Apple (AAPL) Unveils New iPhone Models at September Event
Apple AAPL unveiled four new iPhone models — iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro Max — at its product launch event on Sep 12.
Both iPhone 15 (6.1-inch) and iPhone 15 Plus (6.7-inch) are powered by the A16 Bionic chip. Both iPhone 15 Pro and iPhone 15 Pro Max are powered by A17 Pro, the industry’s first 3-nanometer chip.
A16 Bionic chip features a six-core CPU, which is faster than the previous generation due to four high-efficiency cores and consumes less power (20% less).
The five-core GPU has 50% more memory bandwidth that supports smooth graphics for streaming videos and playing games. The new 16-core Neural Engine is capable of performing nearly 17 trillion operations per second.
Apple Inc. Price and Consensus
Apple Inc. price-consensus-chart | Apple Inc. Quote
Apple introduced a USB-C connector that can be used to charge iPhone, Mac, iPad and the new AirPods Pro (2nd generation). Users can also charge AirPods and Apple Watch directly from iPhones with the USB-C connector.
Apple updated the iPhone’s cameras. The main camera with 48 MP enables super-high-resolution photos while a new 2x Telephoto option gives users a total of three optical zoom levels.
The latest iPhones feature the next generation of portraits, which makes it easier for users to capture portraits with in-depth detail with improved low-light performance.
Apple has launched the iPhone 15 and iPhone 15 Plus in five new colors, including pink, yellow, green, blue and black. iPhone 15 Pro and iPhone 15 Pro Max will be available in four colors, black titanium, white titanium, blue titanium and natural titanium. All of these models will be available beginning Sep 22.
Will New iPhones Boost Apple’s Share Price?
Apple shares have gained 35.7% year to date, underperforming the Zacks Computer & Technology sector’s return of 37.6%.
The near-term outlook is not enthusiastic, given the headwinds. Apple did not provide revenue guidance for the fourth quarter of fiscal 2023. It expects iPhone and Services’ year-over-year growth to accelerate in the current quarter compared with the June quarter.
Apple is benefiting from increasing customer engagement in the services segment. It currently has more than one billion paid subscribers across its Services portfolio. The expanding content portfolio of Apple TV+ and Apple Arcade is helping drive subscriber growth.
However, revenues for both Mac and iPad are expected to decline double digits on a year-over-year basis in the fiscal fourth quarter due to difficult comparisons.
Zacks Rank & Stocks to Consider
Apple currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Computer & Technology sector are Asure Software ASUR, Dell Technologies DELL and NVIDIA NVDA, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA, Dell and Asure Software shares have gained 207%, 75.9% and 22.8% in the year-to-date period, respectively.
The long-term earnings growth rate of NVIDIA, Dell and Asure Software is pegged at 13.5%, 12% and 27%, respectively.
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