updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131For its fiscal Q3 2023, Apple reported reduced revenue from iPhone, Mac, and iPad sales, while revenue from Other Products rose 2%.
Cupertino-based tech giant Apple Inc (NASDAQ: AAPL) has released results for its fiscal Q3 2023, beating sales and earnings expectations following an 8% growth in annual services sales.
According to the report, Apple’s revenue for Q3 2023 fell 1% year-over-year (YoY) to $81.8 billion but was higher than estimates from Refinitiv analysts. The company’s margin came in at 44.5% over the 44.2% estimated. Furthermore, services revenue climbed 8% to $21.21 billion, higher than the estimated $20.76.
Unfortunately, Q3 2023 saw Apple’s iPhone and Mac revenue fall. Mac revenue was down 7% to $6.84 billion YoY but still higher than the estimated $6.62 billion. iPhone revenue also fell 2% YoY to $39.67 billion. For iPad revenue, Apple reported $5.79 billion, falling 20% YoY and lower than Refinitiv analysts’ $6.41 billion estimate. Fortunately, Other Products revenue climbed 2% to $8.28 billion. However, it didn’t beat the estimated $8.39 billion.
As usual, Apple did not provide any guidance and has not done so since 2020. However, Apple stock fell following CFO Luca Maestri’s comment that the company expects lower revenue in the September quarter. The CFO also said Mac and iPad sales will plunge by double-digit percentages. Despite the poor forecast, Maestri believes that iPhone sales will improve. He said:
“We expect our September quarter year-over-year revenue performance to be similar to the June quarter assuming that the macroeconomic outlook doesn’t worsen from what we are projecting today for the current quarter.”
Apple officially announced the Vision Pro mixed-reality headset in June at the company’s Worldwide Developer Conference (WWDC). In a recent conversation with CNBC, Apple CEO Tim Cook said the company is working on demos in select stores to give people an experience before the device goes on sale next year. Cook stated that Apple will launch demos and expects to “be overrun for a while with requests.” He believes a demo like this would be “a huge competitive advantage” for a product like Vision Pro. However, Cook did not provide a timeline for the demos.
Early last month, people familiar with Apple and a contracted assembly company Luxshare revealed that Apple has decided to reduce its production forecast for the Vision Pro. Reportedly, Apple will not produce up to 400,000 Vision Pro headsets in 2024. Reports also suggest that two suppliers of Vision Pro components were contracted to only supply enough for up to 150,000 headsets. This indicates that Apple will not meet the estimated sales forecast of a million units within the first year of release.
The CEO also confirmed reports that Apple has been developing a generative artificial intelligence (AI) tool and doing machine learning research for years. Coinspeaker reported last month that the company was working on an AI tool unofficially named “Apple GPT.” The tool is reportedly only available internally and to a small group of staff. Apple has not yet fully released it internally because a few unsolved concerns remain. Apple GPT was reportedly created as an experiment.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Apple iPhone sales surprised the Street. Despite the smartphone market shrinking by 15%, Apple managed to pull off strong sales numbers for iPhones.
On Thursday, May 4, tech giant Apple Inc (NASDAQ: AAPL) reported earnings for the second-fiscal quarter (Q2 2023) beating Wall Street expectations. The tech giant managed to beat Street estimates with Apple CEO Tim Cook stating that the iPhone sales for the last quarter were “better than we expected”.
However, the company reported a dip in overall sales for the second quarter in a row. During the extended trading hours on Thursday, May 4, the AAPL stock price surged by 2.5%. Apple’s earnings per share stood at $1.52 against the expected $1.43. Also, the company’s revenue stood at $94.84 billion vs the expected $92.96 billion.
However, the company’s net income for the last quarter stood at $24.16 billion against the $25.01 billion in the year-earlier period. Although Apple managed to beat the revenue expectations for its iPhone sales, the revenue coming from Mac and iPad witnessed a decline.
Again, Apple didn’t provide any formal guidance, a practice it has continued since the Covid-19 pandemic and the start of 2020. In a call with analysts, Apple’s chief of finance Luca Maestri stated that the company is expecting an overall revenue decline of 3% in the current quarter. He added:
“We expect our June quarter year-over-year revenue performance to be similar to the March quarter assuming that the macroeconomic outlook does not worsen from what we are projecting today for the current quarter”.
Luca further added that amid the challenging macro environment, Apple’s services business such as digital advertising and mobile gaming has taken a hit.
The better-than-expected iPhone sales came to Apple’s rescue in delivering strong revenue numbers. While the broader smartphone industry contracted by 15%, the demand for iPhones remained robust.
In the quarter ending April 1, iPhone revenue jumped by 2% suggesting that issues surrounding the supply chain and shortage of parts have abated. Speaking to CNBC’s Steve Kovach, Apple chief Tim Cook said that “it was quite a good quarter from an iPhone point of view, particularly relative to the market when you look at the market stats”.
On the other hand, Apple’s Mac and iPad businesses didn’t do equally well. The sales of Apple Mac were off by 31% to just over $7.17 billion. Cook explained:
“There’s really two reasons for that. One is the macro situation in general. And the other is where we’re still comparing to the very difficult compare of the M1 MacBook Pro 14 and 16-inch from the year-ago quarter.”
Similarly, the revenue numbers from iPad sales were off by 13% to $6.67 billion. On the other hand, Apple’s Services business which comprises Apple’s App Store, warranties and search licensing, and monthly subscriptions, saw a 5.5% year-over-year increase.
Tim Cook also shared about Apple’s growth in India, where the company recently launched the first Apple store in Mumbai last month. On the expected lines, Apple’s board also authorized $90 billion worth of share repurchases and dividends.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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Apple stock has declined approximately 26 percent and 13 percent in the past twelve months and three months respectively.
Apple Inc (NASDAQ: AAPL) shares closed Tuesday, December 27, trading at $130.03, down 1.39 percent from the day’s opening price. The decline continued during the after-hours, whereby AAPL shares exchanged about $129.50 as of December 27, 2022, 7:59 p.m. EST. The latest decline has increased the possibility of Apple shares getting trapped in a fresh multi-week bear market next year. Moreover, iPhone production in Apple’s China plant has been halted, particularly during the end-of-year festivals.
JPMorgan analyst Samik Chatterjee highlighted that the latest iPhone shipment data out of China “confirm industry headwinds.”
Nonetheless, the tech stock market performed dismally on Tuesday with the Nasdaq Composite and the S&P 500 declining 1.38% and 0.40% respectively.
According to market data from MarketWatch, Apple’s stock market has declined approximately 26 percent and 13 percent in the past twelve months and three months respectively.
The $2.1 trillion valued company continues to largely dominate the global tech industry as shown by its quarterly earnings report. During the fiscal 2022 fourth quarter that ended on September 24, 2022, Apple reported revenue of $90.1 billion, up 8 percent year over year. Additionally, the tech company recorded quarterly earnings per diluted share of $1.29, up 4 percent year over year.
“Our record September quarter results continue to demonstrate our ability to execute effectively despite a challenging and volatile macroeconomic backdrop,” said Luca Maestri, Apple’s CFO. “We continued to invest in our long-term growth plans, generated over $24 billion in operating cash flow, and returned over $29 billion to our shareholders during the quarter…”
In a bid to expand its earnings in the future, the company is exploring the 3D mixed reality market and also allowing third-party app stores. Reportedly, Apple is likely to unveil its augmented-reality/virtual-reality glasses in 2023 through an OS dubbed xrOS.
The company will be competing with the likes of Meta Platforms Inc (NASDAQ: META) and Microsoft in the AR/VR industry. Nonetheless, the AR/VR market is expected to grow exponentially with the metaverse industry indicating immense potential growth in coming years.
Moreover, play-to-earn (P2E) through DeFi has led the cryptocurrency and blockchain market for the past two years.
Meanwhile, Apple investors are looking into a gloomy 2023 following a poor performance in 2022. Notably, Apple shares are likely to revisit 2020 lows – from a technical standpoint- before rebounding to new ATH.
According to a study by MarketWatch, 42 ratings gave Apple shares an average target price of $173.4 and an average recommendation of Overweight.
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AAPL shares have traded sideways since hitting an ATH of $182.94 earlier this year.
Apple Inc (NASDAQ: AAPL) shares closed Monday trading at $144.22, 2.63 percent lower from the day’s opening price. While the bleeding has stopped in the after-hours trading session, market strategists forecast more decline in the near future as production in Foxconn Technology Group – the Taiwanese company that operates Apple crucial products – remains hampered by the protests against Covid restrictions. As such, Apple and Foxconn anticipate making up for the 6 million iPhone units in 2023.
The supply shortfall has significantly affected Apple customers in the pipeline of receiving the latest device, the iPhone 14 Pro. Moreover, United States Apple customers wait about 33 days to receive their iPhone 14 Pro and Pro Max models. Mind you, in-store pickups for the latest devices are reportedly unavailable.
“The ongoing challenges around delays in returning to a normal production level at the Zhengzhou facility could limit the pace with which supply-demand equilibrium can be reached in the coming months,” JPMorgan analysts said.
Notably, Wedbush Securities analysts estimated that the production halt could affect 5-10 percent of iPhone units in the current quarter. Should the production slowdowns sustain until December, KGI Securities analyst Christine Wang estimated that the figure could come in at around 10 million iPhone units, hereby representing 12 percent.
AAPL shares have traded sideways since hitting an ATH of $182.94 earlier this year. As a technology company, market strategists are optimistic the company will outperform in the coming quarters. According to a survey conducted by MarketWatch, 43 ratings have given AAPL shares an average target price of $175.69 and an average recommendation of Overweight.
During the fourth quarter, which ended on September 24, the company demonstrated its tech dominance with a healthy balance sheet.
Luca Maestri, Apple’s CFO, said:
“We continued to invest in our long-term growth plans, generated over $24 billion in operating cash flow, and returned over $29 billion to our shareholders during the quarter …. This quarter capped another record-breaking year for Apple, with revenue growing over $28 billion and operating cash flow up $18 billion versus last year.”
Despite the global geopolitical differences and unpredictable macroeconomic factors, Apple has demonstrated the resilience acquired over decades of existence. According to market data from MarketWatch, Apple has a market capitalization of approximately $2.36 trillion. In other words, Apple’s market cap is three times that of the cryptocurrency market.
The tech company has continued to widen its market scope to increase revenue collection. Moreover, Apple’s competitors are hard at work developing more cutting-edge technology with market demand and affordable prices.
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The cost of an Apple iPhone over the years has only gone up. But has the iPhone price over the past decade outpaced the price of BTC, or ETH? Not even close, according to a new report from the folks at CoinGecko. The research team at CoinGecko went on a deep dive into the price archives for BTC and ETH, looking back over more than a decade, and cross-referenced crypto prices to iPhone MSRPs.
Lets take a look at the CoinGecko report and it’s key insights.
On the heels of the iPhone 13 release, and the announcement of the new iPhone 14, we’ve learned that the standard iPhone 14 models will start at $799 and their pre-order window has just opened up. A key perspective from CoinGecko’s insights is that the retail price of an iPhone over the past decade – from the iPhone 4S where CoinGecko’s research window begins – actually has remained somewhat stable.
The retail price of the 4S was $649.00, and with today’s 14 at $799.00, that represents an increase of roughly 25% over the past decade, with no inflation adjustment. Peak iPhone prices can be seen in 2017 and 2018 with the X and XS, respectively, with both models priced at $999.00. Take a look at how these prices have evolved with the price of Bitcoin below:
In 13 models released over the past 11 years, just 3 models saw their Bitcoin equivalent increase from the following year. Similar sentiments exist when comparing the price against Ether, as well, since it’s genesis in 2015. In just three occasions in the last nine iPhone releases was a phone more expensive in ETH than the model prior:
There’s a few additional key callouts from the CoinGecko report:
Bitcoin (BTC) has seen all sorts of valuation relative to Apple's flagship phone. | Source: BTC-USD on TradingView.com
Featured image from Pixabay, Charts from TradingView.comThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
Shiba Inu Onboards Former iPhone Developer to Its Metaverse TeamThe collective is expanding further as Sherri Cuono joins the Shibaverse. The meme coin’s team now has a new advisor that helped in building the first iPhone game.
Moreover, Sherri Cuono was on the creative development team of the first-ever 3D interactive video portal. Cuono is fascinated by visual effects, and that’s how she got into programming. She has designed complex solutions in the fields of healthcare, entertainment, enterprise, and gaming.
For Immediate Release: #ShibArmy, We proudly welcome Sherri Cuono to the Metaverse team. Visit https://t.co/w29zPzRr4M to get started on SHIB – The MetaverseLearn more..https://t.co/YBqv0l8055
— Shib (@Shibtoken) May 25, 2022
Shiba’s Community-Based Metaverse in the Works
SHIB the Metaverse is bound to be the pinnacle of Shiba Inu’s history not only as a cryptocurrency, but also as a community that every member of the ShibArmy calls home. The new environment aims to bring together all fans and investors of SHIB.
Additionally, the news comes just a week after Shiba Inu expanded their team with the entrance of Marcie Jastrow, a media expert with vast experience. She will be focusing on building new partnerships related to SHIB: The Metaverse.
Shiba Inu (SHIB) Still in the Red
Shiba Inu (SHIB) is still experiencing the consequences of the recent crypto market crash. At press time, Shiba Inu (SHIB) is trading at $0.00001097, which is 4% less than an hour ago. Shiba Inu dropped 5.7% in the last 24 hours. In terms of one month, Shiba Inu is now experiencing a 55.1% loss.
According to some experts, Shiba Inu has found support around the $0.000011 area, managing to hold above this level since May 14th. The current structure of consolidation looks similar to its price action at the end of January 2022. Then, SHIB price skyrocketed by almost 100% to $0.000035 on February 7th, 2022. To sum up, another Shiba Inu price boost is likely to come as soon as this year.