On news of the earnings, Apple shares rose 6.4% to $409.55 in after-hours trading even though the company also announced that its latest iPhones will be shipped slightly later than usual this year as the coronavirus disrupts global supply chains.
The iPhone maker jumped aboard a plethora of online sales promotions hosted by Alibaba Group Holding Ltd. and JD.com Inc.in June, traditionally one of several peak spending months. Thinking about the general uniformity of Apple's launch routine, the fact that Qualcomm committed to assist Apple launch its first 5G iPhone, and also the imminent launches of competing devices like the Galaxy Note 20, as well as today's news feels a whole lot like a foregone conclusion. There is still the possibility the event will happen in Apple's traditional September, but the shipping dates could be delayed.
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Investment bank Wedbush is raising its AAPL price target to $475 on Apple's "Picasso-like" June quarter earnings results and the expectation of an "iPhone 12 super cycle". Then, the following year, the apple iphone XR was launched a month after the iPhone XS and also XS Max hit racks. Mac and iPad sales were very strong thanks partly to the shift to work-from-home environments, while iPhone sales came in stronger than expected due to the popularity of the new iPhone SE.
This is pretty much the first time Apple discusses the timing details of a new iPhone generation, and this is an obvious indication that things have been hard at the company lately. While others will see some delays. We've been talking about a possible delay on this year's iPhones since the Q1 2020 when the COVID-19 restrictions were affecting the entire smartphone market.
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Starting with the earnings report for the fiscal first quarter of 2019, Apple stopped reporting iPhone shipments with its quarterly announcements.
"Our June quarter performance was strong evidence of Apple's ability to innovate and execute during challenging times", said Luca Maestri, Apple's CFO.
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Maestri did not reveal the cause of the iPhone 12 supply being delayed or constrained. Expect more information on the timeline for the new products to make the headlines in the coming weeks. Now that they have a newer albeit less high-end device in their hands, they might not be so keen to switch phones again when the 12 finally comes out.