Top stories today:

1. Apple’s revenue -4% to $90.4B in Q1, net profit -2% to $23.6B
2. 238K new jobs expected for April, out today at 8:30 AM
3. Coinbase’s revenue +115% to $1.6B, as tx. revenue +187% to $1.1B
4. Block’s gross profit +22% to $2.09B, as it vows to buy more Bitcoin
5. Meta spending $30B in NVIDIA chips, suggests Chief AI Scientist

0. Data and calendar

1. Apple’s revenue -4% to $90.4B in Q1, net profit -2% to $23.6B

Revenue fell most in China and the entire Asia Pacific, as CEO Tim Cook calls China “the most competitive market in the world”

Only Europe saw growth:

Apple announced a (world-)record $110B stock buyback and a 4% dividend increase, sending the stock +6% in the after-market

• Half of Fortune 100 companies have bought Vision Pro units.

• Tim Cook had vague promises on AI: “We have advantages that will differentiate us in this new era, including Apple's unique combination of seamless hardware, software and services integration, groundbreaking Apple silicon with our industry leading neural engines, and our unwavering focus on privacy, which underpins everything we create.”

2. 238K new jobs expected for April, out today at 8:30 AM

• Average hourly earnings: exp. 0.3% MoM / 4.0% YoY, from 0.3% / 4.1% in March.

  • Similar to inflation numbers, meaning real wages are flat.

• Unemployment rate: exp. 3.8%, from 3.8% in March.

4. Coinbase’s revenue +115% to $1.6B, as transaction revenue +187% to $1.1B