From Erik Savitz’ “Apple Earnings Were Out of This World. Why the Stock Is Falling.” posted early Wednesday:
Apple posted blowout results for its fiscal third quarter, ended June 30, but the stock edged lower in late trading…
On a call with analysts, Maestri said the company again won’t provide detailed financial guidance given the ongoing uncertainty related to the pandemic. He said the company sees strong double-digit revenue growth in the September quarter, but at a smaller level than in June, for three reasons.
One, he said foreign exchange issues will be 3 percentage points less favorable. Two, he said services growth will be lower, after the June quarter benefited from an easy comparison in the year ago quarter, when advertising and Apple Care revenues were impacted by the pandemic. And three, he said that supply constraints will be higher than they were in the June quarter, with a particular impact on iPhone and iPad sales.
My take: The elephant can tap dance, but the bears only hear what the bears want to hear.