Gene Munster's Take On Apple's Q2 Beat, June Quarter Guidance: 'Things Get Easier For Apple In The Back Half Of Year'
Gene Munster's Take On Apple's Q2 Beat, June Quarter Guidance: 'Things Get Easier For Apple In The Back Half Of Year'
Apple, Inc. (NASDAQ:AAPL) reported fiscal year 2024 second-quarter results that exceeded muted expectations and its stock launched into a relief rally, with the upside also attributable to the shareholder returns it announced. Deepwater Asset Management's Gene Munster offered his take on the results and the information the management shared on the earnings call.
蘋果公司（納斯達克股票代碼：AAPL）公佈的2024財年第二季度業績超出了低迷的預期，其股票開始緩解性上漲，上行空間也歸因於其公佈的股東回報。深水資產管理公司的吉恩·芒斯特對業績和管理層在業績電話會議上分享的信息發表了自己的看法。
Relief Rally: Munster called the 7%+ spike in Apple's shares post the earnings release as a "relief rally." Delving into the potential reasons, he outlined the following:
救濟性反彈：芒斯特稱蘋果股價在業績發佈後上漲7％以上是 “救濟性反彈”。在深入研究潛在原因時，他概述了以下幾點：
- Revenue and earnings coming basically in line with Street forecasts
- CEO Tim Cook's comments on CNBC that June quarter revenue will be up in single-digit percentage points
- China sales declining by 8% year-over-year, less than the Whisper number (-12%)
- Massive buyback of $110 billion, more than the $90 billion the Street was anticipating
- 收入和收益基本符合華爾街的預期
- 首席執行官蒂姆·庫克在CNBC上評論說，6月季度收入將以個位數百分點增長
- 中國的銷售額同比下降8％，低於Whisper的數字（-12％）
- 1,100億美元的大規模回購，超過華爾街預期的900億美元
The June quarter guidance, according to Munster, was a win, given the Street was bracing for another quarterly revenue decline, or at best flattish growth.
芒斯特認爲，鑑於華爾街正準備再次出現季度收入下降，充其量只能說是持平增長，因此6月份的季度指引是一個勝利。
"Big Picture. Things get easier for Apple in the back half of the year," said Munster.
“大圖。下半年，蘋果的情況變得更容易了，” 芒斯特說。
Earnings Call Takeaways: CFO Luca Maestri confirmed the June quarter revenue guidance on the call and said the single-digit percentage growth expectation is despite a 2.5 percentage point adverse forex impact. He also said Services revenue will grow by double-digits, similar to the growth rate seen in the first half of the year and guided gross margins to 45.6%-46.6%.
業績電話會議要點：首席財務官盧卡·馬埃斯特里在電話會議上確認了6月份的季度收入指導，並表示儘管外匯受到2.5個百分點的不利影響，但預期的個位數百分比增長仍爲個位數。他還表示，服務收入將增長兩位數，與上半年的增長率相似，預計毛利率將達到45.6％-46.6％。
Munster said this is a sign that the company was not seeing signs of the EU changes impacting the Services business.
芒斯特說，這表明該公司沒有看到歐盟變革影響服務業務的跡象。
The fund manager also highlighted the comments Maestri made about capex spending for AI. The CFO said Apple splits investments between itself and suppliers, and that investments in data centers would take the same approach, using some of its own and some of the capacity from third parties.
該基金經理還強調了馬埃斯特里對人工智能資本支出發表的評論。首席財務官表示，蘋果將投資分散在自己和供應商之間，對數據中心的投資將採取同樣的方法，使用自己的部分容量和第三方的部分容量。
Munster said this allays fears about a "Capex moment," which many feared as Apple goes about building its AI infrastructure.
芒斯特說，這緩解了人們對 “資本支出時刻” 的擔憂，許多人在蘋果着手建設其人工智能基礎設施時對此感到擔憂。
Apple emphasized the importance of China, which it continues to see as a key market, the tech venture capitalist said. The company also said it would diversify further into India, Saudi, Mexico, Turkey, Brazil and Indonesia where its markets hare was low, he added.
這位科技風險投資家說，蘋果強調了中國的重要性，它仍然將中國視爲關鍵市場。他補充說，該公司還表示，將進一步向其市場份額較低的印度、沙特、墨西哥、土耳其、巴西和印度尼西亞進行多元化經營。
With the company stating that it would talk about how generative AI will be built into most of its products at the annual World Wide Developers Conference in June, Munster said, "The speed that Apple has shifted their message on GenAI is remarkable and the right decision."
該公司表示將在6月的年度全球開發者大會上討論如何將生成式人工智能集成到其大多數產品中，芒斯特說：“蘋果在GenAI上轉變信息的速度非常了不起，而且是正確的決定。”
The Department of Justice probe remained an overhang for the stock and in the absence of any major impact from the probe, the stock could trade above $200, Munster said.
芒斯特說，司法部的調查仍然是該股的懸而未決的問題，在調查沒有任何重大影響的情況下，該股的交易價格可能超過200美元。
Apple ended Thursday's session up 2.20% at $173.03 and rose another 6.06% in after-hours trading, according to Benzinga Pro data.
根據Benzinga Pro的數據，蘋果週四收盤上漲2.20％，至173.03美元，盤後交易中又上漲了6.06％。
譯文內容由第三人軟體翻譯。