Author : “Ken Chiang”

Topic :

Apple 2021 FQ2 earning report

正文:

As a Finance student who own iPhone , Mac , AirPods , apple watch ,

I have to do an earning report review for my Fav’ company !

(Not a financial Advise )

First , does apple meet the expectation

Apple Q1(FQ2) EPS is 1.4 → beats by 0.42 $

Revenue is 89.6 Billions. →beats by $ 12 B

from the past history data , we can points out that , it has been a while that apple have this kind of performance in FQ2

source:https://www.marketbeat.com/stocks/NASDAQ/AAPL/earnings/

and we all know that apple’s earning affect strongly by quarter , FQ1 is the strongest

source : https://www.statista.com/statistics/382136/quarterly-segments-revenue-of-apple/

From the Apple’s most recently filed annual report on Form 10-K and the Form 8-K filed with the SEC ,

source : https://seekingalpha.com/filing/5496860

besting apple’s year ago revenue performance by 54% .

Wearables , Home , Accessories section include :

Apple TV ,

AirPods ,

Apple Watch ,

Beats ,

iPod touch ,

services include :

apple news ,

apple music ,

apple care ,

apple card ,

Apple Podcasts ,

apple card family , which was introduced last week

A new way of building Family together ~ and will be available in the US in May .

we can see that the continue growing in the service section ,

this situation can easily relate to another big tech company like Amazon .

https://appleinsider.com/articles/20/10/29/apples-services-now-have-585m-paid-subscribers-on-track-to-hit-600m-by-end-of-2020

Next let’s see how this kind of scenario will effect Gross Margin

source : https://www.apple.com/investor/earnings-call/

In the pass performance , the Gross margin is around just below 40 .

source : https://www.macrotrends.net/stocks/charts/AAPL/apple/profit-margins

this year

Total Net sales → 89,584

Total Cost of sales →51,505

the Gross Margin will be around 42.5 %

Operating Expense :

Operating expense only increase by nearly 10,000 , compare to the huge success in the earning , that’s also a pretty good news .

Performance from over the world :

Nearly double the sales in the China and Rest of Asia Pacific , and the noticeable increase in Americas and Europe

Product performance :

we all know that apple release his M1 last year , and have a great response from the consumer ,

In the conference call ,apple also announce that the new iPad pro will be also be using M1 chip instead of Apple A12Z processor ,

source:https://www.apple.com/tw/ipad-pro/

Maybe the huge success in the M1 Mac , really boost the confidence of Apple corp.

Next apple also introduce the new product will be release at the April 2021 spring including

  1. iMac in various colors
  2. The new iPad Pro ( Just mention above)
  3. iPhone 12 in purple
  4. The new Apple TV 4k
  5. Air Tags

Personally , I really want to see how Markets will react to the Air Tags ,

sell at 990$ NT dollars

source : https://www.apple.com/tw/airtag/

Next Let’s move on to the balance sheet :

Assets :

Liability :

share holder :

1 . Current ratio

→ Current Ratio = Current Assets / Current Liabilities

→ 121,465 /106,385 =1.15

2. Debt ratio

→ Total liability / Total Assets

→267,980/337,158 = 0.8

3. Debt to equity ratio (lower than 1 )

→ Debit/Equity Ratio = Total Liabilities / Shareholder’s Equity

→ 267,980/69,178 = 0.38

Next Let’s move on to the cash flows :

source :https://www.apple.com/newsroom/pdfs/FY21_Q2_Consolidated_Financial_Statements.pdf
source:https://www.apple.com/newsroom/pdfs/FY21_Q2_Consolidated_Financial_Statements.pdf

payment for dividends and dividend equivalents , does not increase while the sales performance hight rocket ,

however , according to the news ,

apple will have another repurchase program .

source:https://seekingalpha.com/news/3687211-apple-raises-dividend-by-7-to-022-per-share

source :

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