WilliamFish
2022-01-17
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Apple Earnings Are Coming: What to Watch<blockquote>苹果财报即将发布：值得关注</blockquote>
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Apple CEO Tim Cook last quarter said that supply constraints caused by chip shortages had cost Apple $6 billion, and the chip shortages and supply issues are also expected to impact Apple's first quarter earnings results.</p><p><blockquote>第一季度收益看涨期权将让我们深入了解iPhone 13机型、AirPods 3、M1 Pro和Max MacBook以及其他设备在截至12月的假日季度的销售情况。苹果首席执行官Tim Cook上季度表示，芯片短缺导致的供应限制已经让苹果损失了60亿美元，预计芯片短缺和供应问题也将影响苹果第一季度的财报结果。</blockquote></p><p>Ahead of the earnings report, here's a close look at some of the areas investors may want to check on.</p><p><blockquote>在收益报告发布之前，让我们仔细看看投资者可能想要检查的一些领域。</blockquote></p><p><b>Revenue growth</b></p><p><blockquote><b>收入增长</b></blockquote></p><p>Analysts have big expectations for Apple's top line. On average, they expect revenue of $118 billion for the quarter. Though this only represents about 6% year-over-year growth, it's a bullish forecast when you put it into context. First, consider the tough comparison Apple is up against. Revenue in the year-ago period rose 29% year over year. Second, supply constraints and logistical challenges in the company's most recently reported quarter were so great that management opted to refrain from providing specific revenue guidance for fiscal Q1, coinciding with the fourth calendar quarter. In addition, Apple management said it expected the pain from supply challenges to persist in fiscal Q1.</p><p><blockquote>分析师对苹果的营收寄予厚望。平均而言，他们预计本季度收入为1180亿美元。尽管这仅代表约6%的同比增长，但从背景来看，这是一个乐观的预测。首先，考虑一下苹果面临的艰难比较。去年同期收入同比增长29%。其次，该公司最近报告的季度的供应限制和物流挑战如此之大，以至于管理层选择不为第一财季（与第四季度一致）提供具体的收入指引。此外，苹果管理层表示，预计供应挑战带来的痛苦将在第一财季持续存在。</blockquote></p><p>"We estimate the impact from supply constraints will be larger during the December quarter," management said in the company's fiscal fourth-quarter earnings call.</p><p><blockquote>管理层在公司第四财季收益看涨期权中表示：“我们估计供应限制的影响在12月季度将会更大。”</blockquote></p><p>But if Apple does a good job of mitigating supply chain challenges, the December quarter could be quite impressive; management said Apple was seeing "high demand" for its products. In addition, management said it expects "revenue for each product category to grow on a year-over-year basis, except for iPad, which we expect to decline year over year due to supply constraints."</p><p><blockquote>但如果苹果在缓解供应链挑战方面做得很好，那么12月份的季度可能会相当令人印象深刻；管理层表示，苹果看到了对其产品的“高需求”。此外，管理层表示，预计“每个产品类别的收入都将同比增长，但iPad除外，由于供应限制，我们预计iPad将同比下降。”</blockquote></p><p><b>Earnings per share</b></p><p><blockquote><b>每股盈利</b></blockquote></p><p>Analysts expect Apple's earnings per share to grow even faster than revenue. On average, analysts are modeling for earnings per share of $1.88, representing year-over-year growth of 12%.</p><p><blockquote>分析师预计，苹果每股收益的增长速度将超过营收。分析师平均预测每股收益为1.88美元，同比增长12%。</blockquote></p><p>Apple's earnings per share typically grow faster than its revenue because of the company's aggressive share repurchases. By reducing total share count over time, Apple's net income is spread across a shrinking number of shares, contributing to earnings-per-share growth.</p><p><blockquote>由于该公司积极的股票回购，苹果的每股收益增长通常快于收入增长。通过随着时间的推移减少股票总数，苹果的净利润分布在数量不断减少的股票上，从而促进每股收益的增长。</blockquote></p><p><b>Revenue guidance</b></p><p><blockquote><b>收入指引</b></blockquote></p><p>Another important metric investors will probably look to is management's guidance for its fiscal second-quarter revenue. Currently, analysts seem to have a very conservative view for the quarter, with the consensus estimate calling for revenue of $90.4 billion. That's only slightly above the $89.6 billion of revenue the company reported in the second quarter of fiscal 2021.</p><p><blockquote>投资者可能会关注的另一个重要指标是管理层对其第二财季收入的指引。目前，分析师对本季度的看法似乎非常保守，普遍预期营收为904亿美元。这仅略高于该公司2021财年第二季度报告的896亿美元收入。</blockquote></p><p>Just as was the case for fiscal Q1, the light revenue forecast stems from Apple's tough year-ago comparisons and an uncertain operating environment. But it's possible analysts are being too conservative.</p><p><blockquote>与第一财季的情况一样，轻松的收入预测源于苹果与去年同期的艰难比较和不确定的运营环境。但分析师可能过于保守。</blockquote></p><p>Overall, supply chain and logistical challenges mean that Apple's upcoming earnings report is a bit of a wildcard; Apple's business performance could be anywhere from poor to outstanding relative to analyst estimates. But in order for the company to keep investors excited, Apple will likely have to report revenue, earnings per share, and revenue guidance ahead of analysts' estimates.</p><p><blockquote>总体而言，供应链和物流挑战意味着苹果即将发布的财报有点变数；相对于分析师的预期，苹果的业务表现可能从糟糕到出色不等。但为了让公司保持投资者的兴奋，苹果可能必须在分析师的预期之前报告收入、每股收益和收入指引。</blockquote></p><p><b>Apple Analysts Boost Targets Ahead of Earnings</b></p><p><blockquote><b>苹果分析师在财报公布前上调目标</b></blockquote></p><p>Analysts continue to crank out bullish notes about Apple‘s outlook ahead of the tech giant’s earnings report.</p><p><blockquote>在这家科技巨头发布收益报告之前，分析师继续对苹果的前景发表看涨言论。</blockquote></p><p>Apple had a big run in late 2021, pushing the stock close to the $3 trillion market capitalization level, a milestone no company has previously reached. Bulls think results for the fiscal first quarter ended Dec. 31 could spur the stock to finally eclipse that hurdle.</p><p><blockquote>苹果在2021年底大幅上涨，推动该股市值接近3万亿美元，这是此前任何公司都没有达到过的里程碑。看多者认为，截至12月31日的第一财季业绩可能会刺激该股最终克服这一障碍。</blockquote></p><p>Loop Capital Markets analyst Ananda Baruah repeated his Buy rating on Apple shares, lifting his price target to $210, from $165. He believes the company will surpass Street expectations both on iPhone units sold and for average selling prices in fiscal 2022. Apple could post 10% to 15% growth in both iPhone and overall revenue this year, he writes, which would be well ahead of the Street consensus forecast for 4.4% growth.</p><p><blockquote>Loop Capital Markets分析师Ananda Baruah重申了对苹果股票的买入评级，将目标价从165美元上调至210美元。他相信，该公司2022财年iPhone销量和平均售价都将超出华尔街预期。他写道，苹果今年的iPhone和整体收入可能会增长10%至15%，这将远远高于华尔街普遍预测的4.4%的增长。</blockquote></p><p>Baruah estimates December-quarter iPhone units were in the 84-to-85-million-unit range, above the Street consensus at 81 million. Driven by strong iPhone sales, he’s modeling December-quarter revenue of $122 billion and profits of $1.95 a share, above consensus at $118 billion and $1.88 a share. He also thinks the Street consensus on calendar 2022 iPhone production is too low—he’s expecting 243 million to 245 million, with the Street at 240 million.</p><p><blockquote>Baruah估计12月份季度iPhone的销量在84至8500万部之间，高于华尔街普遍预期的8100万部。在iPhone强劲销售的推动下，他预测12月份季度营收为1220亿美元，每股利润为1.95美元，高于市场普遍预期的1180亿美元和每股1.88美元。他还认为华尔街对2022年iPhone产量的共识太低——他预计为2.43亿至2.45亿部，华尔街为2.4亿部。</blockquote></p><p></p><p>Piper Sandler analyst Harsh Kumar likewise repeated his Overweight rating on Apple shares, while lifting his price target to $200 from $175. “We believe Apple has a favorable set-up for 2022,” he writes in a research note. “We believe iPhone momentum will continue due to 5G adoption, particularly in the United States and China. In addition, we see growth in services and wearables offsetting some of our growth concerns in Mac and iPads.”</p><p><blockquote>Piper Sandler分析师Harsh Kumar同样重申了跑赢大盘对苹果股票的评级，同时将目标价从175美元上调至200美元。“我们相信苹果为2022年做好了有利的准备，”他在一份研究报告中写道。“我们相信，由于5G的采用，iPhone的势头将持续下去，特别是在美国和中国。此外，我们看到服务和可穿戴设备的增长抵消了我们对Mac和iPad增长的一些担忧。”</blockquote></p><p>Kumar adds that he sees healthcare and autos as “the next major growth markets for the company.” The move into those markets, he says, should set up the company to expand its valuation to $4 trillion and beyond.</p><p><blockquote>库马尔补充说，他认为医疗保健和汽车是“公司下一个主要增长市场”。他表示，进军这些市场应该会使该公司的估值扩大到4万亿美元甚至更高。</blockquote></p><p>“We expect the upcoming earnings print for Dec-Q (F1Q) to feature some of the headwinds from the slow supply chain ramp in relation to new products, which will limit the magnitude of upside; although, we expect a modest beat nevertheless, led by better iPhone shipments,” JPMorgan’s Samik Chatterjee said in a note.</p><p><blockquote>“我们预计即将发布的12月Q(F1Q)财报将出现与新产品相关的供应链增长缓慢带来的一些不利因素，这将限制上涨幅度；不过，我们预计仍会出现小幅上涨，摩根大通的Samik Chatterjee在一份报告中表示：“iPhone出货量增加。”</blockquote></p><p>Production disruptions due to Covid outbreaks have impacted companies across industries in the past year, but JPMorgan sees supply recovering for Apple in the fiscal second quarter.</p><p><blockquote>过去一年，新冠疫情爆发导致的生产中断影响了各行业的公司，但摩根大通预计苹果的供应将在第二财季恢复。</blockquote></p><p>Improved supply and persistently strong demand should lead to above-seasonal iPhone revenue, JPMorgan said. The firm expects Apple to ship 61 million iPhones in the fiscal second quarter, translating to $49.2 billion of sales.</p><p><blockquote>摩根大通表示，供应改善和持续强劲的需求应该会导致iPhone收入高于季节性。该公司预计苹果第二财季iPhone出货量为6100万部，销售额为492亿美元。</blockquote></p><p>While JPMorgan says Apple shares are not cheap relative earnings, the firm believes the company’s positive outlook for the year should keep investors happy.</p><p><blockquote>尽管摩根大通表示苹果股价相对收益并不便宜，但该公司认为该公司今年的积极前景应该会让投资者感到高兴。</blockquote></p><p></body></html></p><p><blockquote></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 Are Coming: What to Watch<blockquote>苹果财报即将发布：值得关注</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 Are Coming: What to Watch<blockquote>苹果财报即将发布：值得关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2022-01-17 17:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Apple will report its first fiscal quarter of 2022 (fourth calendar quarter) results after market close on Thursday, Jan. 27.</p><p><blockquote><html><head></head><body>苹果将于1月27日星期四收盘后公布2022年第一财季（第四季度）业绩。</body></html></blockquote></p><p>The first quarter earnings call will give us insight into sales of the iPhone 13 models, AirPods 3, M1 Pro and Max MacBooks, and other devices during the holiday quarter that ended in December. Apple CEO Tim Cook last quarter said that supply constraints caused by chip shortages had cost Apple $6 billion, and the chip shortages and supply issues are also expected to impact Apple's first quarter earnings results.</p><p><blockquote>第一季度收益看涨期权将让我们深入了解iPhone 13机型、AirPods 3、M1 Pro和Max MacBook以及其他设备在截至12月的假日季度的销售情况。苹果首席执行官Tim Cook上季度表示，芯片短缺导致的供应限制已经让苹果损失了60亿美元，预计芯片短缺和供应问题也将影响苹果第一季度的财报结果。</blockquote></p><p>Ahead of the earnings report, here's a close look at some of the areas investors may want to check on.</p><p><blockquote>在收益报告发布之前，让我们仔细看看投资者可能想要检查的一些领域。</blockquote></p><p><b>Revenue growth</b></p><p><blockquote><b>收入增长</b></blockquote></p><p>Analysts have big expectations for Apple's top line. On average, they expect revenue of $118 billion for the quarter. Though this only represents about 6% year-over-year growth, it's a bullish forecast when you put it into context. First, consider the tough comparison Apple is up against. Revenue in the year-ago period rose 29% year over year. Second, supply constraints and logistical challenges in the company's most recently reported quarter were so great that management opted to refrain from providing specific revenue guidance for fiscal Q1, coinciding with the fourth calendar quarter. In addition, Apple management said it expected the pain from supply challenges to persist in fiscal Q1.</p><p><blockquote>分析师对苹果的营收寄予厚望。平均而言，他们预计本季度收入为1180亿美元。尽管这仅代表约6%的同比增长，但从背景来看，这是一个乐观的预测。首先，考虑一下苹果面临的艰难比较。去年同期收入同比增长29%。其次，该公司最近报告的季度的供应限制和物流挑战如此之大，以至于管理层选择不为第一财季（与第四季度一致）提供具体的收入指引。此外，苹果管理层表示，预计供应挑战带来的痛苦将在第一财季持续存在。</blockquote></p><p>"We estimate the impact from supply constraints will be larger during the December quarter," management said in the company's fiscal fourth-quarter earnings call.</p><p><blockquote>管理层在公司第四财季收益看涨期权中表示：“我们估计供应限制的影响在12月季度将会更大。”</blockquote></p><p>But if Apple does a good job of mitigating supply chain challenges, the December quarter could be quite impressive; management said Apple was seeing "high demand" for its products. In addition, management said it expects "revenue for each product category to grow on a year-over-year basis, except for iPad, which we expect to decline year over year due to supply constraints."</p><p><blockquote>但如果苹果在缓解供应链挑战方面做得很好，那么12月份的季度可能会相当令人印象深刻；管理层表示，苹果看到了对其产品的“高需求”。此外，管理层表示，预计“每个产品类别的收入都将同比增长，但iPad除外，由于供应限制，我们预计iPad将同比下降。”</blockquote></p><p><b>Earnings per share</b></p><p><blockquote><b>每股盈利</b></blockquote></p><p>Analysts expect Apple's earnings per share to grow even faster than revenue. On average, analysts are modeling for earnings per share of $1.88, representing year-over-year growth of 12%.</p><p><blockquote>分析师预计，苹果每股收益的增长速度将超过营收。分析师平均预测每股收益为1.88美元，同比增长12%。</blockquote></p><p>Apple's earnings per share typically grow faster than its revenue because of the company's aggressive share repurchases. By reducing total share count over time, Apple's net income is spread across a shrinking number of shares, contributing to earnings-per-share growth.</p><p><blockquote>由于该公司积极的股票回购，苹果的每股收益增长通常快于收入增长。通过随着时间的推移减少股票总数，苹果的净利润分布在数量不断减少的股票上，从而促进每股收益的增长。</blockquote></p><p><b>Revenue guidance</b></p><p><blockquote><b>收入指引</b></blockquote></p><p>Another important metric investors will probably look to is management's guidance for its fiscal second-quarter revenue. Currently, analysts seem to have a very conservative view for the quarter, with the consensus estimate calling for revenue of $90.4 billion. That's only slightly above the $89.6 billion of revenue the company reported in the second quarter of fiscal 2021.</p><p><blockquote>投资者可能会关注的另一个重要指标是管理层对其第二财季收入的指引。目前，分析师对本季度的看法似乎非常保守，普遍预期营收为904亿美元。这仅略高于该公司2021财年第二季度报告的896亿美元收入。</blockquote></p><p>Just as was the case for fiscal Q1, the light revenue forecast stems from Apple's tough year-ago comparisons and an uncertain operating environment. But it's possible analysts are being too conservative.</p><p><blockquote>与第一财季的情况一样，轻松的收入预测源于苹果与去年同期的艰难比较和不确定的运营环境。但分析师可能过于保守。</blockquote></p><p>Overall, supply chain and logistical challenges mean that Apple's upcoming earnings report is a bit of a wildcard; Apple's business performance could be anywhere from poor to outstanding relative to analyst estimates. But in order for the company to keep investors excited, Apple will likely have to report revenue, earnings per share, and revenue guidance ahead of analysts' estimates.</p><p><blockquote>总体而言，供应链和物流挑战意味着苹果即将发布的财报有点变数；相对于分析师的预期，苹果的业务表现可能从糟糕到出色不等。但为了让公司保持投资者的兴奋，苹果可能必须在分析师的预期之前报告收入、每股收益和收入指引。</blockquote></p><p><b>Apple Analysts Boost Targets Ahead of Earnings</b></p><p><blockquote><b>苹果分析师在财报公布前上调目标</b></blockquote></p><p>Analysts continue to crank out bullish notes about Apple‘s outlook ahead of the tech giant’s earnings report.</p><p><blockquote>在这家科技巨头发布收益报告之前，分析师继续对苹果的前景发表看涨言论。</blockquote></p><p>Apple had a big run in late 2021, pushing the stock close to the $3 trillion market capitalization level, a milestone no company has previously reached. Bulls think results for the fiscal first quarter ended Dec. 31 could spur the stock to finally eclipse that hurdle.</p><p><blockquote>苹果在2021年底大幅上涨，推动该股市值接近3万亿美元，这是此前任何公司都没有达到过的里程碑。看多者认为，截至12月31日的第一财季业绩可能会刺激该股最终克服这一障碍。</blockquote></p><p>Loop Capital Markets analyst Ananda Baruah repeated his Buy rating on Apple shares, lifting his price target to $210, from $165. He believes the company will surpass Street expectations both on iPhone units sold and for average selling prices in fiscal 2022. Apple could post 10% to 15% growth in both iPhone and overall revenue this year, he writes, which would be well ahead of the Street consensus forecast for 4.4% growth.</p><p><blockquote>Loop Capital Markets分析师Ananda Baruah重申了对苹果股票的买入评级，将目标价从165美元上调至210美元。他相信，该公司2022财年iPhone销量和平均售价都将超出华尔街预期。他写道，苹果今年的iPhone和整体收入可能会增长10%至15%，这将远远高于华尔街普遍预测的4.4%的增长。</blockquote></p><p>Baruah estimates December-quarter iPhone units were in the 84-to-85-million-unit range, above the Street consensus at 81 million. Driven by strong iPhone sales, he’s modeling December-quarter revenue of $122 billion and profits of $1.95 a share, above consensus at $118 billion and $1.88 a share. He also thinks the Street consensus on calendar 2022 iPhone production is too low—he’s expecting 243 million to 245 million, with the Street at 240 million.</p><p><blockquote>Baruah估计12月份季度iPhone的销量在84至8500万部之间，高于华尔街普遍预期的8100万部。在iPhone强劲销售的推动下，他预测12月份季度营收为1220亿美元，每股利润为1.95美元，高于市场普遍预期的1180亿美元和每股1.88美元。他还认为华尔街对2022年iPhone产量的共识太低——他预计为2.43亿至2.45亿部，华尔街为2.4亿部。</blockquote></p><p></p><p>Piper Sandler analyst Harsh Kumar likewise repeated his Overweight rating on Apple shares, while lifting his price target to $200 from $175. “We believe Apple has a favorable set-up for 2022,” he writes in a research note. “We believe iPhone momentum will continue due to 5G adoption, particularly in the United States and China. In addition, we see growth in services and wearables offsetting some of our growth concerns in Mac and iPads.”</p><p><blockquote>Piper Sandler分析师Harsh Kumar同样重申了跑赢大盘对苹果股票的评级，同时将目标价从175美元上调至200美元。“我们相信苹果为2022年做好了有利的准备，”他在一份研究报告中写道。“我们相信，由于5G的采用，iPhone的势头将持续下去，特别是在美国和中国。此外，我们看到服务和可穿戴设备的增长抵消了我们对Mac和iPad增长的一些担忧。”</blockquote></p><p>Kumar adds that he sees healthcare and autos as “the next major growth markets for the company.” The move into those markets, he says, should set up the company to expand its valuation to $4 trillion and beyond.</p><p><blockquote>库马尔补充说，他认为医疗保健和汽车是“公司下一个主要增长市场”。他表示，进军这些市场应该会使该公司的估值扩大到4万亿美元甚至更高。</blockquote></p><p>“We expect the upcoming earnings print for Dec-Q (F1Q) to feature some of the headwinds from the slow supply chain ramp in relation to new products, which will limit the magnitude of upside; although, we expect a modest beat nevertheless, led by better iPhone shipments,” JPMorgan’s Samik Chatterjee said in a note.</p><p><blockquote>“我们预计即将发布的12月Q(F1Q)财报将出现与新产品相关的供应链增长缓慢带来的一些不利因素，这将限制上涨幅度；不过，我们预计仍会出现小幅上涨，摩根大通的Samik Chatterjee在一份报告中表示：“iPhone出货量增加。”</blockquote></p><p>Production disruptions due to Covid outbreaks have impacted companies across industries in the past year, but JPMorgan sees supply recovering for Apple in the fiscal second quarter.</p><p><blockquote>过去一年，新冠疫情爆发导致的生产中断影响了各行业的公司，但摩根大通预计苹果的供应将在第二财季恢复。</blockquote></p><p>Improved supply and persistently strong demand should lead to above-seasonal iPhone revenue, JPMorgan said. The firm expects Apple to ship 61 million iPhones in the fiscal second quarter, translating to $49.2 billion of sales.</p><p><blockquote>摩根大通表示，供应改善和持续强劲的需求应该会导致iPhone收入高于季节性。该公司预计苹果第二财季iPhone出货量为6100万部，销售额为492亿美元。</blockquote></p><p>While JPMorgan says Apple shares are not cheap relative earnings, the firm believes the company’s positive outlook for the year should keep investors happy.</p><p><blockquote>尽管摩根大通表示苹果股价相对收益并不便宜，但该公司认为该公司今年的积极前景应该会让投资者感到高兴。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194893206","content_text":"Apple will report its first fiscal quarter of 2022 (fourth calendar quarter) results after market close on Thursday, Jan. 27.The first quarter earnings call will give us insight into sales of the iPhone 13 models, AirPods 3, M1 Pro and Max MacBooks, and other devices during the holiday quarter that ended in December. Apple CEO Tim Cook last quarter said that supply constraints caused by chip shortages had cost Apple $6 billion, and the chip shortages and supply issues are also expected to impact Apple's first quarter earnings results.Ahead of the earnings report, here's a close look at some of the areas investors may want to check on.Revenue growthAnalysts have big expectations for Apple's top line. On average, they expect revenue of $118 billion for the quarter. Though this only represents about 6% year-over-year growth, it's a bullish forecast when you put it into context. First, consider the tough comparison Apple is up against. Revenue in the year-ago period rose 29% year over year. Second, supply constraints and logistical challenges in the company's most recently reported quarter were so great that management opted to refrain from providing specific revenue guidance for fiscal Q1, coinciding with the fourth calendar quarter. In addition, Apple management said it expected the pain from supply challenges to persist in fiscal Q1.\"We estimate the impact from supply constraints will be larger during the December quarter,\" management said in the company's fiscal fourth-quarter earnings call.But if Apple does a good job of mitigating supply chain challenges, the December quarter could be quite impressive; management said Apple was seeing \"high demand\" for its products. In addition, management said it expects \"revenue for each product category to grow on a year-over-year basis, except for iPad, which we expect to decline year over year due to supply constraints.\"Earnings per shareAnalysts expect Apple's earnings per share to grow even faster than revenue. On average, analysts are modeling for earnings per share of $1.88, representing year-over-year growth of 12%.Apple's earnings per share typically grow faster than its revenue because of the company's aggressive share repurchases. By reducing total share count over time, Apple's net income is spread across a shrinking number of shares, contributing to earnings-per-share growth.Revenue guidanceAnother important metric investors will probably look to is management's guidance for its fiscal second-quarter revenue. Currently, analysts seem to have a very conservative view for the quarter, with the consensus estimate calling for revenue of $90.4 billion. That's only slightly above the $89.6 billion of revenue the company reported in the second quarter of fiscal 2021.Just as was the case for fiscal Q1, the light revenue forecast stems from Apple's tough year-ago comparisons and an uncertain operating environment. But it's possible analysts are being too conservative.Overall, supply chain and logistical challenges mean that Apple's upcoming earnings report is a bit of a wildcard; Apple's business performance could be anywhere from poor to outstanding relative to analyst estimates. But in order for the company to keep investors excited, Apple will likely have to report revenue, earnings per share, and revenue guidance ahead of analysts' estimates.Apple Analysts Boost Targets Ahead of EarningsAnalysts continue to crank out bullish notes about Apple‘s outlook ahead of the tech giant’s earnings report.Apple had a big run in late 2021, pushing the stock close to the $3 trillion market capitalization level, a milestone no company has previously reached. Bulls think results for the fiscal first quarter ended Dec. 31 could spur the stock to finally eclipse that hurdle.Loop Capital Markets analyst Ananda Baruah repeated his Buy rating on Apple shares, lifting his price target to $210, from $165. He believes the company will surpass Street expectations both on iPhone units sold and for average selling prices in fiscal 2022. Apple could post 10% to 15% growth in both iPhone and overall revenue this year, he writes, which would be well ahead of the Street consensus forecast for 4.4% growth.Baruah estimates December-quarter iPhone units were in the 84-to-85-million-unit range, above the Street consensus at 81 million. Driven by strong iPhone sales, he’s modeling December-quarter revenue of $122 billion and profits of $1.95 a share, above consensus at $118 billion and $1.88 a share. He also thinks the Street consensus on calendar 2022 iPhone production is too low—he’s expecting 243 million to 245 million, with the Street at 240 million.Piper Sandler analyst Harsh Kumar likewise repeated his Overweight rating on Apple shares, while lifting his price target to $200 from $175. “We believe Apple has a favorable set-up for 2022,” he writes in a research note. “We believe iPhone momentum will continue due to 5G adoption, particularly in the United States and China. In addition, we see growth in services and wearables offsetting some of our growth concerns in Mac and iPads.”Kumar adds that he sees healthcare and autos as “the next major growth markets for the company.” The move into those markets, he says, should set up the company to expand its valuation to $4 trillion and beyond.“We expect the upcoming earnings print for Dec-Q (F1Q) to feature some of the headwinds from the slow supply chain ramp in relation to new products, which will limit the magnitude of upside; although, we expect a modest beat nevertheless, led by better iPhone shipments,” JPMorgan’s Samik Chatterjee said in a note.Production disruptions due to Covid outbreaks have impacted companies across industries in the past year, but JPMorgan sees supply recovering for Apple in the fiscal second quarter.Improved supply and persistently strong demand should lead to above-seasonal iPhone revenue, JPMorgan said. The firm expects Apple to ship 61 million iPhones in the fiscal second quarter, translating to $49.2 billion of sales.While JPMorgan says Apple shares are not cheap relative earnings, the firm believes the company’s positive outlook for the year should keep investors happy.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1093,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/697845019"}
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