Apple Q3 2026 Earnings Analysis
Impossibile aggiungere al carrello
Puoi avere soltanto 50 titoli nel carrello per il checkout.
Riprova più tardi
Riprova più tardi
Rimozione dalla Lista desideri non riuscita.
Riprova più tardi
Non è stato possibile aggiungere il titolo alla Libreria
Per favore riprova
Non è stato possibile seguire il Podcast
Per favore riprova
Esecuzione del comando Non seguire più non riuscita
Apple Q3 2026 Earnings Analysis
-
Letto da:
-
Di:
Groups: FAANG (https://betafinch.com/groups/FAANG), MAG7 (https://betafinch.com/groups/MAG7)
──────────
ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown! Today we're digging into Apple's fiscal Q3 2026 results, and Jordan, there is a LOT here — record numbers, a CEO transition, and a whole conversation about memory chip prices that got surprisingly dramatic.
JORDAN: Before we get into any of it, quick note for everyone listening — this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
ALEX: Right, so let's start with the headline number: $109.4 billion in revenue, up 16% year-over-year, a June quarter record. iPhone alone did $54.3 billion, up 22%. Mac had its best June quarter ever at $10.4 billion, up 29%. Services hit $30.7 billion, also a record.
JORDAN: Those Mac numbers jumped out at me the most. 29% growth is huge for a product line that's usually pretty steady. That's the MacBook Neo and MacBook Pro doing real work — and they set records for both new customers and upgraders, including in the U.S., China, and India.
ALEX: And this all happened despite supply constraints, which becomes a big theme later in the call. Profitability-wise, gross margin was 50.1%, EPS was $2.02, up 29%. But here's the asterisk — a chunk of that came from tariff refunds, worth about two percentage points on gross margin and 11 cents on EPS.
JORDAN: Right, so strip that out and it's still a solid quarter, just not quite as flashy as the headline. Operating cash flow was $34.4 billion, also a record even without the tariff benefit. So the underlying business is genuinely strong.
ALEX: Now let's talk about the elephant in the room — memory prices. Tim Cook called this a "100-year flood" on memory pricing.
JORDAN: That phrase is going to get quoted a lot. Basically, DRAM costs have been spiking quarter after quarter — more expensive in March than December, more in June than March, and they're expecting even higher costs in September. Apple's offsetting some of it with leftover inventory and cheaper non-memory components, but that cushion is fading.
ALEX: And this is part of why Apple actually raised prices on iPad and Mac — which Cook admitted was reluctant. He was pretty candid that they look at units, revenue, and margin together rather than defending one metric in isolation.
JORDAN: The other supply story is the September guide. Apple's guiding 9-11% revenue growth for the quarter, which is a real deceleration from the mid-teens they'd been running. Analysts pushed hard on this, and Cook was clear it's not a partner or vendor issue — it's that iPhone and Mac demand outran their forecasts, and there's just less flexibility in the advanced-node chip supply chain than usual.
ALEX: Which is kind of a good problem to have, but still a real one for the next couple quarters. FX is also a headwind — about two and a half points sequentially — so between currency and supply, that explains most of the slowdown.
JORDAN: Services is worth flagging too. 12% growth was a touch below expectations, mostly FX plus some softness in mobile gaming on the App Store. But cloud services and payment services hit all-time records, and Apple now has over one and a half billion paid subscriptions. So the growth engine's still running, just facing more currency drag than the hardware side.
ALEX: Now, the big non-financial story — this was Tim Cook's final earnings call. He's handing the CEO role to John Ternus, who was on the call and fielded a question about competitive threats.
JORDAN: Ternus kept it pretty measured — didn't take the bait on OpenAI or SpaceX device rumors, just said Apple's focused on its own roadmap. Cook, on the other hand, got a little sentimental, thanking shareholders and analysts
This episode includes AI-generated content.
adbl_web_anon_alc_button_suppression_t1
Ancora nessuna recensione