Apple’s iPhone Keeps Dominating

JOIN OUR LIVE SESSIONS! Our LIVE session starts when the big institutions and elite traders do before the opening bell. We'll look at real-time dark pool data as the market movers position themselves for the trading day in secret off-market exchanges. [JOIN OUR LIVE TRADING SESSION @ 6am PT / 9am ET]( [Shadow] Hello investor, Warren Buffett’s new crown jewel, Apple, reported yet another solid quarter that beat analysts’ soft expectations, thanks to iPhone’s strong sales. CEO Tim Cook said the quarter was “better than we expected.” While Apple beat expectations, overall sales declined for the 2nd quarter in a row. The company projected a decline of about 5%, but the actual result was better with a 2.5% decline. The strong showing from iPhone contained the damage from other product segments. The iPad’s revenue fell 13% for the quarter, where new models with M2 chips didn’t spark enough demand in the last three quarters. The Mac segment didn’t do well, too. Revenue fell 31% with IDC estimating that Mac shipments plummeted about 40% in the quarter. New and faster chips also didn’t accelerate the demand for the products. But iPhone posted $51 billion in revenue which was far higher than Mac ($7.17 billion) and iPad ($6.67 billion). CFO Luca Maestri said the current quarter will be tough as he expects revenue to fall about 3%. - “We expect our June quarter year-over-year revenue performance to be similar to the March quarter assuming that the macroeconomic outlook does not worsen from what we are projecting today for the current quarter,” Maestri said. Lastly, Apple announced a new $90 billion stock repurchase program. It was the same amount as last year. It also raised its quarterly dividend by 4% to 24 cents per share. Apple CFO Luca Maestri (Photo: iitaly.org) The nervousness still lingers on Wall Street. Despite strong earnings reports, investors are nervous about the soaring interest rates. This is an uncharted territory since we were at near-zero early last year, and nobody knows what it means when the rates skyrocketed in such a short period of time. Naturally, regional banks still struggled. But what about other sectors? How would they weather the new normal of a tightening in lending and higher cost of borrowing? - ″[With the] cost of capital going up in such a fast pace after we were at zero or 1% for so long, and then persisting at these higher levels, that’s just creating a whole suit of problems and we don’t exactly where the risk is gonna pop out,” JPMorgan Chase chief U.S. equity strategist Dubravko Lakos said. - “The risk of ‘unknown unknowns’ is simply moving higher the longer we stay at the higher interest levels.” April’s payroll data, which includes the latest unemployment rate and wage growth, will come out today at 8:30am. We will see whether there is any slowdown that could lead the Fed Reserve to pause its rate hikes. That’s going to be the million-dollar question from now on until the central bank’s next meeting. Top Growth Stock You Absolutely Need To Own Right Now Today’s Stock Pick: Progyny, Inc. ([PGNY]( The future of the white collar workforce is female. The Wall Street Journal reaffirmed a decade-long trend of women earning college degrees at twice the rate of men. - “At the close of the 2020-21 academic year, women made up 59.5% of college students, an all-time high, and men 40.5%, according to enrollment data from the National Student Clearinghouse,” [Douglas Belkin wrote](. - Additionally, “After six years of college, 65% of women in the U.S. who started a four-year university in 2012 received diplomas by 2018 compared with 59% of men during the same period, according to the U.S. Department of Education.” In the war for talent, companies like Google and Microsoft have to offer the best benefits in order to win top talent. Facebook made waves a few years ago by becoming one of the first companies in the tech industry to offer women egg freezing as an employee benefit. For women, that means control over when they start a family. Professional women have traditionally been forced to choose between advancing their careers and having a baby. Today’s company solves this problem by offering companies a range of fertility benefits including egg freezing. If this sounds esoteric, it isn’t. These services have grown into a $7 billion industry that the CDC believes will continue to grow 10% per year. And this company is growing way faster than 10% per year. What does Progyny do, specifically? They offer fertility benefits to company employees. These services include in vitro fertilization (IVF), concierge member support services, top specialists, and an integrated pharmacy experience along with the aforementioned freezing. Today, over 180 different companies including Google and Microsoft use Progyny to offer reproductive benefits to their employees. Just take a look at the roster. Their client companies span over 25 diverse industries. (Source: Progyny) Since 2016, Progyny’s coverage base has exploded. Just in the last six years, Progyny’s covered lives exploded by 50x! (Source: Progyny) Revenues have skyrocketed too. Progyny gave phenomenal guidance of 57% revenue growth in 2022. From 2016 through 2022, they averaged 81.5% compounding revenue growth. On top of that, their margins are also expanding as they optimize operational efficiency. This led to adjusted EBITDA increasing by 206% CAGR since 2018! (Source: Progyny) Alright, you’re blown away by the numbers. Now you want to know what makes this company different from any other fertility service. Let’s compare a run-of-the-mill carrier approach versus how Progyny operates. Scenario #1: A typical carrier lacks access to the latest diagnostics and procedures. They’ll typically just offer a standardized series of steps. Oftentimes, the benefit maximum can run out before the woman even gets pregnant. If so, she has to take out a loan and likely skips genetic testing to save money. If in vitro fertilization fails due to miscarriage, she’ll likely insist on multiple embryos the third time. Twins then increase the chances she has to take leave or sacrifice her career. Scenario #2: Progyny personalizes the plan for each woman. Not bound to the carrier network, they’re able to offer access to all of the top fertility specialists. They also recently integrated with pharmacy partners for easy access to different aspects of the treatments. The result? Faster time to pregnancy, fewer miscarriages, healthier pregnancies, and fewer twins and triplets. CEO David Schlanger reminded analysts of the company’s five-year track record of superior patient outcomes on their earnings call. - “Progyny's live birth rate is now 25% better than the national average, reflecting our success not only getting people pregnant more quickly, but also in a healthier way that results in significantly fewer miscarriages,” Schlanger said. - He also noted, “The lack of improvement in the national averages really underscores not only how differentiated the Progyny approach to managing fertility is as compared to the rest of the industry, but also how difficult it is for a competitor to replicate our approach.” To understand how popular Progyny is, two-thirds of client companies sign up with Progyny for fertility benefits -- despite already having an outside healthcare provider. Progyny just has a huge moat in this niche. The management can’t help but brag about their near-100% retention rate. Here are just a few of the major stats that underscore their execution: (Source: Progyny) Even better, they’re already hunting for new growth levers. They see opportunities to continue stacking fertility services on top of their industry-leading core offering. With just 182 client companies, they see over 97% more headroom for their offering. - You would be owning shares in the most demanded fertility service company in America while it’s only a $3.16 billion market cap. Bottom Line: Progyny is growing like crazy by offering vastly superior fertility outcomes for women. In fact, women graduate college almost 2:1 to men now. As skilled labor demand for fertility benefits increases, Progyny is perfectly positioned to continue to grow at a spectacular rate. So, the stock is a must-own. 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