Earnings preview for Wednesday (AAPL, FB, QCOM, SHOP, BA)
Earnings preview for Wednesday (AAPL, FB, QCOM, SHOP, BA)
Apple Q2 2021 earnings preview
蘋果2021年第二季度收益預覽
$Apple Inc(AAPL.US)$ designs, manufactures and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. Apple sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers.
$蘋果(蘋果美國)$設計、製造和營銷個人計算機及相關的個人計算和移動通信設備以及各種相關的軟件、服務、外圍設備和網絡解決方案。蘋果通過其在線商店、零售店、直銷隊伍和第三方批發商在全球範圍內銷售其產品。
Chip shortages probably hurt Apple's iPhones less than Androids, while strong demand likely helped fiscal 2Q sales.
This bests consensus' 221 million and 51 million. Newer M1 chip-based Macs and iPads could get a spending boost from corporations in calendar 2H, aiding full-year sales upside.
Our scenario's $16.8 billion in Mac and iPad sales in fiscal 2Q is 35% higher than consensus. Services revenue at $67.2 billion in calendar 2021 is $1.7 billion higher, but fiscal 2Q's $15.6 billion is similar. Apple's 30x P/E shows high expectations.
-Anand Srinivasan & Marina Girgis, Bloomberg Analysts
芯片短缺對蘋果iPhone的影響可能沒有Android那麼大,而強勁的需求可能有助於第二財季的銷售。
這超過了共識的2.21億和5100萬。較新的基於M1芯片的Mac和iPad可能會在下半年從公司那裏獲得支出提振,從而幫助全年銷售額上升。
我們的設想是,Mac和iPad在第二財季的銷售額為168億美元,比預期高出35%。2021年日曆的服務收入為672億美元,比2021年高出17億美元,但第二財季的156億美元與此類似。蘋果30倍的市盈率顯示出很高的預期。
-彭博社分析師阿南德·斯里尼瓦桑和瑪麗娜·吉吉斯
Facebook Q1 2021 earnings preview
Facebook 2021年第一季度收益預覽
$Facebook Inc(FB.US)$ operates a social networking website. The Company website allows people to communicate with their family, friends, and coworkers. Facebook develops technologies that facilitate the sharing of information, photographs, website links, and videos.
$Facebook(FB.US)$經營一家社交網站。公司網站允許人們與家人、朋友和同事交流。Facebook開發了促進信息、照片、網站鏈接和視頻共享的技術。
Facebook's ad-impressions growth could exceed 1Q consensus of 22% by 300-500 bps, based on our calculations, driven by increased engagement across its family of apps.
Instagram remains a driver of revenue growth as users spend an average of 11 hours a month on the app, more than any other social-media platform. Engagement on Facebook increased more than 30%, according to SensorTower data, driven by active communities, user groups and the peer-to-peer marketplace.
Average revenue per user (ARPU) could record the highest gain since 2Q18, with companies increasingly allocating ad budgets to Instagram and Facebook and bidding up ad prices on these platforms.
-Mandeep Singh & Jitendra Waral, Bloomberg Analysts
根據我們的計算,在整個應用系列參與度增加的推動下,Facebook的廣告印象增長可能會超過第一季度22%的共識,即300-500個基點。
Instagram仍然是收入增長的驅動力,因為用户平均每月在這款應用上花費11個小時,比其他任何社交媒體平臺都多。根據SensorTower的數據,在活躍的社區、用户羣體和P2P市場的推動下,Facebook的參與度增加了30%以上。
隨着越來越多的公司將廣告預算分配給Instagram和Facebook,並抬高這些平臺上的廣告價格,每用户平均收入(ARPU)可能會創下自18年第二季度以來的最高增幅。
-彭博社分析師曼迪普·辛格和吉滕德拉·沃拉爾
Qualcomm Q2 2021 earnings preview
高通2021年第二季度收益預覽
$Qualcomm Inc(QCOM.US)$ operates as a multinational semiconductor and telecommunications equipment company. The Company develops and delivers digital wireless communications products and services based on CDMA digital technology.
$高通(QCOM.US)$作為一家跨國半導體和電信設備公司運營。該公司開發和提供基於碼分多址數字技術的數字無線通信產品和服務。
Manufacturing supply constraints at Samsung and TSMC may be key near-term impediments to Qualcomm sales through June. Qualcomm could cede some lower-end share to Mediatek but higher-end demand of Apple, Xiaomi and Samsung devices likely propel sales growth in its fiscal 2021.
Auto and IoT shipments are also likely limited through June, potentially aiding calendar 2H sales. Wider 5G adoption and higher RF content should help Qualcomm's QCT segment sales expand by 55% in fiscal 2021 to $25.6 billion. Licensing sales (QTL segment) is likely to see a more subdued 13% growth. Margin expansion may be 2H loaded.
Our scenario’s $31.4 billion in fiscal 2021 sales, 60% gross margin and $7.44 EPS are modestly higher than consensus.
-Anand Srinivasan, Bloomberg Analyst
三星和臺積電的製造供應限制,可能是高通6月份銷售的短期關鍵障礙。高通可能會將部分低端市場份額讓給聯發科,但蘋果、小米集團-W和三星設備的高端需求可能會推動其2021財年的銷售增長。
汽車和物聯網的出貨量也可能在6月份受到限制,這可能有助於下半年的銷售。更廣泛的5G採用和更高的射頻內容應該有助於高通的QCT部門銷售額在2021財年增長55%,達到256億美元。許可銷售額(QTL細分市場)可能會出現13%的較低增長。利潤率擴展可能是2H加載的。
我們設想的2021財年銷售額為314億美元,毛利率為60%,每股收益為7.44美元,略高於共識。
-彭博社分析師阿南德·斯里尼瓦桑
Shopify Q1 2021 earnings preview
Shopify 2021年第一季度收益預覽
$Shopify Inc(SHOP.US)$ provides a cloud-based commerce platform. The Company offers a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand.
$Shopify(SHOP.US)$提供基於雲的商務平臺。該公司為商家提供了一個平臺,為商家創造全渠道體驗,幫助展示商家的品牌。
Shopify's stellar volume growth will likely continue in 1Q, potentially fueling 80% plus sales growth driven by increased online spending. Shopify Plus customers could contribute 25-30% of monthly recurring revenue, as more large merchants migrate to Shopify from rival software providers.
We also anticipate management commentary about new merchants joining the platform to be positive, driven by the recent economic improvement in North America, which drives new business formations.
Strong revenue growth could drive adjusted operating margin to be in high-double digits, although we expect management outlook about continued strong margins in 2021 to be muted. As growth normalizes in 2021 and returns to 30-40% levels, we expect margins to fall back in single digits also.
-Anurag Rana, Bloomberg Analyst
Shopify銷量的驚人增長可能會在第一季度繼續下去,在線支出的增加可能會推動80%以上的銷售額增長。隨着越來越多的大型商家從競爭對手的軟件提供商遷移到Shopify,Shopify Plus客户可能會貢獻每月經常性收入的25%-30%。
我們還預計,在北美最近經濟改善的推動下,管理層對新商家加入該平臺的評論將是積極的,這推動了新的業務形成。
強勁的收入增長可能會推動調整後的營業利潤率達到兩位數的高水平,儘管我們預計管理層對2021年持續強勁利潤率的前景將較為黯淡。隨着2021年增長正常化並回到30-40%的水平,我們預計利潤率也將以個位數回落。
-彭博社分析師阿努拉格·拉納
Boeing Q1 2021 earnings preview
波音2021年第一季度收益預覽
$Boeing Co(BA.US)$ together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide. The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft.
$波音(BA.US)$與其子公司一起開發、生產和營銷商用噴氣式飛機,併為全球商業航空業提供相關支持服務。該公司還研究、開發、生產、修改和支持信息、空間和防禦系統,包括軍用飛機。
Fewer deliveries than expected may pull revenue and profit lower while cash burn may reach $3.5 billion as airlines use excess pre-delivery payments for aircraft deliveries and inventory expands. Undelivered 787s may boost inventory by almost $3 billion.
Final payments for Max planes generate little to no cash since Boeing lets key clients use excess pre-payments. With 77 total deliveries, commercial revenue may drop 18% to $5.2 billion on an operating loss of $520 million.
Global Services revenue may fall 20% to $3.7 billion on margins at 8.5% on weak demand for services. Defense, Space and Security revenue may rise slightly at $6.2 billion on Ebit at $590 million, or 9.5% margin. Overall, revenue could fall 11% to $15 billion on operating profit of $200 million. Cash and investments may drop to $21 billion.
-George Ferguson & Francois Duflot, Bloomberg Analysts
交付數量低於預期可能會拉低收入和利潤,而現金消耗可能達到35億美元,因為航空公司將多餘的交付前付款用於飛機交付和庫存擴張。未交付的787飛機可能會增加近30億美元的庫存。
MAX飛機的最終付款產生的現金很少,甚至沒有,因為波音允許關鍵客户使用多餘的預付款。由於總共交付了77架飛機,商業收入可能會下降18%,至52億美元,運營虧損5.2億美元。
由於服務需求疲軟,全球服務收入可能下降20%,至37億美元,利潤率為8.5%。國防、空間和安全收入可能略有上升,息税前利潤為62億美元,為5.9億美元,利潤率為9.5%。總體而言,營收可能下降11%至150億美元,營業利潤為2億美元。現金和投資可能會降至210億美元。
--彭博分析師George Ferguson和Francois Duflot
Click here to check out: Earnings Calendar for April.
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Source: Bloomberg
來源:彭博社
Editor: Mia
編輯:米婭