Q1 ’18 : Apple : Revenue and Volume Grow but Margins Dropped

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Report Summary:

Apple posted a strong quarter in Q1 2018, with solid growth both in volume and in revenue. It beat industry’s expectation, but is in line with our forecast. iPhone X remained the best-selling smartphone model this quarter, but consumer demand softened from a quarter ago. Despite solid revenue growth, neither gross margin nor operating margin of Apple’s iPhone business grew this quarter. Apple blamed the unfavourable component cost environment, while we believe increasing sale & marketing expenditures are also a factor. Looking forward, how many iPhone X will be shipped in Q2 2018? For iPhone total shipments, the biggest factor will whether Apple will launch a new iPhone SE model in June.  We believe Apple will launch lower price point devices to fuel unit growth and continue the impressive growth of the services business.

Table of Contents

1. Executive Summary
2. Key Trend / Model Analysis
3. Quarterly Financial Charts
4. Conclusion and Outlook
5. How Can We Help You
6. Analyst Contacts

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