Apple’s Q3 2013 Conference Call to Investment Bankers, Highlights, July 23, 2013, 5pm. With continued iPhone growth and a particularly strong performance from its iTunes and services businesses, Apple posted a slight increase in revenues in the June quarter, though lower margins led to a 20 percent slide in profit. Following the company’s earnings release, Apple executives took part in a conference call to discuss the quarter, and notes of interest follow, assembled by Appleinsider.
Among major hardware, Apple’s only growth came from the iPhone, which saw a 20 percent jump to 31.2 million units. iTunes, software and services were particularly strong in the June quarter, growing 25 percent. iPad shipments had a tough comparison to Q3 2012, when Apple launched the third-generation iPad late in the preceding quarter.
Apple’s iPhone business. The iPhone was Apple’s a major growth product for Apple during the quarter, posting a 20% increase in shipments from the same period in 2012 to 31.2 million units, and setting a new record for the quarter. Increase of 5.2 million.
• iPhone sell-through of about 31.8 million units.
• Revenue from the iPhone was also up 15% year over year.
• Developed and emerging markets — US, UK, Japan, Brazil, Russia, India, Thailand — saw strong sales.
• iPhone 5 most popular so far, but solid sales for 4 and 4S.
• Ended quarter with 11 million in channel inventory.
• iPhone sales strong in Japan, top-selling smartphone in Japan.
• Apple No. 1 or No. 2 smartphone manufacturer in North America, Western Europe, Russia, Turkey, Singapore, Hong Kong.
• 95% loyalty rate among iPhone owners.
• iPhone top spot in cust.sat. from JD Power, South Korea.
• American Airlines, Cisco, General Electric, SAP deployed more than 20,000 iPhones across their enterprises.
Apple’s iPad business. iPad shipments saw their first-ever year over year decrease, down 14% to 14.6 million units. Revenues for the iPad lineup were off even more, sliding 27% due to the late 2012 introduction of the lower-margin iPad mini.
• Exited quarter with 4.1M units of iPad channel inventory.
• iPad number one in 2013 tablet satisfaction survey.
• Cites Chitika study showing iPad at highest level of usage this year with 84.4% web share in North America.
Apple’s Mac business. Mac shipments slid 7 percent during Apple’s third fiscal quarter of 2013 to 3.8 million. Revenue wasn’t hit as hard, though, easing just 1 percent.
• 3.8 million Macs, 7 percent decline YoY but higher sales than Apple’s estimates.
• Global computer market contracted 11 percent in same time, so Macs gained share.
• Apple pleased with response to new MacBook Airs
• Developer preview of OS X Mavericks will bring more than 200 new features.
• "We’re extremely pleased to have received" authorization to roll out 660,000 iPads to Los Angeles students.
Apple’s iTunes and App Store businesses. Apple saw huge growth in its iTunes, software and services businesses, surging 25 percent year over year to $3.9 billion in revenue. iTunes users have downloaded more than 1 billion tv episodes and 390 million movies from iTunes
• Developers have now created more than 900K apps, including 375K for iPad
• Developers have made more than $11 billion in sales, half of which in the last four quarters
• More than 900 billion iMessages
• Received more than 8 trillion push notifications
• Apple’s retail business and regional sales
Retail sales were flat year over year. The company saw the biggest regional growth in Japan, where revenue was up 27 percent from the same quarter in 2012. Sales were also up 12 percent in the Americas, while the rest of the world saw year over year decreases. Revenue for quarter $4.1 billion. Strong growth in iPhone sales. Most successful macBook Air launch to date.
• Ended quarter with 408 stores, 156 outside the United STates.
• Will open 9 new stores in next quarter.
• 23 more such relocations in Fiscal ’13.
• Retail segment income was $670 million.
• On Average about 15,000 visitors per store, each week.
Apple’s iPod business. iPod shipments were down a dismal 32% year over year to 4.6 million units. The iPod number wasn’t even mentioned in the text of Apple’s press release, an uncharacteristic decision. Revenue from iPod sales was also down 31% year over year.
Apple’s next (Q4 2013) fiscal quarter.
• Apple’s range of guidance for its fiscal 2013 fourth quarter calls for:
• Revenue between $34 billion and $37 billion
• Gross margin between 36% and 37%
• Operating expenses between $3.9 billion and $3.95 billion
• Other income/(expense) of $200 million
• Tax rate of 26.5%
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