Apple’s (AAPL) earnings beat Wall Street’s expectations on the top and bottom lines for the fiscal first quarter despite some weakness in iPhone sales. They missed revenue estimates in the Greater China region. New Street Research technology infrastructure analyst Antoine Chkaiban joins Julie Hyman and Josh Lipton on Asking for a Trend to discuss the results and explain his reaction to the earnings print. “We remain concerned about the next couple of quarters, and that’s for a number of reasons,” Chkaiban says, outlining three issues driving this concern for the iPhone maker in the near term. “First, we’re not convinced that on-device [artificial intelligence] AI will enable game-changing user experiences because the hardware is not game-changing,” he says. “Apple Intelligence features that are tightly integrated with the operating system, with iOS, have not really gotten great feedback so far.” “On top of that, you have elongating replacement cycles,” Chkaiban explains, which only makes users less likely to justify upgrading their devices. Finally, “you have the fact that share gains in China, which have been a tailwind in the past, have now stalled,” he notes, highlighting Apple’s struggle to compete in China as competition intensifies with domestic smartphone makers. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here.
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