Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| Stepping back, however, the continued growth in Services is the reflection of our ecosystem strength and the positive momentum we are seeing across several key metrics |
| We continue to see strength in our Watch installed base, which set a new all-time record, thanks to very high customer loyalty and new two rates, nearly two thirds of customers purchasing an Apple Watch during the quarter were new to the product |
| Today, we're reporting revenue of $94.8 billion for the March quarter, which was better than our expectations |
| Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year |
| We were particularly pleased with the performance we saw in emerging markets and achieved all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey and the UAE, as well as a number of March quarter records, including in Brazil, Malaysia and India |
| On other emerging markets, we had a stellar quarter in emerging markets overall, as I had mentioned, with records set in a number of different places, including Indonesia and Mexico, the Philippines, Saudi Arabia, Turkey, UAE, and then quarterly records in Brazil, India and Malaysia |
| It speaks to the incredible power of Apple products and services to enrich people's lives in indispensable ways |
| Tim Cook The feedback for both Apple Pay Later and the savings products have both been really good |
| We believe in the power of innovation to build a better world |
| It was encouraging to hear about the record installed base across iPhone and across all devices |
| This is a huge asset for us, and it's a testament to the overall customer satisfaction and engagement and loyalty of our customers |
| And so the buyer metrics, if you will, are very, very good |
| Also, China has a lot of very good metrics in terms of new buyers |
| But if you back up and look at the installed base, we feel great about the size of it and the rate that it's growing |
| And finally, we continue to improve the breadth and the quality of our current services offerings from new content on Apple TV Plus to great new features available in Apple Pay and Apple Music, which we believe our customers will love |
| So we feel good about it |
| iPad's versatility continues to be its greatest strength as we're helping students learn on the same family of devices artists use to create their next masterpiece |
| With its exceptional range of game changing health and safety features, Apple Watch becomes more and more indispensable every day |
| If you sort of step back and look at how we've performed over the last three years on the supply chain, despite this parade of horribles, if you will, between the pandemic and the chip shortages and macroeconomic kind of factors, the supply chain has been incredibly resilient, and we feel good about what we are and what our plans are |
| Third, paid subscriptions showed strong growth |
| Meanwhile, Services set an all-time record with $20.9 billion in revenue for the March quarter |
| We achieved all time revenue records across App Store, Apple Music, iCloud and payment services |
| But if you look at it over a long arc of time, I think there's a good opportunity across the board |
| We're very happy with the gross margins that we're having this cycle |
| And over the longer term, it obviously improves our ability to monetize on services as well |
| We're having great momentum in emerging markets, and those are markets where our share is low, gives us a great opportunity to grow over time |
| Both our transacting accounts and paid accounts grew double digits year-over-year, each setting a new all-time record |
| And so there are a good deal of people out there that have multiple Apple devices, and I think this is a testament to the customer satisfaction and loyalty that we've been able to get from the incredible design that our engineering teams do on our products |
| Users want to store more photos and videos and more content on their devices and so they adopt our cloud services and in general the model in the App Store around paid subscriptions continues to grow very strongly |
| And we're constantly innovating to deliver exceptional experiences and meet our customers where they are |
| Statement |
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| Products revenue was $73.9 billion, down 5% from last year, due to challenging compares on Mac and iPad |
| This performance was due to two key factors, a tough compare against the launch of iPad Air powered by the M1 chip in the year ago quarter and headwinds from the macroeconomic environment |
| These results were driven by the challenging macroeconomic environment coupled with a difficult compare against last year's launch of the completely reimagined M1 MacBook Pros |
| Wearables, home and accessories revenue was $8.8 billion, down 1% year-over-year as the category experienced the impact from the macroeconomic environment |
| Similar to Mac, iPad revenue performance was impacted by macroeconomic challenges, foreign exchange headwinds, and a difficult compare with last year when we launched the M1 powered iPad Air |
| Products gross margin was 36.7%, decreasing 30 basis points sequentially due to seasonal loss of leverage and mix, partially offset by favorable costs |
| During the March quarter, we continued to face foreign exchange headwinds, which had an impact of more than 500 basis points, as well as ongoing challenges related to the macroeconomic environment |
| And like our other product lines, Mac is facing some macroeconomic and foreign exchange headwinds as well |
| Mac revenue was $7.2 billion, down 31% year-over-year and in line with our expectations |
| iPad generated $6.7 billion in revenue, down 13% year-over-year and in line with our expectations |
| For Services, we expect our June quarter year-over-year revenue growth to be similar to the March quarter, while continuing to face macroeconomic headwinds in areas such as digital advertising and mobile gaming |
| Foreign exchange had a negative impact of over five percentage points on our results, in line with what we had expected |
| Foreign exchange will continue to be a headwind and we expect a negative year-over-year impact of nearly four percentage points |
| And mobile gaming, where we've seen a bit of a slowdown, partly due to the macroenvironment, partly due to the fact that we had very elevated usage during the COVID years |
| Unfortunately, it's still a headwind at the revenue level, but at gross margin level, sequentially, we expect foreign exchange not to be a factor |
| Operating expenses of $13.7 billion were at the low end of the guidance range we provided at the beginning of the quarter and continued to decelerate from the December quarter |
| It looks like things are slowing down quite a bit elsewhere, but if my math is right, your fiscal third quarter guidance implied product revenue will be a little bit lower than seasonal average on a sequential basis, any color would be helpful |
| Just to remind you, in the June quarter a year ago, at the full quarter impact of the launch for both of the iPhone SE and the iPad Air, which leads to a more difficult compare |
| Despite these records, as we saw in recent quarters, certain services offerings such as digital advertising and mobile gaming continue to be affected by the current macroeconomic environment |
| Obviously, the ARPUs are lower in India for whether you're talking about TV and movie streaming or music, the ARPUs are much lower than other regions |
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