer “guidelines” rather than “guidance” as it tries to navigate an extremely rocky, turbulent, and unpredictable global situation.

(Source: Philip Elmer‑DeWitt)

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