Apple's stock surged Thursday, fueled by a Bloomberg report claiming the tech giant plans a complete overhaul of their Mac line featuring new, AI-focused M4 chips.
Ahead of the iPhone maker’s earnings release, Goldman said it expects Apple to deliver in-line F2Q24E results with $90.7 billion of revenue and earnings per share of $1.53. They estimate iPhone revenue of $45.9 billion, down 11% year-on-year, with the decline “driven by tough comps due to shipment pushouts into C1Q23 from factory shutdowns in late 2022.”
They also see catalysts, including AAPL’s Worldwide Developers Conference , a reveal of AAPL’s generative AI initiatives, new product launches , and the iPhone 16 product cycle.), stating they believe that the market’s focus on slower product revenue growth “masks the strength of the Apple ecosystem” and the associated revenue durability and visibility.