AAPL ER 中规中矩，后市可期

 

AAPL

Apple's gross margin beats guidance; iPad weighs on revenue

• Apple (NASDAQ:AAPL) had an FQ3 gross margin of 39.4%, +250 bps Y/Y, above guidance of 37%-38%, and driving the EPS beat. FQ4 GM guidance is also at 37%-38%.
• iPhone revenue (53% of total revenue, and a bigger % of op. profit) +9% Y/Y to $19.8B, after growing 17% in FQ2. iPad revenue -8% (to $5.9B) vs. -13%. Mac revenue +13% (to $5.5B) vs. +1%.
• iTunes/software/services revenue +12% to $4.5B, Accessories +6% to $1.3B, iPod -40% to $442M.
• Excluding retail, Americas revenue +1% Y/Y to $14.6B, Europe +6% to $8.1B, Greater China (boosted by China Mobile/4G launches) +28% to $5.9B, Japan +1% to $2.6B (slowed from FQ2's +26%), rest of Asia-Pac +6% to $2.2B (a notable improvement from -17% in FQ2). Retail revenue +1% to $4.1B.
• R&D spend +36% Y/Y to $1.6B, SG&A +8% to $2.9B. $5B was spent on stock repurchases.
• AAPL -0.9% AH. FQ3 results, PR.