On the company's earnings call, Apple ( AAPL) Chief Executive Tim Cook called the metaverse a 'very interesting' area for it to explore, but declined to give additional information as to how Apple will enter the market. macOS Catalina ( 10.15 ) and newer versions are NOT supported.

Click here to try the demo note :) : This software works in Mac OS X, from version 10.6 to 10.14 only. When coupled with a 11% sequential decline in balance sheet inventory, Huberty wrote that this could show 'that while the supply environment remained tight through 2021 year-end, supply is expected to improve for some end markets in early 2022.'Īpple's ( AAPL) 10-Q also shows that the three largest drivers of Services growth were from advertising, the App Store and cloud services, with advertising largely being Google's ( GOOG, GOOGL) traffic acquisition cost payment to Apple, as well as the search ad business in the App Store. jBridgeM is a generic VST bridge for Mac OS X VST hosts/plugins ( up to the VST 2.4 specification ). It's likely this occurred because Apple was unable to meet demand for its products, likely the iPad and Mac, which 'aligns with guidance for stronger than normal seasonality in the March quarter.'

In addition, Huberty noted that vendor non-trade receivables and inventory growth were above seasonability, but that should change as the supply chain continues to get better. D&A as % of revs), which we believe is structural in nature given Apple's efforts to accelerate the in-sourcing of key components such as processors, sensors, displays, batteries, and cameras.' what would be implied by the trailing 3 year avg. The decline in D&A as a % of revenue has led to an average of 130 bps of gross margin upside over the past 4 quarters (vs. 'But as Apple increasingly brings more technology development in-house, D&A as a percentage of revenue is declining, while R&D expense has increased to 5.1% of revenue (vs.

'Historically, Apple funded capital equipment purchases for supply chain partners, which was a primary driver of D&A growing from $317M pre-iPhone launch in FY07 to $11.3B in FY21, as this equipment was depreciated over time,' Huberty wrote. With depreciation and amortization potentially being 'structurally lower,' gross margins could remain 'structurally higher,' going forward, Huberty added.Īpple ( AAPL) shares were down nearly 1% to $173.13 in early Tuesday trading. On a normalized basis, gross margins rose 3.3% year-over-year after a 4% increase in reported gross margins. Morgan Stanley analyst Katy Huberty, who raised her price target to $210 following the results, wrote in a note to investors that gross margins in the December quarter were 43.4%, even after a 0.4% positive impact from warranty accruals. PierreOlivierClementMantion/iStock Editorial via Getty ImagesĪpple (NASDAQ: AAPL) posted strong first-quarter results last week that handily beat Wall Street estimates, but the company's 10-Q showed that gross margin expansion and easing supply chain issues are coming.

Gross beat mac