The announcement on the eve of a historic net profit of $ 18.4 billion did not prevent the action of the Apple brand losing 4.73% to 95.26 dollars Wednesday around 6:40 p.m. GMT the New York Stock Exchange. The market value of the group remains at a comfortable $ 528 billion, but since the last peak of the action last summer ($ 133), it was amputated a good quarter.
“ Apple is now more clearly a growing business ,” said in a note Shebly Seyrafi, at NBF Securities analyst, believing that this will lead to fund managers reduce their positions.
After long seemed immune, Apple seems indeed finally caught by the global economic turmoil and the slowdown in the growth of the smartphone market.
His boss Tim Cook notably confessed Tuesday he was beginning to see signs of a slowdown in China, its largest market with the United States. Its revenues are increased again by 14% over the three months ended in late December, but they had almost doubled the previous quarter.
Above all, it confirmed what many observers feared for months: the sales of the iPhone, the locomotive that pulls the two thirds of the turnover of the group, will drop. This will occur this quarter and this will be a first since the release of the first model in 2007.
The iPhone may have hit its peak during the Christmas quarter, where 74.8 million units sold is a new record, but nothing beats the previous year (74.5 million).
“ Compared to the competition, the performance of the iPhone remains very solid, but there are headwinds on the mature market of smartphones that Apple finally hit ,” said Ian Fogg, an analyst at IHS.
– Recovery by the services’ –
“ In general, the market is slowing Apple resisted .” so far, but today “ competition just as much of its own products in previous years as Samsung, Huawei and Xiaomi. The hardest Apple competitor, it is itself, because it has to persuade existing owners iPhone to change and buy the latest model , “argues Ian FOOG.
Many analysts still fall Apple last quarter still managed to increase the average selling price of the iPhone, which supports its margins even if volume growth is slowing.
If some, like Deutsche Bank, for example, do not rule out a decline in cumulative sales throughout the year, others expect a rebound after an expected refresh for spring 5S models smaller then the new range (7 and 7 Plus) in the fall. It remains to be seen whether these will be innovations qu’apporteront significant enough to renew the enthusiasm created in 2014 by the iPhone 6 and 6 Plus large screens.
Meanwhile, Apple is also working to change the current discourse, highlighting its efforts in services that could be a source of growth.
Tim Cook said Tuesday that a “ increasing portion ” revenues were derived from the installed base of devices to its brand, which exceed a billion units in the world across all devices and pushes their owner to buy apps, movies or music in online stores of the group, which use new services like Apple Pay payments system.
“ Apple is always much considered a company that sells appliances, with the majority of its revenue from a product, the iPhone ,” say the analysts Phillip Securities Research. This vision is not necessarily wrong, but “ Apple made great strides to make its transition to a services company “, they add.
“ If the Mac, iPad and Watch disappointed, services remained strong during the quarter ” parties (turnover increased by 26% 6.1 billion dollars) and they “ should gain importance ” in the long term, experts also believe BMO Capital Markets.
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