“(1) Product revenue growth despite COVID-19 related store closures and stay at home orders during fiscal third quarter reaffirms our confidence in installed base stickiness, (2) stimulus benefit shows continued price elasticity of demand for iPhones, (3) new iPhone delay creates weakness in September but upside to the December quarter, (4) management expects strong non-iPhone product performance to sustain into fiscal fourth quarter, (5) iPad and Mac installed bases attracting new users and growth continues to outperform expectations (6) Services grew slower than anticipated but margins have upward bias, (7) Apple saw new all-time revenue records in the App Store, Apple Music, Video, and Cloud services. (8) capital returns strong (returned $21 billion to shareholders in calendar first quarter with $15.9 billion in buybacks, $3.7 billion in dividends), (9) Apple announced a 4-for-1 stock split, (10) balance sheet remains solid with net cash of $81 billion and strong free cash flow generation,” Mohan writes.

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