| Author |
Apple (AAPL) Replies |
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
 Posted: Wed Jul 20, 2011 8:49 am Post subject: |
 |
|
No china slowdown here. JPM on earnings:
| Quote: | Whoa Nellie, those are big numbers. June quarter unit shipments of 20.3M
iPhones and 9.25M iPads beat our significantly above-consensus estimates of
19.6M and 8.7M. With iPhone, we think that carrier, geographic, enterprise, and
dual mode GSM/CDMA expansion opportunities offer plenty of headroom for
ongoing growth. As for the iPad, we expect the burst in units to ease investor
concerns that competition or supply constraints would be a drag on growth. Mac
results were in-line, but this performance should be put in perspective given the
weak PC market (Mac units outgrow the broader PC market by a factor of five).
NH
Don’t fear the guidance. Apple’s Sept. revenue/EPS guidance of $25.0bn/$5.50
(vs. consensus $27.7bn/$6.46) is below seasonality and less than Apple’s typical
conservatism. In our view, new product ramps and a goal to dampen expectations
likely underpin the conservative guidance; both reasons are explainable and
transitory. We expect a new MacBook Air and iPhone 4-plus sometime this quarter.
NH
With Overweight-rated Apple’s stock, it is time for the value-like multiples to be rerated
higher. We expect the stock to move higher in the near to mid term. Consistent
with our preview, Apple reported a outstanding June quarter, and there appears no end
to the upside parade. We believe the results likely restore the wow factor to the stock.
In our view, the return of the wow factor, easing supply constraints, and pending new
product cycles should jettison the fear that had been dogging valuation the last couple
of months. We are raising our Dec-12 price target to $525, versus $450 previously. |
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
 |
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
| Posted: Wed Jun 01, 2011 8:39 am Post subject: |
|
|
Ultimate angle, Steve Jobs will soon be introducing Apple's Cloud initiative--his last 
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
| Posted: Tue May 17, 2011 6:53 am Post subject: |
|
|
HP misses eight out of nine quarters.... 
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
|
| Back to top |
|
|
HenryTo
Site Admin
Joined: 06 Aug 2004
Posts: 11707
Location: Los Angeles, California
|
| Posted: Tue Apr 26, 2011 12:03 am Post subject: |
|
|
Morningstar on AAPL's 2Q earnings:
| Quote: | We are sticking with our $475 fair value estimate for Apple AAPL after reviewing the company's second-quarter results.
Revenue increased 83%, driven by 126% iPhone revenue growth, 32% Mac revenue growth, $2.8 billion of iPad sales (there isn't a year-over-year growth figure because the iPad was released later in 2010), 23% in iTunes revenue, 17% growth in software sales, and 23% growth in revenue from peripherals. This growth was partially offset by a 14% decline in iPod revenue. Our investment thesis has been that the firm would see broad-based growth across its entire product portfolio (excepting the iPod, which is being cannibalized by the iPhone); based on second-quarter results we think our thesis remains intact.
One area in which our thesis appeared at first to not quite hold up this quarter was on the gross margin line. Apple actually saw a small amount of gross margin contraction, to 41.4% from 41.7% in the year-ago quarter. However, it is important to note that although software and iTunes revenue grew an impressive 17% and 23%, respectively, this was much slower than the revenue growth of 93% for the the combination of iPod, iPad, iPhone, hardware peripherals, and Macs. Given that we think software and iTunes have significantly higher gross margins than hardware, our guess is that gross margins improved for most (if not all) categories, but the overall gross margin decline was from the mix shift.
Apple also beat our expectations on operating expenses. We've been modeling long-term selling, general, and administrative expenses at about 8% of sales, and R&D at 3%-3.5% of sales. In the second quarter, those figures numbers were 7.1% and 2.4%, respectively. These represent a significant improvement over the prior year's 9% and 3.2%. Put gross margins and operating expenses together and operating margins rose to 31.9% from 29.5% in the year-ago quarter. |
|
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
| Posted: Wed Apr 20, 2011 3:12 pm Post subject: |
|
|
$6B Quarter, straight to the bottom-line. Jobs teased (or projected) an acquisition--what might that be? Flash??
There's gonna be a lot riding on no more japanese quakes for these guys.
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
| Posted: Tue Apr 19, 2011 10:53 am Post subject: |
|
|
RIM's tablet out with a thud. Hard to take on an "ecosystem" when that's the toy.
http://video.cnbc.com/gallery/?video=1888984198
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
| Posted: Fri Mar 18, 2011 4:38 pm Post subject: |
|
|
Maybe they do have a problem on their hands. Following the ifixit.com link below, screen is now glued on. No pins. And the glue tends to leave gaps....which leak light. 
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
| Posted: Wed Mar 16, 2011 7:06 pm Post subject: |
|
|
Oops, that's JMP securities. Got me.
This looks orchestrated to me. The Foxconn readthru is really reaching considering all that mini-conglomerate makes. The selling. like IBM, was driven by margin/re-balancing calls on other positions it seems to me and the options just catalyzed matters. This is what you wanna see toward the end of moves.
I've got three friends who really didn't want the iPad II who are out looking for one now. Met two chinese at the Starbux last week working on 'em....one of whom could normally type 100wpm was contentedly plugging away, hunt and peck. That takes dedication.
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
| Posted: Mon Mar 14, 2011 6:54 pm Post subject: |
|
|
Zune RIP:
| Quote: | | Zune, introduced in 2006, never managed to break the iPod’s grip on the music-player industry and became the brunt of late- night talk-show jokes. |
Chocolate brown....what were they thinking?
I still use Zune earbuds on my Apple. I do like their ruggedness.
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
|
| Back to top |
|
|
rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16909
Location: Sunny California
|
| Posted: Mon Mar 14, 2011 7:26 am Post subject: |
|
|
15 PE on $24 2011 estimates (up from $15).
Still looking for a chicken short here. Enterprise will never deliver the hope because costs, product and software integration. And how's that Apple TV working out. But the key is Jobs. Was that a recovery we saw? Will only underscore the wraith that is Apple right now.
Goes against my "buy american" theme (as well as being the ultimate tape defiance) so, once again, option only.
_________________
Today is the Tomorrow you worried about Yesterday! |
|
| Back to top |
|
|
smile
Veteran Poster
Joined: 27 Mar 2010
Posts: 192
|
| Posted: Sun Mar 13, 2011 7:41 pm Post subject: |
|
|
Thanks for that link HenryTo.
Nxt time I visit the local mall I might stop in to the apple store to give it a go.
My recollection of Ipad1 performance was Ipad2 would have to be 2x as fast for my taste/expectation to just be average. It may perform well for reading a book or doing video... maybe even for gaming if that is what those standing in line are looking for.
Cool factor is out the window IMO if it is not an exclusive club with millions of units sold. I still don't get it 
Hope those at anandtech follow-up and produce comparable benchmarks for SuperPI 1M SuperPI 2M SuperPI 32M 3DMark06 CPU Dhrystone Whetstone Cinebench R10 32Bit Single Cinebench R10 32Bit Multi wPrime 32 so we can see some comparisons to notebooks if that is possible.
http://www.notebookcheck.net/Mobile-Processors-Benchmarklist.2436.0.html |
|
| Back to top |
|
|
Please log in to view without the ad banners |
|
|
FAQ
Search
Memberlist
Usergroups
Statistics
Register
Profile
Log in to check your private messages
Log in
