Summary by Moomoo AI
On March 6, 2024, the United States Securities and Exchange Commission (SEC) addressed a letter to Luca Maestri, the Chief Financial Officer of Apple Inc., regarding the company's Form 10-K for the fiscal year ended September 30, 2023. The SEC's review was limited to the financial statements and related disclosures, and they have requested Apple to provide additional information. Specifically, the SEC has asked for a more detailed quantitative discussion on the factors contributing to the material change in services net sales, as previously disclosed in Apple's Form 10-Q and mentioned in the earnings call on February 1, 2024. The SEC highlighted the need for specific quantification over vague terms like 'primarily' and requested a sample of any proposed revised disclosures for future filings. Additionally, the SEC has requested a breakout of services revenue by type for each period presented, as services were aggregated into one line item in the financial statements. Apple has been given ten business days to respond to the SEC's comments or to provide a timeline for their response.