Apple Inc. painted a mixed of the current quarter when reporting earnings late Thursday, as it deals with the effects of the COVID-19 pandemic, sparking debate about what’s in store for the company in the coming months.
easily topped March-quarter earnings and revenue expectations, it did not provide a forecast for the June quarter. The company did disclose that year-over-year iPhone and wearables revenue trends could weaken in the June quarter relative to March, while iPad and Mac revenue trends could improve as the remote-work and remote-schooling trends continue.
Apple shares were up 0.8% in Friday morning trading, reversing declines from earlier in the session.
The lack of a numerical forecast “means more uncertainty in an already uncertain time,” wrote Piper Sandler analyst Harsh Kumar. While Apple indicated that the China business has been improving since hitting a February bottom and that other parts of the business picked up toward the end of April, Kumar said that “the recovery through the rest of the quarter is still uncertain.”
He rates Apple shares at overweight while raising his price target to $310 from $300.
Citi analyst Jim Suva wrote that Apple’s decision to withhold guidance “was a surprise to us” as the company still provided forecasts back in the 2008 financial crisis.
“We recognize that near-term minded investors will find plenty of items to support a negative view on the stock (notably the removal of quarterly guidance) but we believe in the weeks and months ahead, consensus will look back and realize Apple’s decisions were not only caring and prudent but also that consumers will elevate the brand and products even higher going into the new 5G product launch,” Suva wrote.
He expects that the company will still announce its 5G iPhones in September but make them available in October. Suva previously expected the devices would be available for purchase in September as well.
He rates the stock a buy with a $310 target price.
D.A. Davidson analyst Tom Forte wrote that Apple’s commentary on getting a boost in some categories from stay-at-home trends was “encouraging, but, in and of itself,…does not assure sustained revenue growth.”
At the same time, he was intrigued by what the current climate means for Apple’s recently announced iPhone SE, a lower-priced model. “We remain encouraged that, while this has not historically been its forte (so to speak), the current set up has it well positioned for its value-priced iPhone to be its most important iPhone this year,” Forte wrote, while maintaining a buy rating but lowering his price target to $355 from $370.
Apple Chief Executive Tim Cook, for his part, said in response to an analyst’s question on Apple’s earnings call that he hadn’t noticed consumers “buying down” to this cheaper model due to economic conditions.
Bernstein’s Toni Sacconaghi wrote that Apple’s management seemed to call April as the bottom for the business. “On net, we encouragingly expect FY20 revenue and EPS to be close to flat year over year amid the worst recession in recent memory, underscoring the resiliency of Apple’s portfolio,” he wrote as he maintained a market perform rating and $285 price target on Apple shares.
But Sacconaghi also argued that this fiscal year “really doesn’t matter to the Apple investment thesis” as the bull case for Apple rested on a 5G upgrade cycle in fiscal 2021.
“Arguably, weak iPhone sales in 2019 and 2020 reinforce the case for a strong 2021,” he wrote. “We estimate iPhone replacement cycles are approaching 4.5+ years (vs. ~3 years in 2018).”
At least 12 analysts raised their price targets on Apple after the report, according to FactSet, while at least three lowered their targets. Of the 41 analysts tracked by FactSet who cover Apple’s stock, 28 rate it a buy, nine rate it a hold, and four rate it a sell, with an average price target of $315.57.
Apple shares are up 0.5% so far this year as the Dow Jones Industrial Average
has fallen 16%.
Reminder: You Can Download A Free Version Of Clubhouse Games: 51 Worldwide Classics – Nintendo Life
Clubhouse Games: 51 Worldwide Classics is Nintendo’s latest release. If you’re still not sure if this is the right game for you – did you know you can actually try out a free edition that gives you access to four games and local multiplayer?
Yep, if you head on over to the Switch eShop in select regions, you can download it right now. The four games included are Dominos, Four-in-a-Row, President, and Slot Cars. Apart from local multiplayer options, you can also play each game by yourself. Here’s a description along with the Japanese trailer:
About the Guest Edition:
This trial version of 51 Worldwide Games includes 4 games that you can take on the go to play anytime, anywhere. You can play the games contained here in Local Play with other players who have the Guest Edition! If your friends download the Guest Edition, up to 4 players can join in a game of dominoes or president. If someone has the full version, you can use Local Play to join in any of the multiplayer games.
Will you be trying out this free edition, or jumping straight into the full game? Leave a comment down below.
2020 iPhone Shock As Five ‘All-New’ Apple iPhones Revealed – Forbes
Apple’s iPhone 12 lineup has already leaked in stunning detail. But now new information not only disputes a lot of this, it also gives a first look at the company’s radical all-new 2021 iPhone.
Respected Japanese site Macotakara delivers the shocks, having tapped into its supply chain sources to attain 3D printed models of Apple’s four iPhone 12 models and completely overhauled 2021 redesign. If correct, the news is going to leave millions of iPhone users disappointed this year but blown away by Apple’s ambitious plans for the so-called iPhone 13.
Starting with the four iPhone 12 models, Macotakara shows that contrary to popular opinion (and despite all-new internals), externally the range will not deviate as far from the iPhone 11 lineup as widely expected.
The models show Apple will stick with the large display notch introduced with the iPhone X, retain the Lightning port and exclude the LiDAR sensor first seen on the new iPad Pro and tipped to be introduced on the iPhone 12 Pros. This means the iPhone 12 Pro and iPhone 12 Pro Max stick with triple cameras in a triangular array, though the new entry-level 5.4-inch iPhone 12 and 6.1-inch iPhone 12 Max will get dual cameras whereas the iPhone 11 has just a single module.
Overall, there are significant disappointments here but, conversely, Macotakara’s mold of the 2021 entry-level iPhone 13 blows away all expectations.
For 2021, Macotakara states Apple will replace the notch with a tiny punch hole for the front camera and hide all other FaceID sensors under the display thanks to ‘Under Panel Sensor’ technology from Samsung. Thanks to thinner bezels, the display of the 5.4-inch model will also increase to 5.5-inches in the same chassis, and the Lightning port will finally be replaced by USB-C. Lastly, the back of the phone shows space reserved in the camera bump for up to five modules.
While a lot can still change in terms of the 2021 design, if Macotakara’s sources are correct, I suspect many potential iPhone 12 owners postpone their upgrades to 2021. Internally, the iPhone 12 models will be all-new thanks to the biggest A series upgrade in years, 5G across the range, 120Hz ProMotion displays (with some doubts) and prices which will undercut the competition. That said, a fourth generation of the same design introduced by the iPhone X in 2017 may prove to be a dealbreaker.
All of which sets us up for a clash of the heavyweights. Macotakara famously scooped Apple’s decision to remove the headphone jack in 2016 and has delivered a solid array of exclusives ever since. That said, 2020’s most accurate Apple insider has very different ideas about the iPhone 12 and 13 so watch this space.
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Google looking to provide support services for satellite internet providers: job listing – 9to5Google
Within Alphabet, there are currently three products that directly provide internet service to end-users: Google Fi, Google Fiber, and Loon. According to a new job posting, Google looks to be getting into the business of supporting satellite internet providers.
A Google Careers listing today reveals a “Partner Manager” role to “help launch a global satellite-based broadband service.” The emphasis is on “help,” with the next line noting how “you will support satellite broadband service providers, productize the solution and make it available to other satellite broadband ISPs.”
As a Partner Manager, you will help launch a global satellite based broadband service. You will support satellite broadband service providers, productize the solution and make it available to other satellite broadband ISPs. You’ll manage partners on a day to day basis to make sure that we meet their growth plans in existing markets. You’ll manage the pod and service delivery timeline, work with Google and cross functional teams to handle and process monthly/quarterly PO and Invoices, and ensure continued availability of transit in the existing and new markets.
From this description, Google does not appear to be launching its own satellites, but rather helping an existing partner establish their network. It’s unclear who that partner is, but Google will use what it learns to offer similar services to other companies.
A “Responsibilities” section later on provides more details:
- Negotiate any deal with a 3rd party vendor to support product and partner development.
- Build a pipeline and start engaging with other satellite broadband service providers to explore expanding product offering to other players.
The satellite internet access space is currently dominated by Starlink from SpaceX, which launched 60 satellites yesterday. The goal is to have internet delivered from space rather than through wires in the ground. Coincidentally, Google in 2015 led a $1 billion investment round into the Elon Musk company.
It’s unclear what Google’s service would look like, but Alphabet’s Loon division provides a possible clue. Known for balloons that provide internet service following disasters, the company last year announced that it was adapting its routing technology for low Earth orbit satellites with Telesat. The system helps ensure a connection between the many moving parts of such a network.
That said, this role is based within Google and located in Mountain View. There are no other satellite job listings at the company, and we’ve reached out to Google for more details.
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