Apple Exhibits Strong Execution in Non-iPhone Segments; Shares Undervalued Relative to $200 FVE
Apple reported fiscal first-quarter results in line with the firm’s revised guidance from Jan. 2. Positively, non-iPhone segments (services, Mac, iPad, and wearables/accessories) grew 19% year over year led by stellar services and wearables growth. After factoring in near-term iPhone headwinds in China and emerging markets, management’s outlook for the second quarter was relatively consistent with our expectations. Shares rose nearly 6% during after-hours trading, as we believe the market was ex...Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The company's products include: iPhone; Mac; iPad; and wearables, home and accessories, which includes AirPods?, Apple TV?, Apple Watch?, Beats? products, HomePod?, iPod touch? and other Apple-branded and third-party accessories. The company's services include: digital content stores and streaming services; AppleCare, which includes AppleCare + (AC+) and the AppleCare Protection Plan; iCloud, which is the company's cloud service; licensing; and other services, which include Apple Arcade?, Apple Card?, Apple News+, and Apple Pay, a cashless payment service.
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