Above Avalon

Today’s Above Avalon Daily email: - Apple Earnings - Stellar iPhone Demand - Apple Sunsets Net Cash Neutral Target aboveavalon.com/dailypremiumup…

Apple revenue growth by segment: - Americas: +12% - Europe (includes India): +15% - Greater China: +28% - Japan: +15% - Rest of Asia Pacific: +25% Results very clearly show China and emerging markets strength.

Apple earnings are out. $111.2B revenue (up 17%) $2.01 EPS (up 22%) $57.0B iPhone revenue (up 22%) $31.0B Services revenue (up 16%) $8.4B Mac revenue (up 6%) $7.9B Wearables/Home/Accessories (up 5%) $6.4B iPad (up 8%) iPhone and Mac results likely supply constrained.

Apple reports earnings later today. If you’re looking to get quickly caught up on what Apple may report, check out my Apple earnings preview. Available exclusively to Above Avalon Daily subscribers. Above Avalon earnings previews also help place Apple’s actual results into context. For example, is $58B of iPhone revenue good or bad? What about a 38% HW gross margin? The preview was split across two updates: 1) Setting the scene: aboveavalon.com/dailypremiumup… 2) My granular estimates: aboveavalon.com/dailypremiumup… Every Apple quarter has its unique story. Today’s release will see strong revenue growth placed against product supply questions. $AAPL

Yesterday’s Above Avalon Daily email: Previewing Apple’s 2Q26 Earnings: Above Avalon Estimates aboveavalon.com/dailypremiumup…

Yesterday’s Above Avalon Daily email: Previewing Apple’s 2Q26: It’s All About Product Supply aboveavalon.com/dailypremiumup…

“A CEO’s legacy is determined by their ability of handling succession…I have my suspicions that Tim Cook, when it comes to succession not just for the CEO position, but across the board the ability of sustaining Apple’s culture, he is going to end up being graded really, really well on those fronts,” says @NeilCybart.   Become a subscriber to listen to the FULL 69-minute AVALON podcast episode (Ep44: As Smooth as Can Be). Just $10/month or save by going with an annual plan ($100/year). Subscribe here: aboveavalon.com/avalonepisodes…   Learn more about the AVALON podcast here: aboveavalon.com/avalon

Following last week's Apple CEO transition news, one incoming question that I received dealt with where Apple is headed from a product perspective. What ideals are guiding Apple’s decisions regarding where to compete? I tackled that multifaceted topic in yesterday’s Above Avalon Daily email (found below) by outlining Apple’s 10-20 year product roadmap based on ideals / problems to be solved.

Today’s Above Avalon Daily email: Where Apple Is Headed aboveavalon.com/dailypremiumup…

“John Ternus is very much a design-led supporter, he believes in Apple’s design-led culture…I would not be going around and expecting wholesale changes [at Apple], strategy shifts, things being flipped upside down [with Ternus as Apple CEO],” says @NeilCybart.   Become a subscriber to listen to the FULL 69-minute AVALON podcast episode (Ep44: As Smooth as Can Be). Just $10/month or save by going with an annual plan ($100/year). Subscribe here: aboveavalon.com/avalonepisodes…   Learn more about the AVALON podcast here: aboveavalon.com/avalon

I’ve been seeing a lot of “John Ternus wants to double down on ____” stuff on social media. It’s noise. Ternus is not becoming some all-powerful product czar dictating terms to powerless SVP underlings. I discussed this aspect, along with much more, in the most recent Above Avalon Daily update (found below).

As someone who experienced years of in-person Apple presentations and now the prerecorded presentations at Steve Jobs Theater, the prerecorded presentations are better. Better transitions, more efficient, more entertaining to watch. Also, prerecorded presentations perform better with global audiences.

There’s a lot of talk regarding Tim Cook’s legacy as Apple CEO. Such talk is premature. Time will be needed for proper context. Also, Ternus’s success as CEO will be part of Cook’s legacy.

NEW Essay / Podcast Episode: New Media’s Authenticity Problem insideorchard.com/essays/new-med… As it becomes easier to launch a new media company, it’s becoming more difficult to find and keep an engaged audience offering financial support. The innocence in new media is disappearing.

“My suspicion right now is that time will do Tim Cook well…his tenure [as Apple CEO] will look better as time goes on,” says @NeilCybart.   Become a subscriber to listen to the FULL 69-minute AVALON podcast episode (Ep44: As Smooth as Can Be). Just $10/month or save by going with an annual plan ($100/year). Subscribe here: aboveavalon.com/avalonepisodes…   Learn more about the AVALON podcast here: aboveavalon.com/avalon

.@NeilCybart explains how the Apple CEO transition news was both a big deal but also not surprising.   Become a subscriber to listen to the FULL 69-minute AVALON podcast episode (Ep44: As Smooth as Can Be). Just $10/month or save by going with an annual plan ($100/year). Subscribe here: aboveavalon.com/avalonepisodes…   Learn more about the AVALON podcast here: aboveavalon.com/avalon

I just published today’s Above Avalon Daily email. It took longer than expected to write, but I think it fully explains my view on where Apple stands right now and what things may look like with John Ternus as CEO. A lot of what is being written this week (i.e. Apple will become a "hardware company" with Ternus as CEO) is not fully thought out. The claims are too basic. Ternus isn’t a HW czar. With that said, there will likely be changes, potentially obvious ones, when it comes to how the CEO position sits within Apple. Check out the update below. The audio version will be released in the AM tomorrow.

Today’s Above Avalon Daily email: What Apple May Look Like With John Ternus as CEO aboveavalon.com/dailypremiumup…

I think consensus is approaching the John Ternus CEO appointment from the wrong direction. Tim Cook is not going anywhere. Johnny Srouji got a promotion. Apple also made various executive changes at the end of last year that pointed to a change in CEO was quickly approaching. The pieces point to a broader leadership shift underway. I began to analyze the leadership shift in the Above Avalon Daily update available below. The discussion will continue in the next update as well. I also went over why the second half of April is the perfect time for Apple to announce this shift.

Today’s Above Avalon Daily email: Apple's Next Leadership Era aboveavalon.com/dailypremiumup…