Subject: Re: Earnings
Just got off the call...and it was definitely a Wow! Just wish I could buy some more Apples on sale ;-) Here is my summary:

Apple-AAPL reported fiscal first quarter revenues and net income each rose a shiny 16% to $143.8 billion and $42.1 billion, respectively, with EPS up 18%. This “remarkable, record-breaking” quarter was driven by unprecedented demand for the iPhone with all-time records across every geographic segment. Tim Cook described the demand as “simply staggering.” Other than Japan, each geographic segment generated double-digit growth led by 38% growth in Greater China. The strength in China was due to strong demand for the iPhone 17. Overall, iPhone revenues jumped 23% to $85.3 billion as the company gained market share with the iPhone 17 providing the best battery life, camera and design while providing consumers with incredible value. During the quarter, Mac sales declined 7% to $8.4 billion with the installed base at a record high. iPad sales rose 6% during the quarter to $8.6 billion as it remains the most popular tablet in the world. Revenues in Wearables, Home and Accessories ticked 2% lower to $11.5 billion with the health and wellness features of the Apple Watch and the amazing sound of AirPod 3, along with the live translation feature, driving growth. Services revenues grew 14% during the quarter to a record $30.0 billion thanks to growth at Apple TV (a 36% increase in viewership), Apple Music, Apple Pay, the App Store and Retail stores. Apple now has an installed base of more than 2.5 billion active devices, which is a testament to incredible customer satisfaction which hit 99% for the iPhone 17. Despite surging memory costs, Apple managed to deliver a gross margin of 48.2% during the quarter thanks to favorable product mix and leverage. These exceptionally strong financial results led to a 91% jump in free cash flow to $51.6 billion during the quarter with the company paying $3.9 billion in dividends and repurchasing $24.7 billion of its common stock. Despite a constrained phone supply, Apple still expects third quarter revenues to increase 13%-16% with gross margin expected in the range of 48%-49%. Apple is excited about its partnership with Google to increase Apple Intelligence and provide a more personalized Siri.