From Breakingviews - Apple tries to be both desirable and predictable
are both valued at 4 times estimated sales. If 20% of Apple’s services are cyclical, for example, and investors put the same multiple of sales as those peers, the company's fair share price drops 5%.
That may sound like splitting hairs. But it isn’t, because services are an ever-greater part of Apple’s business: nearly a fifth of revenue today compared with less than 10% in 2015. Apple might be reluctant to disclose more, since regulators like European antitrust cop Margrethe Vestager are out to into digital markets. But if there’s one thing investors prize along with predictability, it’s transparency.Apple said on Feb.2 that revenue for the quarter ending Dec. 31 was $117 billion, a decrease of 5% from the same period the year before. The technology company earned $30 billion, compared to $34.6 billion a year ago.
The iPhone maker said it faced significant supply constraints in the quarter. Covid-19 lockdowns in China hampered production of iPhones. Services revenue rose 6% to $20.8 billion.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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