APPLE: NO
25 February 2021
... No, it's not progressing. Like you, I have seen the headlines "APPLE: REVENUES GREATER THAN $100 BILLION IN LAST QUARTER".
But the explanation is simple: instead of launching their new IPHONE model in Q3 like every year, Apple launched it in Q4.
If we look at a half year, we cancel this effect and here is what it gives us in terms of revenues:
IPhone revenues in $Bn for the 2nd semester
- 2017: 90
- 2018: 89
- 2019: 89
- 2020: 90
Ok, with the pandemic Apple has sold a little more Macs, iPads and services. But the sinews of war are still the IPhone and the IPhone is not growing anymore. Nada. Zero.
And if this is the kind of figures the market relies on to justify a capitalization that went from $900 Bn to $2,200 Bn, I'm happy to stay out of this happy club.
Have a good week,
Charles
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