May 1, 2020
On Thursday after hours, Apple fell 3% despite soaring past analyst expectations on both revenue and EPS (by +6% and +14%, respectively).
We believe this was mostly due to disappointment at the company's decision to not provide guidance for fiscal Q3, which was quite understandable in our view.
Without Q3 guidance, we believe it will be difficult for analysts to form a tight range of estimates, increasing the relative uncertainty around the next quarterly print.
Consensus estimate ranges for Q2 were already quite wide, so we understand why this investors would want more clarity there, but from a fundamentals standpoint we don't think the decision to withhold guidance has a material read-through.
Overall, we saw Apple's fiscal Q2 as being remarkably strong given the macro backdrop, with iPhone sales appearing far more resilient than we would have expected, and strong Wearables and Services performance powering total company revenues to actually grow vs. the prior year's quarter.
Our main takeaways from the quarter are below:
Cash Management
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