2026년 2월 17일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
Apple Inc (AAPL, Financials) may face margin pressure later this year as surging memory prices raise component costs, according to a note from Bernstein following the company's stronger-than-expected fiscal first-quarter results.
Warning! GuruFocus has detected 5 Warning Signs with NVDA. Is AAPL fairly valued? Test your thesis with our free DCF calculator.
Apple reported revenue of $143.8 billion, about 4% above both Bernstein and consensus estimates. Gross margin came in at 48.2%, 83 basis points ahead of consensus, while earnings per share reached $2.85.
Management guided for revenue growth of 13% to 16% year over year in the fiscal second quarter, with gross margin projected between 48% and 49%.
However, Bernstein analyst Mark Newman said memory prices have climbed sharply. Since the second quarter of 2025, average mobile DRAM contract prices have increased 237%, and NAND prices have risen roughly 70%.
Applying those increases to the iPhone bill of materials implies about a 15% rise in iPhone cost of goods sold, the firm said. Newman estimates that like-for-like iPhone 18 prices would need to rise at least 15% to offset higher input costs, though he expects some consumer trade-down that could limit net average selling price increases to about 12%.
The projected result is roughly 150 basis points of margin erosion at the iPhone level. Bernstein said the full impact is unlikely to be felt until the first full quarter after the iPhone 18 launch due to long-term supply contracts.
View Comments