Apple $AAPLB reported fourth-quarter revenue of $114.477 billion, up 12% year over year. iPhone revenue was $57.583 billion, up 17.5%; Mac revenue was $10.792 billion, up 23.7%; and Greater China revenue was $17.539 billion, up 21.0%. Revenue set a September-quarter record.
But about one percentage point of the quarter’s 47.9% gross margin came from tariff refunds, and EPS of $2.10 also included a one-time impact of $0.05. Excluding those, the margin was 46.9%. R&D expenses for the same period were $11.730 billion, up 32.3%—nearly three times the revenue growth rate.
The hardware picture was mixed. iPad revenue was $6.229 billion, down 10.4%, while Wearables, Home and Accessories revenue was $8.300 billion, down 7.9%. Both categories declined. Services revenue was $31.573 billion, up 9.8%, and continued to reach new highs, but growth had already slowed to single digits.
The full-year figures need to be viewed separately. Full-year revenue of $478.834 billion, operating cash flow of $145.097 billion, and buybacks of $86.390 billion are totals for 12 months, not for this quarter’s $28 billion. There are two key variables: where gross margin settles after the refund impact fades, and when R&D translates into revenue.
#苹果财报喜忧参半 #BStocks #股票财报季
But about one percentage point of the quarter’s 47.9% gross margin came from tariff refunds, and EPS of $2.10 also included a one-time impact of $0.05. Excluding those, the margin was 46.9%. R&D expenses for the same period were $11.730 billion, up 32.3%—nearly three times the revenue growth rate.
The hardware picture was mixed. iPad revenue was $6.229 billion, down 10.4%, while Wearables, Home and Accessories revenue was $8.300 billion, down 7.9%. Both categories declined. Services revenue was $31.573 billion, up 9.8%, and continued to reach new highs, but growth had already slowed to single digits.
The full-year figures need to be viewed separately. Full-year revenue of $478.834 billion, operating cash flow of $145.097 billion, and buybacks of $86.390 billion are totals for 12 months, not for this quarter’s $28 billion. There are two key variables: where gross margin settles after the refund impact fades, and when R&D translates into revenue.
#苹果财报喜忧参半 #BStocks #股票财报季
