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27/04/2016
Apple & Twitter results. Show me the money

Cash flow is king when growth deserts Apple Q2 16. Apple reported difficult Q2 results but critically, iPhone shipments fell by far less than many had feared, confirming our view that this is the end of a cycle not a secular decline. Q2 16 revenues and EPS were $50.6bn/$1.90 missing consensus of $52.0bn/$2.00. iPhone shipments were 51.2m compared to consensus of 51.0m with ASPs of $642 compared to $670 in Q1 16. A large part of the ASP weakness can be attributed to the strength of the USD which impacted overall revenues by 4% during the quarter. iPad shipments were 10.3m slightly better than expected driven by the larger screen iPad Pro. Mac shipments were 4m, slightly missing expectations as the weakness in the PC market has finally impacted demand for Macs.

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