Apple Inc.

Overview Key strengths Key risks Strong brand loyalty and profitability despite a highly competitive market characterized by rapid technological evolution and short product life cycles. High product concentration, with iPhones accounting for over half of total revenues. Expanding services and wearables, home, and accessories business segments help diversify revenue concentration away from iPhone. Ongoing U.S.-China trade friction and global supply chain constraints continue to hurt its revenues. Significant cash balance and strong free operating cash flow provide capacity to fund ongoing shareholder returns and potential acquisitions while maintaining a conservative balance sheet. Weakening consumer demand and spending for smartphones, PCs, and tablets due to a challenging macroeconomic environment and high inflationary pressure. Apple reported a low-single-digit percent revenue decline of

...We expect modest revenue growth in fiscal 2024, mainly supported by Apple's Services segment, while other product segments see flattish to low-single-digit percent growth hindered by a weak macroeconomic environment. Apple reported a low-single-digit percent revenue decline of 2.8% for fiscal 2023 (ended September 2023), primarily reflecting currency headwinds, weaker-than-expected consumer demand, and tepid recovery in China amid a weak macroeconomic environment. The decline was across product segments, with Mac revenues declining steeply in the mid-20% area due to a tough year-over-year comparison, while iPhone, iPad, and Wearables, Home and Accessories were down in the low-single-digit percent area. Its Services segment was the bright spot, up 9% year over year, with all-time revenue records in the app store, advertising, cloud, AppleTV+, Apple Care, and payments areas benefitting from an increasing hardware installed base. For fiscal 2024, we anticipate revenue growth of about 3%, reflecting...

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