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2021-04-20
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Apple Earnings Preview: Smashing Quarter For The iPhone<blockquote>苹果财报预览：iPhone季度表现出色</blockquote>
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Below is a discussion of how the iPhone, the larg","content":"<p>The Apple Maven’s pre-earnings coverage continues. Below is a discussion of how the iPhone, the largest of Apple’s segment, will likely outperform in fiscal second quarter.</p><p><blockquote>苹果专家的财报前报道仍在继续。下面讨论了苹果最大的细分市场iPhone可能如何在第二财季表现出色。</blockquote></p><p>The Apple Maven moves on with its coverage of the current quarterly earnings reporting season. Here are a few of the preview articles published so far:</p><p><blockquote>《苹果专家》继续报道当前的季度收益报告季。以下是目前为止发布的几篇预览文章：</blockquote></p><p><ul><li>Mark your calendars for April 28, after the closing bell. The Apple Maven will review Apple earnings report and conference call via live blog, starting at 4 p.m. EST;</li><li>Wall Street analyst estimates are through the roof: a year-over-year increase in revenues and earnings per share of 32% and 53%, respectively;</li><li>The Mac is shaping up to be the most successful segment in the quarter. I see Apple’s PC sales rising by an astounding 50% or more over easy 2020 comps;</li><li>The iPad will face an uphill battle: tablet sales across the industry are expected to fall double digits this quarter. I believe that Apple will do better than average, however.</li><li>In the last several years, Apple stock gained three times morein the two weeks following earnings day than during other, non-earnings related weeks.</li></ul>As I continue to dive deeper into Apple’s fiscal second quarter numbers by segment, I turn my attention to the iPhone today.</p><p><blockquote><ul><li>在你的日历上标记4月28日收盘后。这位苹果专家将于下午4点开始通过实时博客审查苹果收益报告和电话会议。美国东部时间；</li><li>华尔街分析师的预测非常高：收入和每股收益同比分别增长32%和53%；</li><li>Mac正在成为本季度最成功的细分市场。我认为苹果的个人电脑销量比2020年的销售额增长了惊人的50%或更多；</li><li>iPad将面临一场艰苦的战斗：预计本季度整个行业的平板电脑销量将下降两位数。然而，我相信苹果会比平均水平做得更好。</li><li>在过去几年中，苹果股票在财报日之后的两周内的涨幅是其他非财报相关周的三倍。</li></ul>随着我继续按细分市场深入研究苹果第二财季的数据，今天我将注意力转向了iPhone。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a969d65f8683b4e0266088aefd59b13\" tg-width=\"970\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone lineup.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果iPhone阵容。</span></p></blockquote></p><p><b>iPhone: easy comps, solid lineup</b></p><p><blockquote><b>iPhone：简单的comps，坚实的阵容</b></blockquote></p><p>The iPhone, not unlike much of the rest of the Cupertino company, will face easy comps this time – the comparable period in a COVID-19 pandemic-stricken 2020 saw revenues land flat, the worst top-line performance since early 2019. This is a good start for fiscal second quarter results.</p><p><blockquote>与库比蒂诺公司的其他大部分产品一样，iPhone这次将面临轻松的竞争——在受COVID-19大流行影响的2020年同期，收入持平，这是自2019年初以来最差的营收表现。这是第二财季业绩的良好开端。</blockquote></p><p>Beyond comps, at least one research company expects Apple and other China-based device makers to stand out in the three-month period. Total smartphone shipments are projected to grow by an impressive 50%, with Apple claiming an unusual top vendor status over the past half year.</p><p><blockquote>除了比较之外，至少有一家研究公司预计苹果和其他中国设备制造商将在三个月内脱颖而出。智能手机总出货量预计将增长50%，令人印象深刻，苹果在过去半年中获得了不同寻常的顶级供应商地位。</blockquote></p><p>The graph below shows revenue growth for the iPhone over the past nine quarters. The upward trend is clear, and seems to be at least partly explained by the success of the most recent device launches:</p><p><blockquote>下图显示了iPhone过去九个季度的收入增长情况。上升趋势很明显，并且似乎至少部分可以用最近设备发布的成功来解释：</blockquote></p><p><ul><li>The iPhone XS and XR fell short of expectations in 2019 (red dot number 1), after the previous year’s iPhone X seems to have accelerated the upgrade cycle;</li><li>The iPhone 11 marked a recovery in 2020 smartphone sales (red dot number 2), but the rebound was quickly squashed by the COVID-19 crisis;</li><li>The second generation of the iPhone SE was a successful midcycle launch (red dot number 3) that helped to jump-start revenues during the pandemic year, even if momentarily;</li><li>The iPhone 12 captured much of the pent-up demand in the first fiscal year of 2021 (red dot number 4), returning Apple to what seems to be a path of longer-lasting recovery.</li></ul><b>The Apple Maven’s take</b></p><p><blockquote><ul><li>iPhone XS和XR在2019年未达到预期（红点编号1），此前一年的iPhone X似乎加快了升级周期；</li><li>iPhone 11标志着2020年智能手机销量的复苏（红点数字2），但反弹很快被新冠肺炎危机压制；</li><li>第二代iPhone SE是一次成功的中期发布（红点编号3），有助于在疫情年大幅增加收入，即使是暂时的；</li><li>iPhone 12在2021年第一财年抓住了大部分被压抑的需求（红点数字4），使苹果回到了似乎更持久的复苏之路。</li></ul><b>苹果专家的看法</b></blockquote></p><p>Apple seems to have a great lineup of iPhones, from the well-received 11 to the budget-oriented SE to the higher-end 5G models launched late last year.</p><p><blockquote>苹果似乎有一个很棒的iPhone阵容，从广受好评的11到预算导向的SE，再到去年年底推出的更高端的5G机型。</blockquote></p><p>In fiscal second quarter, the robust smartphone portfolio will meet a recovering consumer in the US, many of whom have recently received the third wave of fiscal stimulus from the government. It is hard to imagine the iPhone not performing well in the post-holiday quarter, especially against easy comps.</p><p><blockquote>在第二财季，强劲的智能手机产品组合将满足美国消费者的复苏，其中许多消费者最近获得了政府的第三波财政刺激。很难想象iPhone在节后季度表现不佳，尤其是与easy comps相比。</blockquote></p><p>Here are a few questions that remain to be answered:</p><p><blockquote>以下是一些有待回答的问题：</blockquote></p><p><ol><li>Will the higher-end models (i.e. 12 Pro and Pro Max) perform substantially better than the cheaper version (i.e. mini),as some suggest? If so, will ASP (average selling prices) and margins increase beyond expectations?</li><li>Will the global component shortage negatively impact sales in the quarter or revenue expectations for the remainder of 2021?</li></ol></p><p><blockquote><ol><li>高端型号（即12 Pro和Pro Max）的性能是否会像一些人建议的那样比更便宜的版本（即mini）好得多？如果是这样，ASP（平均售价）和利润率的增长是否会超出预期？</li><li>全球零部件短缺是否会对本季度的销售或2021年剩余时间的收入预期产生负面影响？</li></ol></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Earnings Preview: Smashing Quarter For The iPhone<blockquote>苹果财报预览：iPhone季度表现出色</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Earnings Preview: Smashing Quarter For The iPhone<blockquote>苹果财报预览：iPhone季度表现出色</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-04-20 15:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Apple Maven’s pre-earnings coverage continues. Below is a discussion of how the iPhone, the largest of Apple’s segment, will likely outperform in fiscal second quarter.</p><p><blockquote>苹果专家的财报前报道仍在继续。下面讨论了苹果最大的细分市场iPhone可能如何在第二财季表现出色。</blockquote></p><p>The Apple Maven moves on with its coverage of the current quarterly earnings reporting season. Here are a few of the preview articles published so far:</p><p><blockquote>《苹果专家》继续报道当前的季度收益报告季。以下是目前为止发布的几篇预览文章：</blockquote></p><p><ul><li>Mark your calendars for April 28, after the closing bell. The Apple Maven will review Apple earnings report and conference call via live blog, starting at 4 p.m. EST;</li><li>Wall Street analyst estimates are through the roof: a year-over-year increase in revenues and earnings per share of 32% and 53%, respectively;</li><li>The Mac is shaping up to be the most successful segment in the quarter. I see Apple’s PC sales rising by an astounding 50% or more over easy 2020 comps;</li><li>The iPad will face an uphill battle: tablet sales across the industry are expected to fall double digits this quarter. I believe that Apple will do better than average, however.</li><li>In the last several years, Apple stock gained three times morein the two weeks following earnings day than during other, non-earnings related weeks.</li></ul>As I continue to dive deeper into Apple’s fiscal second quarter numbers by segment, I turn my attention to the iPhone today.</p><p><blockquote><ul><li>在你的日历上标记4月28日收盘后。这位苹果专家将于下午4点开始通过实时博客审查苹果收益报告和电话会议。美国东部时间；</li><li>华尔街分析师的预测非常高：收入和每股收益同比分别增长32%和53%；</li><li>Mac正在成为本季度最成功的细分市场。我认为苹果的个人电脑销量比2020年的销售额增长了惊人的50%或更多；</li><li>iPad将面临一场艰苦的战斗：预计本季度整个行业的平板电脑销量将下降两位数。然而，我相信苹果会比平均水平做得更好。</li><li>在过去几年中，苹果股票在财报日之后的两周内的涨幅是其他非财报相关周的三倍。</li></ul>随着我继续按细分市场深入研究苹果第二财季的数据，今天我将注意力转向了iPhone。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a969d65f8683b4e0266088aefd59b13\" tg-width=\"970\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone lineup.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果iPhone阵容。</span></p></blockquote></p><p><b>iPhone: easy comps, solid lineup</b></p><p><blockquote><b>iPhone：简单的comps，坚实的阵容</b></blockquote></p><p>The iPhone, not unlike much of the rest of the Cupertino company, will face easy comps this time – the comparable period in a COVID-19 pandemic-stricken 2020 saw revenues land flat, the worst top-line performance since early 2019. This is a good start for fiscal second quarter results.</p><p><blockquote>与库比蒂诺公司的其他大部分产品一样，iPhone这次将面临轻松的竞争——在受COVID-19大流行影响的2020年同期，收入持平，这是自2019年初以来最差的营收表现。这是第二财季业绩的良好开端。</blockquote></p><p>Beyond comps, at least one research company expects Apple and other China-based device makers to stand out in the three-month period. Total smartphone shipments are projected to grow by an impressive 50%, with Apple claiming an unusual top vendor status over the past half year.</p><p><blockquote>除了比较之外，至少有一家研究公司预计苹果和其他中国设备制造商将在三个月内脱颖而出。智能手机总出货量预计将增长50%，令人印象深刻，苹果在过去半年中获得了不同寻常的顶级供应商地位。</blockquote></p><p>The graph below shows revenue growth for the iPhone over the past nine quarters. The upward trend is clear, and seems to be at least partly explained by the success of the most recent device launches:</p><p><blockquote>下图显示了iPhone过去九个季度的收入增长情况。上升趋势很明显，并且似乎至少部分可以用最近设备发布的成功来解释：</blockquote></p><p><ul><li>The iPhone XS and XR fell short of expectations in 2019 (red dot number 1), after the previous year’s iPhone X seems to have accelerated the upgrade cycle;</li><li>The iPhone 11 marked a recovery in 2020 smartphone sales (red dot number 2), but the rebound was quickly squashed by the COVID-19 crisis;</li><li>The second generation of the iPhone SE was a successful midcycle launch (red dot number 3) that helped to jump-start revenues during the pandemic year, even if momentarily;</li><li>The iPhone 12 captured much of the pent-up demand in the first fiscal year of 2021 (red dot number 4), returning Apple to what seems to be a path of longer-lasting recovery.</li></ul><b>The Apple Maven’s take</b></p><p><blockquote><ul><li>iPhone XS和XR在2019年未达到预期（红点编号1），此前一年的iPhone X似乎加快了升级周期；</li><li>iPhone 11标志着2020年智能手机销量的复苏（红点数字2），但反弹很快被新冠肺炎危机压制；</li><li>第二代iPhone SE是一次成功的中期发布（红点编号3），有助于在疫情年大幅增加收入，即使是暂时的；</li><li>iPhone 12在2021年第一财年抓住了大部分被压抑的需求（红点数字4），使苹果回到了似乎更持久的复苏之路。</li></ul><b>苹果专家的看法</b></blockquote></p><p>Apple seems to have a great lineup of iPhones, from the well-received 11 to the budget-oriented SE to the higher-end 5G models launched late last year.</p><p><blockquote>苹果似乎有一个很棒的iPhone阵容，从广受好评的11到预算导向的SE，再到去年年底推出的更高端的5G机型。</blockquote></p><p>In fiscal second quarter, the robust smartphone portfolio will meet a recovering consumer in the US, many of whom have recently received the third wave of fiscal stimulus from the government. It is hard to imagine the iPhone not performing well in the post-holiday quarter, especially against easy comps.</p><p><blockquote>在第二财季，强劲的智能手机产品组合将满足美国消费者的复苏，其中许多消费者最近获得了政府的第三波财政刺激。很难想象iPhone在节后季度表现不佳，尤其是与easy comps相比。</blockquote></p><p>Here are a few questions that remain to be answered:</p><p><blockquote>以下是一些有待回答的问题：</blockquote></p><p><ol><li>Will the higher-end models (i.e. 12 Pro and Pro Max) perform substantially better than the cheaper version (i.e. mini),as some suggest? If so, will ASP (average selling prices) and margins increase beyond expectations?</li><li>Will the global component shortage negatively impact sales in the quarter or revenue expectations for the remainder of 2021?</li></ol></p><p><blockquote><ol><li>高端型号（即12 Pro和Pro Max）的性能是否会像一些人建议的那样比更便宜的版本（即mini）好得多？如果是这样，ASP（平均售价）和利润率的增长是否会超出预期？</li><li>全球零部件短缺是否会对本季度的销售或2021年剩余时间的收入预期产生负面影响？</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-earnings-preview-smashing-quarter-for-the-iphone\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-earnings-preview-smashing-quarter-for-the-iphone","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196760355","content_text":"The Apple Maven’s pre-earnings coverage continues. Below is a discussion of how the iPhone, the largest of Apple’s segment, will likely outperform in fiscal second quarter.The Apple Maven moves on with its coverage of the current quarterly earnings reporting season. Here are a few of the preview articles published so far:Mark your calendars for April 28, after the closing bell. The Apple Maven will review Apple earnings report and conference call via live blog, starting at 4 p.m. EST;Wall Street analyst estimates are through the roof: a year-over-year increase in revenues and earnings per share of 32% and 53%, respectively;The Mac is shaping up to be the most successful segment in the quarter. I see Apple’s PC sales rising by an astounding 50% or more over easy 2020 comps;The iPad will face an uphill battle: tablet sales across the industry are expected to fall double digits this quarter. I believe that Apple will do better than average, however.In the last several years, Apple stock gained three times morein the two weeks following earnings day than during other, non-earnings related weeks.As I continue to dive deeper into Apple’s fiscal second quarter numbers by segment, I turn my attention to the iPhone today.Figure 1: Apple's iPhone lineup.iPhone: easy comps, solid lineupThe iPhone, not unlike much of the rest of the Cupertino company, will face easy comps this time – the comparable period in a COVID-19 pandemic-stricken 2020 saw revenues land flat, the worst top-line performance since early 2019. This is a good start for fiscal second quarter results.Beyond comps, at least one research company expects Apple and other China-based device makers to stand out in the three-month period. Total smartphone shipments are projected to grow by an impressive 50%, with Apple claiming an unusual top vendor status over the past half year.The graph below shows revenue growth for the iPhone over the past nine quarters. The upward trend is clear, and seems to be at least partly explained by the success of the most recent device launches:The iPhone XS and XR fell short of expectations in 2019 (red dot number 1), after the previous year’s iPhone X seems to have accelerated the upgrade cycle;The iPhone 11 marked a recovery in 2020 smartphone sales (red dot number 2), but the rebound was quickly squashed by the COVID-19 crisis;The second generation of the iPhone SE was a successful midcycle launch (red dot number 3) that helped to jump-start revenues during the pandemic year, even if momentarily;The iPhone 12 captured much of the pent-up demand in the first fiscal year of 2021 (red dot number 4), returning Apple to what seems to be a path of longer-lasting recovery.The Apple Maven’s takeApple seems to have a great lineup of iPhones, from the well-received 11 to the budget-oriented SE to the higher-end 5G models launched late last year.In fiscal second quarter, the robust smartphone portfolio will meet a recovering consumer in the US, many of whom have recently received the third wave of fiscal stimulus from the government. It is hard to imagine the iPhone not performing well in the post-holiday quarter, especially against easy comps.Here are a few questions that remain to be answered:Will the higher-end models (i.e. 12 Pro and Pro Max) perform substantially better than the cheaper version (i.e. mini),as some suggest? If so, will ASP (average selling prices) and margins increase beyond expectations?Will the global component shortage negatively impact sales in the quarter or revenue expectations for the remainder of 2021?","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":558,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/371817537"}
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