CIO Scott Martin Interviewed on Fox Business News 7.27.21

Program: Your World with Cavuto
Date: 7/272021
Station: Fox News Channel
Time: 4:00PM

SANDRA SMITH: Choppers still taking a bite out of Apple, the tech giant blowing through earnings and sales expectations, including big iPhone sales. The stock is little change in the after hours, but what is this telling us about the state of the US economy, the global economy, I should say? Let’s talk to our money guy, Scott Martin. I mean, record profits, dollar 30 a share, a record quarter record, June, record quarter, I mean, sales. One hundred and ninety four billion in cash. And by the way, Tim Cook is also confirming that return to office has been delayed to October and possibly later. So they’re doing all this while so many people are still working from home. I mean, Apple just keeps winning.

SCOTT MARTIN: They keep winning like Charlie Sheen once was, Sandra. And I’ll tell you what I mean. The numbers are outstanding, like you mentioned. I’ll throw in another one to record numbers for iPhone sales. Five billion, by the way, Sandra, ahead of what the street expected, five billion sports fans ahead in revenue. So, I mean, the estimates can’t even be high enough for Apple yet. You made a really good point, Sindarin. You this from your experience in the market, the market’s flat, the apple prices is flat. The stock price, rather, after hours is flat. And some of the other companies that came out like Google, Microsoft, others are kind of flattish. Same thing as well, because they’re already expected. Yeah, these are expectations that are built in this market. So be careful if you’re out there buying these stocks as an investor.

SANDRA SMITH: So while we’re all complaining about higher prices of our groceries or fuel, certainly we’re not letting the six hundred dollar iPhone bother us. There are still buying that. What does that say about the state of the economy?

SCOTT MARTIN: Well, I would love to find a six hundred dollar iPhone because, I mean, the last one I bought, this one right here was like a thousand and five. I mean, look at you know, there’s refurbished. That’s exactly right. The lower models, which, by the way, every time they do an upgrade on the iOS or a new iPhone comes out, that other model gets stupider, it seems like. But here’s the point. You’re right. It just do an experiment. If you go out today or go out tonight, walk around and see how many people are glued to their phones, where they’re walking around or in their cars driving. It’s unbelievable how these things are basically an extension of our arms and legs here. So the fact is these are integrated more than ever into our lives via the service revenue, too, by the way, which is another great number in today’s earnings report for Apple service. Revenue was about a billion ahead of street expectations as well. So that’s like the the Apple music, the Apple Arcade, things like that cloud. So, Sandra, the fact is, Apple is the biggest part of our lives, really, that we probably have as far as tech companies go. And they’re just going to keep on crushing

SANDRA SMITH: it and they crushed it. And I have to tell you, there’s an Apple and Grand Central here. And while Grand Central still half empty because there’s still not as many trains, there is still a line to get in the Apple store there. They stop you. If you don’t have a mass, they hand you a max, they line you up the stairs like this. And I mean, people just keep buying them. So that turned up in the earnings. Great to see you, Scott. Fellow Chicagoans. Thank you. So you all right after.

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