Doanh nghiệp của Apple phụ thuộc vào iPhone nhiều hơn bạn nghĩ
Theo Emily Bary
Apple chiếm khoảng một nửa doanh thu trực tiếp từ doanh số bán iPhone. Nhưng sản phẩm này có trách nhiệm gián tiếp nhiều hơn nhiều, theo một nhà phân tích.
Theo một nhà phân tích tính toán, Apple Inc. dự kiến sẽ tạo ra khoảng 215 tỷ USD doanh thu từ iPhone, chiếm hơn một nửa tổng doanh thu của công ty trong năm tài chính tới.
Nhưng liệu đó có phải là phạm vi đầy đủ của tác động của iPhone đối với doanh nghiệp của Apple (AAPL) không? Chẳng hề, theo Needham.
Nhà phân tích Laura Martin của Needham viết vào thứ Ba rằng có hàng triệu người có thể sở hữu iPhone mà không sở hữu bất kỳ sản phẩm Apple nào khác. Tuy nhiên, ngay cả những người dùng iPhone đó cũng thường tạo ra doanh thu cho Apple theo cách khác.
Ngay cả những người sở hữu iPhone có thể tạo ra doanh thu cho Apple theo nhiều cách khác.
Cô ước lượng rằng Apple có thể thu về 108 tỷ USD từ doanh thu dịch vụ trong năm tài chính tới, chiếm gần 1/4 tổng doanh thu. Và cô nhìn nhận rằng 100% doanh thu từ dịch vụ này phụ thuộc vào việc sở hữu iPhone, theo quan điểm của mình. Dịch vụ bao gồm nhiều loại dịch vụ, bao gồm cả các ứng dụng như Apple TV+ và Apple Music, cũng như bảo hiểm và App Store.
#Apple #iPhone #doanhthu #DowJones #WallStreetJournals
By Emily Bary
Apple gets about half of its revenue directly from iPhone sales. But the product is indirectly responsible for far more than that, according to one analyst.
By one analyst’s math, Apple Inc. is expected to generate about $215 billion in iPhone revenue, or just over half of the overall company total, in the next fiscal year.
But is that the full extent of the iPhone’s impact on Apple’s (AAPL) business? Not even close, according to Needham.
Millions of people likely own iPhones but no other Apple products, Needham analyst Laura Martin wrote Tuesday. Yet even those iPhone wielders often generate revenue for Apple in other ways.
See also: Apple iPhone 16 is now on sale, and T-Mobile’s CEO says it’s selling better than last year’s
She estimates Apple could haul in $108 billion in services revenue next fiscal year, representing just over a quarter of overall revenue. And 100% of that services revenue is dependent on iPhone ownership, in her view. The services business includes various things, including streaming offerings like Apple TV+ and Apple Music, as well as insurance and the App Store.
Then there are Apple’s other products, which she expects to together generate $97 billion in revenue next fiscal year. Martin thinks that ownership of those products is highly dependent on whether consumers also have iPhones, to the extent that perhaps 50% to 80% of people would “churn out” of these other product categories if they stopped using an iPhone.
For that reason, she calculates that 89% to 96% of Apple’s revenue is linked to iPhone ownership.
Read: Was Apple’s iPhone 16 event a dud? There’s underrated good news for investors.
What does that mean for Apple investors? “We worry that (Apple) is a hardware company, in an era of software disruption,” Martin wrote.
She noted that fellow large technology companies Alphabet Inc. (GOOG) (GOOGL), Meta Platforms Inc. (META) and Microsoft Corp. (MSFT) are far more rooted in software. Meanwhile, Martin said she’s concerned that “hardware introductions like the Vision Pro are evidence that (Apple) feels more comfortable solving difficult hardware problems, even if they are irrelevant.”
Furthermore, “portfolio theory says that diversification lowers risks,” according to Martin. She asks whether Wall Street is discounting Apple shares enough to account for the heavy reliance on the iPhone.
Even so, she remains bullish on Apple shares, with a buy rating and $260 target price that’s 15% above current levels.
“Investors need a liquid stock to hide in during 2025,” as Amazon.com Inc. (AMZN), Alphabet, Meta and Microsoft continue to invest heavily in generative artificial-intelligence infrastructure and large-language models that bring “no visible (revenue) upside,” she wrote.
Additionally, Martin is upbeat about Apple’s robust stock-buyback program, which is poised to help drive meaningful growth in earnings per share in the next two years.
Opinion: Apple investors get a raw deal with iPhone 16 – but customers get a bargain
-Emily Bary
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09-24-24 1227ET
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