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ACTIVE will be hosting Q&A tomorrow (Friday) at 2pm ET with Horace Dediu (Horace Dediu) to discuss Apple's $AAPL 2Q2025 performance. This livestream will be open to pubic for viewing. However, only current and past registered ticket holders can participate. Follow us at

Using the given guidance for modeling (and noting that the dollar did not "strengthen significantly" but instead "weakened significantly",) I'm expecting sales growth of 7% and earnings (EPS) growth of 14%.

My revenue expectation is $97 billion. This is greater than the average of independent analysts ($96.16b) and Professional analysEstimizege ($94.56b) as complied on PED3.0. My EPS expectation is $1.75 is also higher than "Wall Street" estimate of $1.63 or Estimize $1.66.

Looking forward to discussing Apple Intelligence from a business perspective its impact on $AAPL with Ben Bajarin and Horace Dediu (Horace Dediu). Join us at: ACTIVE: The Apple Investor Conference 10 June 2025: day after Apple WWDC keynote → ACTIVE2025.com

It seems very likely to me that Apple will stop providing guidance on revenues and thus other metrics given the uncertainty in trading environment. Having said that, the US is a minority of the overall business and visibility in the rest of the world is likely to be fairly stable

A few P/E ratios in anticipation of Apple earnings: Meta: 22.37 Microsoft: 34.28 Google (Alphabet): 18.17 Netflix: 53.67 Amazon: 34.39 (pre-earnings, shares down 4% AH) Apple: 33.91 (pre-earnings) Tesla: 160.3

Amazon saw earnings per share (EPS) of $1.59 on revenue of $155.7 billion. Wall Street was anticipating EPS of $1.36 and revenue of $155.1 billion.

Apple reported earnings per share (EPS) $1.64 on revenue of $95.4 billion. Wall Street was anticipating EPS of $1.62 and revenue of $94.2 billion. My estimates, alas, were too high ($1.75 and $97b).

Apple’s board of directors has declared a cash dividend of $0.26 per share of the Company’s common stock, an increase of 4 percent. The board of directors has also authorized an additional program to repurchase up to $100 billion of the Company’s common stock.

$AAPL Revenue growth by category: iPhone: 2% Mac: 7% iPad: 15% Services: 12% Wearables: -5% Net sales: 5% EPS: 7.7% A pretty solid quarter. I think the currency tailwind was not as large or occurred later than I had estimated.

$AAPL shares are down 2.61% in AH (before conf call). This is as positive a response to a beat as could be expected. Remember the rule: Good News: shares drop. Bad News: Shares drop. No news: Shares rise.

Conference call has started. I will try to live comment as possible.

EPS was a March quarter record. All-time services revenue record. Record sales in Finland. Torille!

Installed base grew across all products and regions to an all-time high. #ACTIVE

iPhone users grew double digits. #ACTIVE

Paid subscriptions on Services increased double digits. #Active users increased to an all-time high.

I’m shocked they provided guidance. It was as vanilla as it gets.

No evidence of pull-forward demand in the March quarter. Channel inventory remains similar historically.

Join us today, Friday, 2 May 2025 at 2pm for a discussion about Apple’s 2Q2025 performance with Horace Dediu and Philip Elmer-Dewitt. → mailchi.mp/activeconf/2q2…

What's the purpose of the firm? Some say to make a profit. Some say it's to create jobs. Some say to create shareholder value. They're wrong of course. It's to create customers. Everything else follows. #ACTIVE