Apple Earnings Were Spectacular. Why Its Stock Dropped._老虎社区_美港股上老虎

Apple Earnings Were Spectacular. Why Its Stock Dropped.

Barrons2021-04-30

Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple ...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

iImba
·2021-04-30
Long term no worries
回复
点赞
举报
burdess
·2021-04-30
please like and comment
回复
点赞
举报
chinlee
·2021-04-30
i believe in u appl!!
回复
点赞
举报
Yani94
·2021-04-30
Either way it’s good.
回复
点赞
举报
BriBri
·2021-04-30
Good points raised...Apple is heavily reliant on its hardware business.
回复
点赞
举报
Disney168
·2021-04-30
Comment?
回复
2
举报
收起
- MightyPooP:
  comment back pls
  2021-04-30
  回复
  举报
- DericPiew:
  comment bak pls
  2021-04-30
  回复
  举报
- Nzt48回复DericPiew:
  Done
  2021-04-30
  回复
  举报
查看更多 1 条评论
Euginelai
·2021-04-30
Please like
回复
点赞
举报
HH浩
·2021-04-30
Expectation fizzle...
回复
2
举报
天空晴朗猪游水
·2021-04-30
👍🏻👍🏻
回复
1
举报
Ashleybaby
·2021-04-30
With handphone market already saturated and aapl already beingnone of the leader, isit still worth buying? Is aapl still a growth stock?
回复
2
举报
收起
- ZEROHERO:
  Yes if Project Titan kicks off
  2021-05-03
  回复
  举报

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","thumbnail":"","is_english":true,"pubTime":"2021-04-30 10:05","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1115694402","market":"us","top_or_hot":-1,"title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.","media":"Barrons","content":"<div>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple ...\n\n<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">网页链接</a>\n\n</div>\n","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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 Were Spectacular. Why Its Stock Dropped.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-30 10:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA>Barrons</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple ...\n\n<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AAPL","symbol_name":"苹果","start_time":0,"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","article_id":"1115694402","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","pubTimestamp":1619748326,"columns":[],"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"AAPL":"苹果"},"translate_title":"苹果收入惊人。为什么它的股票下跌。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AAPL":0.9},"content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":103802261,"gmtCreate":1619762615653,"gmtModify":1634210092981,"author":{"id":"3573771226233818","authorId":"3573771226233818","name":"iImba","avatar":"https://static.tigerbbs.com/2253c7a4701d3d505950766c3e8c4837","vip":1,"crmLevel":8,"crmLevelSwitch":0,"authorIdStr":"3573771226233818","idStr":"3573771226233818"},"htmlText":"Long term no worries","listText":"Long term no worries","text":"Long term no worries","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103802261","repostId":1115694402,"repostType":2,"repost":{"id":"1115694402","kind":"news","pubTimestamp":1619748326,"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","pubTime":"2021-04-30 10:05","market":"us","language":"en","title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","media":"Barrons","summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","content":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-30 10:05\n\n</h4>\n</header>\n<article>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115694402","content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":103134090,"gmtCreate":1619754692210,"gmtModify":1634210150074,"author":{"id":"3582717601667302","authorId":"3582717601667302","name":"burdess","avatar":"https://static.tigerbbs.com/a17f2b2e5a6a0f0cee2c197cc22ac550","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3582717601667302","idStr":"3582717601667302"},"htmlText":"please like and comment&nbsp;","listText":"please like and comment&nbsp;","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103134090","repostId":1115694402,"repostType":4,"repost":{"id":"1115694402","kind":"news","pubTimestamp":1619748326,"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","pubTime":"2021-04-30 10:05","market":"us","language":"en","title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","media":"Barrons","summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","content":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-30 10:05\n\n</h4>\n</header>\n<article>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115694402","content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":103342255,"gmtCreate":1619751201777,"gmtModify":1634210173846,"author":{"id":"3573467004161906","authorId":"3573467004161906","name":"chinlee","avatar":"https://static.tigerbbs.com/30dd0c92b6472d7ab9f701584a7f0d60","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3573467004161906","idStr":"3573467004161906"},"htmlText":"i believe in u appl!!","listText":"i believe in u appl!!","text":"i believe in u appl!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103342255","repostId":1115694402,"repostType":2,"repost":{"id":"1115694402","kind":"news","pubTimestamp":1619748326,"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","pubTime":"2021-04-30 10:05","market":"us","language":"en","title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","media":"Barrons","summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","content":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-30 10:05\n\n</h4>\n</header>\n<article>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115694402","content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":103351389,"gmtCreate":1619750147941,"gmtModify":1634210182609,"author":{"id":"3578815851933102","authorId":"3578815851933102","name":"Yani94","avatar":"https://static.tigerbbs.com/574b6d895fae79decd3eed14879f3195","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3578815851933102","idStr":"3578815851933102"},"htmlText":"Either way it’s good.&nbsp;","listText":"Either way it’s good.&nbsp;","text":"Either way it’s good.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103351389","repostId":1115694402,"repostType":4,"repost":{"id":"1115694402","kind":"news","pubTimestamp":1619748326,"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","pubTime":"2021-04-30 10:05","market":"us","language":"en","title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","media":"Barrons","summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","content":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-30 10:05\n\n</h4>\n</header>\n<article>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115694402","content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":103350504,"gmtCreate":1619749937708,"gmtModify":1634210184364,"author":{"id":"3581814892991688","authorId":"3581814892991688","name":"BriBri","avatar":"https://static.tigerbbs.com/a491a55c22a61b336ee95f092d522622","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3581814892991688","idStr":"3581814892991688"},"htmlText":"Good points&nbsp;raised...Apple is heavily reliant on its hardware business.","listText":"Good points&nbsp;raised...Apple is heavily reliant on its hardware business.","text":"Good points raised...Apple is heavily reliant on its hardware business.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103350504","repostId":1115694402,"repostType":2,"repost":{"id":"1115694402","kind":"news","pubTimestamp":1619748326,"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","pubTime":"2021-04-30 10:05","market":"us","language":"en","title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","media":"Barrons","summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","content":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-30 10:05\n\n</h4>\n</header>\n<article>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115694402","content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":103364026,"gmtCreate":1619748891465,"gmtModify":1634210194767,"author":{"id":"3581483862047878","authorId":"3581483862047878","name":"Disney168","avatar":"https://static.tigerbbs.com/2306a5f8d24ebd89f88132c5a8f1eeec","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3581483862047878","idStr":"3581483862047878"},"htmlText":"Comment?","listText":"Comment?","text":"Comment?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/103364026","repostId":1115694402,"repostType":2,"repost":{"id":"1115694402","kind":"news","pubTimestamp":1619748326,"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","pubTime":"2021-04-30 10:05","market":"us","language":"en","title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","media":"Barrons","summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","content":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-30 10:05\n\n</h4>\n</header>\n<article>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115694402","content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4178561,"gmtCreate":1619749045868,"gmtModify":1635507459184,"authorId":3575163551534398,"author":{"id":3575163551534398,"idStr":"3575163551534398","authorId":3575163551534398,"name":"MightyPooP","avatar":"https://static.tigerbbs.com/aec66d00ca2b1f2b75412008d93edd14","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":103364026,"type":1,"supId":0,"prevId":0,"content":"comment back pls","text":"comment back pls","html":"comment back pls"},{"id":4178566,"gmtCreate":1619749076755,"gmtModify":1635507458685,"authorId":3572482309404214,"author":{"id":3572482309404214,"idStr":"3572482309404214","authorId":3572482309404214,"name":"DericPiew","avatar":"https://static.tigerbbs.com/75ccf79ff136db80eba96ff2adb91032","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":103364026,"type":1,"supId":4178561,"prevId":0,"content":"comment bak pls","text":"comment bak pls","html":"comment bak pls"},{"id":4178571,"gmtCreate":1619749137085,"gmtModify":1635507458185,"authorId":3577231591134113,"author":{"id":3577231591134113,"idStr":"3577231591134113","authorId":3577231591134113,"name":"Nzt48","avatar":"https://static.tigerbbs.com/c5f0cd8c4e1948ccc7e0a454c7af4f75","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3572482309404214,"repliedAuthor":{"id":3572482309404214,"idStr":"3572482309404214","authorId":3572482309404214,"name":"DericPiew","avatar":"https://static.tigerbbs.com/75ccf79ff136db80eba96ff2adb91032","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":103364026,"type":1,"supId":4178561,"prevId":4178566,"content":"Done","text":"Done","html":"Done"},{"id":4178881,"gmtCreate":1619751278082,"gmtModify":1635507427545,"authorId":3575163551534398,"author":{"id":3575163551534398,"idStr":"3575163551534398","authorId":3575163551534398,"name":"MightyPooP","avatar":"https://static.tigerbbs.com/aec66d00ca2b1f2b75412008d93edd14","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3572482309404214,"repliedAuthor":{"id":3572482309404214,"idStr":"3572482309404214","authorId":3572482309404214,"name":"DericPiew","avatar":"https://static.tigerbbs.com/75ccf79ff136db80eba96ff2adb91032","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":103364026,"type":1,"supId":4178561,"prevId":4178566,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"},{"id":103365135,"gmtCreate":1619748863427,"gmtModify":1634210195234,"author":{"id":"3577190611611615","authorId":"3577190611611615","name":"Euginelai","avatar":"https://static.tigerbbs.com/f372cf5db2ff096891b722c46529864e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3577190611611615","idStr":"3577190611611615"},"htmlText":"&nbsp;Please like","listText":"&nbsp;Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103365135","repostId":1115694402,"repostType":4,"repost":{"id":"1115694402","kind":"news","pubTimestamp":1619748326,"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","pubTime":"2021-04-30 10:05","market":"us","language":"en","title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","media":"Barrons","summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","content":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-30 10:05\n\n</h4>\n</header>\n<article>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115694402","content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":103362469,"gmtCreate":1619748800451,"gmtModify":1634210195722,"author":{"id":"3582015516749888","authorId":"3582015516749888","name":"HH浩","avatar":"https://static.tigerbbs.com/2639351c97027c6f71c4d9729ef216d8","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3582015516749888","idStr":"3582015516749888"},"htmlText":"Expectation fizzle...","listText":"Expectation fizzle...","text":"Expectation fizzle...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103362469","repostId":1115694402,"repostType":2,"repost":{"id":"1115694402","kind":"news","pubTimestamp":1619748326,"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","pubTime":"2021-04-30 10:05","market":"us","language":"en","title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","media":"Barrons","summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","content":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-30 10:05\n\n</h4>\n</header>\n<article>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115694402","content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":103361671,"gmtCreate":1619748566693,"gmtModify":1634210198213,"author":{"id":"3579705220260475","authorId":"3579705220260475","name":"天空晴朗猪游水","avatar":"https://static.tigerbbs.com/a73237a1c3f3e09119626c20ce855b20","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3579705220260475","idStr":"3579705220260475"},"htmlText":"👍🏻👍🏻","listText":"👍🏻👍🏻","text":"👍🏻👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103361671","repostId":1115694402,"repostType":4,"repost":{"id":"1115694402","kind":"news","pubTimestamp":1619748326,"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","pubTime":"2021-04-30 10:05","market":"us","language":"en","title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","media":"Barrons","summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","content":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-30 10:05\n\n</h4>\n</header>\n<article>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115694402","content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":103361914,"gmtCreate":1619748553838,"gmtModify":1634210198333,"author":{"id":"3580392242166317","authorId":"3580392242166317","name":"Ashleybaby","avatar":"https://static.tigerbbs.com/93e48c5d3389df628542c85ae699a5f0","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3580392242166317","idStr":"3580392242166317"},"htmlText":"With handphone market already saturated and aapl already beingnone of the leader, isit still worth buying? Is aapl still a growth stock?&nbsp;","listText":"With handphone market already saturated and aapl already beingnone of the leader, isit still worth buying? Is aapl still a growth stock?&nbsp;","text":"With handphone market already saturated and aapl already beingnone of the leader, isit still worth buying? Is aapl still a growth stock?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/103361914","repostId":1115694402,"repostType":4,"repost":{"id":"1115694402","kind":"news","pubTimestamp":1619748326,"share":"https://www.laohu8.com/m/news/1115694402?lang=zh_CN&edition=full","pubTime":"2021-04-30 10:05","market":"us","language":"en","title":"Apple Earnings Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115694402","media":"Barrons","summary":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. ","content":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>","source":"lsy1601382232898","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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</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 Were Spectacular. Why Its Stock Dropped.<blockquote>苹果的盈利非常惊人。为什么它的股票下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-30 10:05\n\n</h4>\n</header>\n<article>\nApple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.<blockquote>苹果公布的三月份季度业绩非常出色，收入和利润远高于预期。它在每个产品线和每个地区都超出了预期。最重要的是，苹果将股息提高了7%，同时将股票回购计划增加了900亿美元。</blockquote> At least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent&nbsp;Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.<blockquote>周四，至少有十几位分析师上调了该股（股票代码：AAPL）的目标，并且每个分析师都上调了盈利预期以回应业绩。高盛分析师罗德·霍尔（Rod Hall）是苹果最著名的空头之一，他认输了，将评级从卖出上调至中性。他写道，他之前认为iPhone在疫情期间销量会令人失望的观点“显然是错误的”。</blockquote> Apple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.<blockquote>苹果报告称，iPhone销量增长66%，Mac销量增长70%，iPad销量增长79%，可穿戴设备销量增长25%，服务销量增长27%。该公司在欧洲增长了56%，在中国增长了88%。</blockquote> It was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?<blockquote>进入本季度很明显，预期太低，但该股当天收盘基本持平，下跌0.1%至133.15美元，这一事实无疑让一些多头有点困惑。一个显而易见的问题是，作为安可，苹果能做什么？</blockquote> Bernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.<blockquote>伯恩斯坦分析师托尼·萨科纳吉(Toni Sacconaghi)称本季度“绝对是井喷”，但表示这些数字可能太好了，很难对2022财年的每个业务类别进行比较。他预测2022财年的收入将略低于2021财年，并警告说可能会出现更糟糕的情况。</blockquote> “Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”<blockquote>“随着新冠疫情驱动的钱包份额转变恢复正常，另一边会出现低谷吗？”萨科纳吉写道。“我们认为答案无疑是肯定的。只是很难知道这个低谷可能在何时以及有多大。我们相信iPad和Mac的强势可能会持续到未来两个季度，但即使在家办公的趋势持续下去，我们也怀疑这一激增能否与今年相媲美。”</blockquote> He has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.<blockquote>他对服务业也有类似的担忧。他表示，iPhone销量的强劲主要是由于iPhone 12的推出时间以及两年销售疲软后被压抑的需求。</blockquote> “Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.<blockquote>Sacconaghi写道：“净而言，我们预测苹果今年的收入将增长惊人的32%，而我们对正常化增长的看法是中个位数。简而言之，2022财年可能会非常艰难。”他维持对该股的评级与大盘持平。</blockquote> Goldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”<blockquote>高盛的哈尔承认，他一直站在股票的错误一边。他写道：“在本周期内，苹果不仅在iPhone上的表现好于我们的预期，而且Mac和iPad的表现也大大超出了我们的预期。”“iPad需求如此强劲，以至于该公司相信他们将在[6月季度]留下30亿至40亿美元的收入。由于这种需求积压和非常困难的重新开放预测环境，我们正在转向这里的场外活动。”</blockquote> Hall, too, expects a decline at the top line in fiscal 2022.<blockquote>霍尔也预计2022财年的营收将下降。</blockquote> Cowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.<blockquote>Cowen的Krish Sankar更为乐观。他重申了对该股跑赢大盘的评级，并将目标价从153美元上调至180美元。Sankar在一份研究报告中表示，iPhone的增长预期仍在正轨上，当零部件短缺问题得到解决时，苹果可能会销售更多的Mac和iPad。</blockquote> “Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.<blockquote>Sankar写道：“苹果仍然是我们的首要想法，因为我们认为硬件业务仍处于多年增长周期的早期阶段，这得益于产品更新和在家工作/混合工作环境。”他说，中国的需求已经反弹，而印度代表着一个尚未开发的机会。</blockquote> “In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.<blockquote>他写道：“在服务领域，付费订阅总量的增长对苹果的经常性收入流来说是积极的，应该会推动服务[利润]在2022财年超过iPhone。”</blockquote> Morgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.<blockquote>摩根士丹利分析师凯蒂·休伯蒂表示，未来将出现更强劲的增长。几周来，她对今年和明年的预测一直领先于华尔街，她认为随着整个产品组合的强劲，特别是Mac和iPad的积压增长，共识现在将会赶上。</blockquote> Huberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.<blockquote>Huberty表示，即使相对于2021财年的强劲表现，该公司2022财年的收入也可以增长4%。2023财年的增长率可能为8%。她维持该股的跑赢大盘评级，并将目标价从158美元上调至161美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-spectacular-earnings-arent-lifting-the-stock-the-worry-is-growth-51619725137?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115694402","content_text":"Apple reported an insanely great March quarter, with revenues and profits far higher than expected. It exceeded expectations in every product line and in every geography. And to top things off, Apple raised its dividend by 7%, while increasing its stock repurchase plan by $90 billion.\nAt least a dozen analysts raised their targets for the stock price (ticker: AAPL) on Thursday, and every single one of them raised their earnings estimates in response to the results. Goldman Sachs analyst Rod Hall, long one of the most prominent Apple bears, threw in the towel, raising his rating to Neutral from Sell. His previous view that iPhone sales would disappoint during the pandemic was “clearly wrong,” he wrote.\nApple reported growth of 66% in iPhone sales, 70% for Macs, 79% for iPads, and 25% for Wearables, with 27% growth in Services. The company posted 56% growth in Europe, and a remarkable 88% in China.\nIt was pretty obvious heading into the quarter that estimates were too low, but the fact that the stock finished roughly unchanged on the day, with a loss of 0.1% to $133.15, no doubt has some bulls a little perplexed. One obvious question is what can Apple do as an encore?\nBernstein analyst Toni Sacconaghi called the quarter was “an absolute blowout,” but said the numbers may have been too good, creating difficult comparisons in every business category for fiscal 2022. He predicted that revenues will be slightly lower in fiscal 2022 than in 2021, and warned that something worse is possible.\n“Will there be a trough on the other side as Covid-driven wallet share shifts return to normal?” Sacconaghi wrote. “We think the answer is unequivocally yes. It’s just hard to know when and how big that trough might be. We believe that iPad and Mac strength could persist for the next two quarters, but even if the WFH trend persists, we doubt the surge will rival this year’s.”\nHe has similar concerns about the services business. The strength in sales of iPhones, he said, was mostly due to the timing of the launch of the iPhone 12 and pent-up demand following two weak sales years.\n“Net, we forecast Apple will grow revenues a stunning 32% this year, versus. our view of normalized growth in the mid-single digits. In short, FY22 could be very tough,“ Sacconaghi wrote. He kept his rating on the stock at Market Perform.\nGoldman’s Hal conceded that he has been on the wrong side of the stock. “Not only has Apple done better than we expected on iPhone during the cycle but Mac and iPad have also materially outperformed our forecasts,” he wrote. “iPad demand is so strong that the company believes they will leave $3 billion to $4 billion of revenue on the table in [the June quarter]. With this kind of demand backlog and a very difficult re-opening forecasting environment, we are moving to the sidelines here.”\nHall, too, expects a decline at the top line in fiscal 2022.\nCowen’s Krish Sankar is more upbeat. He repeated an Outperform rating on the stock and lifted his target for the price to $180, from $153. Sankar said in a research note that iPhone growth expectations remain on track and that Apple could sell more Macs and iPads when shortages of components are resolved.\n“Apple remains our top idea as we think the hardware business is still in the early parts of a multi-year growth cycle aided by product refreshes and work from home/hybrid work environments,”Sankar wrote. Demand in China has bounced back while India represents an untapped opportunity, he said.\n“In services, total paid subscriptions growth is a positive for Apple’s recurring revenue streams, and should drive services [profits] to exceed iPhone in FY22,” he wrote.\nMorgan Stanley analyst Katy Huberty said there is more strong growth ahead. For weeks now, her estimates for this year and next year have been ahead of the Street, and she thinks the consensus is now going to catch up, with strength across the portfolio, and, in particular, backlog growth for both Macs and iPads.\nHuberty said the company can increase revenue 4% in fiscal 2022 even relative to a strong performance in fiscal 2021. Growth could be 8% in fiscal 2023. She kept an Overweight rating on the stock and raised her target for the price to $161, from $158.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4205355,"gmtCreate":1620009744506,"gmtModify":1635504953353,"authorId":3566532164444643,"author":{"id":3566532164444643,"idStr":"3566532164444643","authorId":3566532164444643,"name":"ZEROHERO","avatar":"https://static.tigerbbs.com/62813b6df1c4722e559d112fadd5486a","vip":2,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":103361914,"type":1,"supId":0,"prevId":0,"content":"Yes if Project Titan kicks off","text":"Yes if Project Titan kicks off","html":"Yes if Project Titan kicks off"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":20,"commentSize":10,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}