CNBC's "Fast Money" Apple Reports Results… And Market Impact From The Fed’s Rate-Cutting Pause 1/30/25
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Jan 30, 2025 Gene Munster, Managing Partner at Deepwater Asset Management, shares his insights on Apple’s quarterly results, highlighting unexpected declines in iPhone sales and challenges in China due to local competition. He delves into market reactions following the Fed’s rate-cutting pause, discussing implications for broader tech stocks. Munster also emphasizes caution amid geopolitical tensions and tariffs affecting Apple's operations, while providing a hopeful outlook on the company's services revenue and growth potential beyond China.
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Apple's Q1 Performance: A Mixed Bag
- Apple missed iPhone revenue estimates and saw a significant drop in China sales, down 11%.
- Despite beating on top and bottom lines, the miss on iPhone sales raises concerns about the company's growth trajectory.
Apple's Service Business and Growth Opportunities
- Apple's services business exceeded expectations with over 14% growth and strong margins.
- The company's success outside of China, particularly in India's growing smartphone market, offsets some concerns about China.
Apple's Growing Install Base
- Despite China sales being down, Apple's active install base grew by 7% year-over-year, reaching 2.35 billion devices.
- This demonstrates customer loyalty, offering some confidence to investors despite the mixed quarter results.