Gene Munster: Investors should focus on Apple's growing installed active base of...
source link: https://macdailynews.com/2023/08/07/gene-munster-investors-should-focus-on-apples-growing-installed-active-base-of-over-2-billion-active-devices/
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Gene Munster: Investors should focus on Apple’s growing installed active base of over 2 billion active devices
Gene Munster, Deepwater Asset Management managing partner, joins CNBC’s “Squawk Box” to discuss the takeaways from Apple and other Big Tech earnings, the health of the mega-cap stocks, and that Apple’s growing installed active base of over 2 billion active devices is where investors should be focusing, meaning Apple Services, not just on the company’s hardware sales.
Apple’s installed base reached an all-time high across all geographic segments, driven by a June quarter record for iPhone switchers and high new-to rates in Mac, iPad and Watch, coupled with very high levels of customer satisfaction and loyalty.
MacDailyNews Take: In Q323, Apple set an all-time revenue record in Services driven by more than one billion paid subscriptions. Apple’s Services revenue reached $21.2 billion and saw a sequential acceleration to an 8% year-over-year increase, better than the company expected. Apple set an all-time revenue record for total services and in a number of categories, including Apple TV+ AppleCare, iCloud, and Apple Card. Apple promises “updates coming later this year to make Services more powerful, more useful, and more fun than ever.”
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