苹果Q1财报超预期：iPhone收入570亿美元，Mac销量创纪录

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But like look, look at it. Like is this the world we want to live in where everyone is just chatting to the AI doing this and then AI is snooping on the entire world around them?

I mean, I don't know. It's it's another podcast episode. Why not? Welcome to the Power On podcast. We talk about Apple and the world of consumer tech. I'm Mark German from Bloomberg and I'm joined by Vlad Savv in Hong Kong. And today we are going to start off by talking about John Turnis' [music] first earnings report and call with analysts as the CEO of Apple. And we're also going to break down the future of Siri AI as well as the upcoming iOS 27.3 release coming at the end of this year.

And stay tuned for some Apple trivia as well. So Vlad, what's going on, man? Welcome back. Thank you, Mark. I hear in the intervening couple of weeks, Apple has dropped one or two new products. You were excited for them. How do you feel now? It's been a lot, man. I mean, there's the OLED iPad Mini. There's the new M5 Pro and M5 Max touchscreen MacBook Pros. Uh, with OLED, there's also the M6 iMac. The iPhone 2 was released.

I got my hands on that and I shared a lot of thoughts on that device and I'm sure I'm going to talk a lot bit more about that uh over the show and would obviously love to hear your thoughts. Have you had a chance to play with it yet?

Not myself. It's been a hot demand over here in Hong Kong and China as well. Um, listen, if I want to try out the iPhone Duo, I can just try out the Xiaomi Copycat and I'll probably get the same experience to be honest. That's funny. It's It's pretty amazing because the iPhone Duo pre-order was a disaster. I came out and said that they have a supply chain issue. They were not supposed to launch this until the end of November.

And even then, it was only going to be in the US and China. They went 70 countries wide. You were able to get it at an Apple retail store on day one if you lined up before 4 in the morning. They had between 50 and 250 units of store, right? I went to a bunch of stores. They didn't really get many pre-orders. This is all walk-in material. And after day one, you can't get one, right? All the AI bots are are getting them quickly.

They sell out within 5 to 10 15 seconds. This is a master class in how not to launch a device if you want users to be happy and and have supply, but that's uh neither here nor there. [music] Speaking of supply, we need to talk about Apple earnings. This was pretty remarkable for Apple. You know, going into earnings, there were a lot of headwinds, you know, for Apple. There were the price increases in June on the Mac and the iPad, the home devices and the Vision Pro and some other things.

Then there were the price hikes to the iPhone in September,

which set Apple up for basically going one or two ways. One was people aren't going to buy the products because now they're out of reach. They're too expensive for their wallet. Uh or people are going to buy the products still and they're going to make even more money, right? But margins may get hit a little bit. And then you also have the backdrop of what was the release. Typically in the fourth quarter in September, Apple has several new iPhones.

This time they only had one main new iPhone line, which was the iPhone 18 Pro and iPhone 18 Pro Max. The duo, you can't get them, and that launched in what's considered the holiday quarter, right? So that's after September. And there's no new iPhone Air and there's no new regular iPhone 18. Despite all that, Apple still reported 114 billion in change in revenue thanks to 57 billion plus in iPhone revenue. So that means despite the big 17 Pro launch last year and the iPhone 18 Pro being super minor as an update, there was still pent-up demand for the iPhone.

Whether that means people bought the iPhone 17 Pro uh in the earlier parts of the fourth quarter before the 18 went on sale or people went and still bought the 18 Pro in big numbers. And so this is a hugely successful uh quarter for Apple. The Mac, they announced that fiscal year 2026 they sold more Mac units than they ever have in a prior fiscal year. So that's pretty remarkable.

Yeah.

The iPad didn't excel, but it did okay. wearables, home and accessories weren't as bad as they could have been. So, from a numbers perspective, I think they did all right. Uh that's until you hit the forecast for the following quarter, but curious what you think. Uh how did they do looking backwards? You opened with supply and I think this is the key issue here. Um when we call this a successful quarter for Apple, what we need to recognize is that the broad consumer electronics industry is like in a whole new phase.

So, just growth in general is good. It's doubly impressive when you consider that that same September quarter was the worst decline on record for the smartphone industry. And we just said 50% of that revenue came from iPhones. So to your point, Mark, um maybe we could say that it was a good decision for Apple to just give the Pro series in September because that means every unit that Apple sells of iPhones is going to have a higher margin.

And the reason is, we keep saying it, but it bears repeating, memory prices are through the roof right now. So many models, especially across the Chinese smartphone makers, are effectively not viable financially. Apple is more insulated because it has better margins, but you and I both looked at it. Gross margin, operating margin, um all of that is down for Apple, but still the growth is really impressive because the demand is down.

We got to give credit to the MacBook Neo. We've celebrated that product. That might turn out to be Apple's product of the year because it got response everywhere, both in the US and China, the two key markets. and all of that. Again, the backdrop is so important. It's the fact that people don't have the discretionary income. On the one hand, the global economy is not doing great. The key markets like China, China is dealing with deflation.

It's struggling to spark the consumer market, right? We have all these issues and Apple is growing and hitting new records. And worth bearing in mind, John Turner said this and we'll dive into his performance. I want to hear your feedback uh during the conference call. He said this record number of upgraders in China. So you got

yeah they say that every quarter but again economic slo