Analyst Note| Abhinav Davuluri, CFA |
Apple reported fiscal fourth-quarter results ahead of our expectations led by Mac and iPad segments. The firm did not provide guidance the last two quarters and again refrained from offering specific guidance due to uncertainty regarding COVID-19. CEO Tim Cook expects iPhone revenue to grow in the December quarter despite the new iPhone 12 being launched a couple of weeks later in the quarter, though he did not specify the magnitude of growth. Meanwhile, all other products and services are expected to grow in the double digits.