Wedbush Securities' Dan Ives: Apple had a true blowout quarter

Wedbush Securities' Dan Ives: Apple had a true blowout quarter

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00:00
you hooked up blowout earnings in the dictionary it would be apple's march quarter i mean this is what i want to say is a dream scenario for the bulls in terms of what you see on iphones services is of course on the buy back as well this really just shows you know many skeptical about the super cycle you look at this quarter this sort of puts the you know what i believe it's the exclamation mark that the super cycle is alive and well this looks like this is going to be apple's historic year where they'll break 231 million iphones
00:32
i think right now this is the catalyst to get this to 175 200 hours this is really in my opinion probably the best quarter i've seen from apple in the last 18 24 months mike why is apple jumping uh when microsoft didn't i mean all of these mega cap tech companies are blowing the numbers out of the park some are responding higher others aren't well a 12 billion dollar upside revenue beat for a three-month period is is pretty extraordinary so i think it's again it's the margin of victory so to
01:03
speak that apple put in there also apple shares basically flat since september 2nd uh in the mid-130s and actually went up above 140 at some point so the context was the stock certainly was not overextended in the short term let's get back to josh lipton he's got comments from apple ceo tim cook on the quarter josh sarah i did have the chance to speak with apple ceo tim cook about the quarter i want to start with iphone again 47.94 billion dollars in the quarter versus expectations of 41.4 billion from the street here's what cook told me iphone grew 66
01:35
he said it was driven by strong demand from the iphone 12 family the iphone 12 is the most popular iphone but we had extremely strong results in iphone 12 pro and iphone 12 pro max the kira deals cook telling me in the us are super charging demand in the u.s it is a highly competitive marketplace and you see iphone doing extremely well around the world to that point i also did ask tim cook about what the trends and themes he's seeing in china cook telling me we are seeing strength across the product line in china iphone did extremely well but mac ipad
02:08
wearables home and accessories also did well we had the top two selling smartphones in urban china and finally on this mac number again 9.1 billion versus expectations of 6.9 billion cook saying we're seeing strong first-time buyers on the mac it continues to run just south of 50 and in china he told me it's even higher than that it's more around two-thirds and that speaks to people preferring to work on the mac again conference call guys at 5 00 pm eastern back to you all josh lipton thank you very much valuable
02:38
comments there from tim cook ed lee i'll come to you we haven't heard from you yet 66 growth in iphone you heard cook describe the momentum in different parts of the world and in different parts of the portfolio not just in the phones what's your impression why why does this come as such a surprise to the street well so first of all i'm going to give it to dan eyes on this because i i've always been sort of a super cycle skeptic um but clearly there is a definite super cycle and that's what we're seeing here i think the color on on the china numbers is absolutely
03:08
fantastic for apple i actually thought you know they might have that sort of a nice blip from the last quarter and it might sort of plateau no it seems like china likes apple products more than ever also you know we're talking about in the context of pandemic that you know people were beefing up their hardware beefing up their sort of home electronics during this time i actually think it's ultimately going to help even when we get out of pandemic or mid pandemic whatever you want to call it i think people have now started to realize that how important it is to have sort of a good ecosystem of products
03:39
at home because even as people go back to the office they're going to spend some time at home they're going to spend maybe two or three days a week from home and and that's going to be part of their sort of new normal so apple really wins out on this and i think compared to microsoft i know that was a good compar interesting comparison i mean apple's still consumer facing right now ultimately that's what we're seeing in google and facebook and now apple is that you know that there's been a super charge and just engagement and activity with these these products and i think that's that's reflected in these numbers and
04:09
it's hard to find anything negative uh though i'm still looking so that's my take so far shepard smith here thanks for watching cnbc on youtube

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