Apple didn't release any Q3 earnings guidance, but did give us some hints
What you need to know
- One notable absence from Apple's Q2 earnings call was guidance for Q3.
- Apple's CFO said that there was just too much uncertainty at play.
- Apple did, however, note that it expects Mac and iPad to grow next quarter and iPhone and wearables to shrink.
Apple announced its Q2 earnings to the tune of $58.3 billion yesterday, however, it did not provide investors with any guidance regarding Q3.
Usually, at an earnings call, Apple would provide an estimated range regarding revenue for the upcoming quarter, based on how well (or not) it thought performance would go in Q3. As was rumored prior to the call, Apple did not provide any guidance for Q3 but noted a few trends it thought we could expect over the coming months.
Apple had previously withdrawn its guidance for Q2 in February stating:
In the earnings call yesterday, Tim Cook said that Apple would not issue guidance for the coming quarter "given the lack of visibility and uncertainty in the near-term." He did note however that further ahead, Apple had a "high degree of confidence in the enduring strength of our business." He also noted that Apple's supply chain is "profoundly durable and resilient."
Providing more details on the quarter and looking ahead, Apple CFO Luca Maestri said that Apple expects iPhone and wearables to worsen in performance in the June quarter year on year. Conversely, however, Apple expects Mac and iPad to improve during the same period.
Whilst this is perhaps an indication as to how Apple expects the next three months to play out, the overriding message was one of uncertainty. Apple did, however, announce that it plans to reopen its stores in Austria and Australia next week, a sign that Apple's retail operation might be headed that bit closer to normal service.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9