Following Apple’s release of Q4 2020 results, CEO Tim Cook offered additional comment on the numbers in an interview with CNBC. Apple CFO Luca Maestri also added some additional details in an interview with the Financial Times.
Notably, the iPhone 12 was released too late to be included in Apple’s fiscal fourth-quarter earnings figures. Instead, it will be fully listed in the first quarter of 2021. Nonetheless, Cook told CNBC that the first signs are that the iPhone 12 is a success:
However, Cook said he was bullish on iPhone 12 sales for a number of reasons, including 5G support, carrier promotions and a loyal install base, saying that “the initial data points are really pretty good.
Cook also addressed Apple’s lack of earnings guidance for the first quarter of 2021, citing the rise in COVID-19 cases worldwide – in particular, this means that Apple is not providing guidance for the massive shopping quarter. Christmas.
“If you look at the case count, the case count is increasing in Western Europe. They are climbing in the United States. And therefore there is still a sufficient level of uncertainty … we do not think it is an environment to guide us.
In an interview with., Cook said that Apple is “on track to launch Apple Fitness + later in the year” and that Apple now has 585 million subscribers on its platforms. This year it will “exceed” its target of more than 600 million subscribers.
Speaking to the Financial Times, CFO Luca Maestri, outside of the iPhone, Apple grew 25% year-over-year during the fourth quarter of 2020. Addressing the decline in China specifically, where revenue fell 29%, Maestri said that the difference is largely due to the lack of new iPhones.
“If you think about the macro environment we find ourselves in and the size of our company, it’s just spectacular,” he added. “We grew Mac by 29%, iPad by 46%, wearables and accessories by 21% and we set a new all-time record for services: a 16% increase.”
“We had new iPhones in China a year ago, this year we didn’t have them,” he said. “We will be growing in China in the December quarter.”
You can listen to the audio stream of the AAPL Q4 2020 earnings call live at the top of the hour here or listen to it shortly after the call with Apple Podcasts.
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