Reportedly, Apple (AAPL) exceeded expectations for its second fiscal quarter, reporting strong sales in iPhones and services, which resulted in earnings of $1.52 a share on sales of $94.8 billion for the quarter ended April 1. This is higher than the $1.43 a share on sales of $92.9 billion that analysts had predicted. However, compared to the previous year, earnings remained the same, while sales fell by 2.5%. Additionally, the company’s hardware revenue declined by 5%, with iPhone revenue being the only exception, increasing by 2% to $51.3 billion.
Apple’s services revenue increased by 5% to $20.9 billion year-over-year, while its Mac computer sales dropped by 31% to $7.2 billion, and iPad sales decreased by 13% to $6.7 billion. Moreover, revenue from Apple’s wearables, home, and accessories unit fell slightly to $8.8 billion.
Despite the decline in sales, Apple’s board authorized an additional $90 billion for share repurchases and raised its quarterly dividend by 4% to 24 cents per share. The company’s outlook implied revenue of around $81 billion, down 2.5% year over year, for its fiscal third quarter, while market estiamted sales of $84.5 billion, up 1.8%. This was the second consecutive quarter of sales declines for Apple.
Dow 30 component Apple (AAPL) revolutionized personal technology with the introduction of the Macintosh in 1984. Today Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to “leaving the world better than they found it. To learn more about Apple (AAPL) and track its ongoing progress at Vista Partners Apple (AAPL), Coverage Page.
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Borqs Technologies (NASDAQ: BRQS) recently reported revenues for the year ended December 31, 2022 increased 77.7% to $52.5 million compared to $29.6 million for the year ended December 31, 2021, mainly driven by increased IoT hardware sales globally and software service revenues from a global semiconductor vendor.
On May 9, Borqs announced that they have engaged Cantor Fitzgerald & Co. as its exclusive financial advisor with respect to the divestment of the Company’s ownership in Holu Hou Energy, LLC (“HHE”), a fast-growing solar energy and storage provider with unique solutions in energy sharing for the multi-dwelling residential market. Cantor Fitzgerald will conduct a sales process on behalf of Borqs with respect to its divestment in HHE and has commenced outreach to potential acquirers in May 2023. Please direct any questions regarding this sales process or prospective interest to: Hari Chandra Managing Director, Global Head of Power, Energy and Infrastructure, Cantor Fitzgerald & Co., Phone: +1 (347) 268 8636, Email: firstname.lastname@example.org.
- On April 26, Borqs Technologies published its Letter to Shareholders Regarding the Divestment of Solar Subsidiary. Dear Shareholders of Borqs Technologies, Inc.: The purpose of this letter is to help clarify the proposed divestment of our company’s ownership in Holu Hou Energy, LLC (“HHE”) and the implications that this transaction may have to Borqs and our shareholders. Why the divestment? As we have stated in prior press releases, the Committee on Foreign Investment in the United States (“CFIUS”) has notified our company by a letter dated December 13, 2022, that CFIUS has identified risks to US national security arising as a result of Borqs’s investment in HHE. CFIUS advised us that the national security risks arising as a result of Borqs’s investment transaction with HHE relate to foreign proximity to U.S. military personnel and installations through HHE’s physical access to customers and their facilities, including at off-base military housing. CFIUS therefore required Borqs and HHE to enter into a National Security Agreement with CFIUS, pursuant to which Borqs must divest its interests in HHE. Proactive steps by Borqs. Read the balance here:
On April 20, Borqs announced that its subsidiary, Holu Hou Energy LLC (HHE), a provider of design-to-service solar plus energy storage systems, has signed a contract to install HHE’s HoluPower energy storage and solar photovoltaic (PV) systems on homes at Lendlease’s Island Palm Communities (IPC) in Honolulu, Hawaii. When completed, the project will be worth well into the nine figures in sales for HHE. Lendlease, a leading real estate and investment group that manages almost 8,000 homes for the U.S. Army on Oahu, is the purchaser of the electricity and the installations will come in the form of HHE’s EnergyCluster, where multiple residential units have their systems connected in an energy network or “cluster.” Excess solar generation from any unit’s system in the network that would normally be lost is directly shared in real time with other connected units that have load above solar generation. The benefit is that the optimized PV and energy storage systems can meet 75-80% or more of the overall residents’ energy needs while not exporting power to the utility grid. Lendlease and HHE began initial planning in 2021, which culminated in constructing a “pilot” project in May 2022. Since then, the pilot has been operating with outstanding results across six residential units. In a typical month, approximately a third of the total generated electricity is shared with other units in the “cluster” thereby solving issues related to vacancy and resident load variability, while proving out the superior value created through a clustered approach versus stand-alone systems. The savings realized by Island Palm Communities through deployment of HHE’s systems is being reinvested to enhance the housing and amenities Lendlease offers to military families on the installation. Additionally, residents now have resilient back-up power that can be utilized during grid outage events. These systems also take a load burden off the Oahu electric grid, which improves overall stability. Each residential unit will have approximately 10kW of PV and 25 kWh of energy storage, with six residences typically being connected in an HHE EnergyShare network. Construction is set to begin summer of 2023, with initial installations at the Aliamanu Military Reservation near Honolulu.