
Apple Q2 2012: 35.1M iPhones, 11.8M iPads, 4M Macs, and 7.7M iPods - aaronbrethorst
http://techcrunch.com/2012/04/24/apple-q2-2012-35-1m-iphones-11-8m-ipads-4m-macs-and-7-7m-ipods/
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spdy
They sold roughly 60M units of high margin products in one quarter. They are
printing money for years now. One of the quotes usually around this is "they
did not meet the expectations of analysts" and i really dislike it. Hopefully
someday we will move away from quarter performance.

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calloc
Analysts were actually below what was posted this quarter. Next quarter looks
to be disappointing for analysts, they are aiming higher and Apple's guidance
is lower ...

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huxley
Apple always low-balls their guidance and it is always well below most analyst
estimates, so nothing to go on there.

Even their "bad" quarter Q4 2011 had a guidance of $25 billion and $5.50
earnings per share with actual numbers of $28.27 billion and $7.03 a share
(which was up from $20.34 billion and $4.64 per share in Q4 2010).

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ldayley
$6.5 million in PROFIT generated every hour. Mindblowing.

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ralfd
To get this into perspective: <https://mobile.twitter.com/#!/asymco>

"The largest company grew earnings by 94%."

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recoiledsnake
To get that into perspective, is that year-over-year or sequentially?

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jimmyvanhalen
comparisons are always yoy. comparing the current quarter with the previous
quarter doesn't make sense due to seasonality (holiday season, summer, etc.).

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Jabbles
[http://www.apple.com/pr/library/2012/04/24Apple-Reports-
Seco...](http://www.apple.com/pr/library/2012/04/24Apple-Reports-Second-
Quarter-Results.html)

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icki
AAPL is up ~8% in after hours trading

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ricardonunez
Is above $600 again and all of a sudden the panic disappeared.

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calloc
94% growth Year-over-year. Any other company doing that well?

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shpoonj
"Overall hardware sales decreased from its record previous quarter but with
the notable exception of the iPods: they’re up from the same quarter a year
ago." > "However, the iPod didn’t fare so well: Sales are down 15% over last
year’s quarter."

What?

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shpoonj
Also...

"In that period Apple sold 37.04M iPhones, 15.43M iPads, and 5.2M Macs. Even
the iPad sold well with 15.4M units."

Being a journalist keeps getting easier...

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silvestrov
So 3 iPads for every Mac. The average selling price of an iPad is ~$600 [1],
so if the average selling price of macs are less than $1800 (likely), _the
iPad is bigger in revenue than the Mac._

1: [http://www.ipadjailbreak.com/2012/01/ipad-average-selling-
pr...](http://www.ipadjailbreak.com/2012/01/ipad-average-selling-price.html)

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recoiledsnake
Looks like they beat estimates on the iPhone(though still down from the last
quarter) and failed to meet estimates of 4.4M Macs and 13M iPads.

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pook1e
Last quarter was a holiday quarter, so I think the drop in iPhone sales is
expected. They only sold 2 million fewer in this quarter, which I think is
pretty amazing.

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diminish
i remember one analyst telling, chinese new year is important for smartphone
sales too. but the big question is why is ipad/mac sales are below
expectations? didnt the new ipad help much?

edit: analyst expectations are averaged from
<http://www.businessinsider.com/apple-q2-2012-earnings-2012-4>

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guywithabike
Because "expectations" are just wild-ass guesses.

iPad sales are up 150% year over year. How that's disappointing, I'll never
know.

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dkokelley
I'll tell you why that can be described as disappointing. Apple is extremely
profitable. Sales are climbing at a great rate. Shares of ownership (and by
proxy, a share in that profit) are priced according to this wild growth and
profitability. The market buys stock based on this expected growth and return.
When the expected return is less than the actual return, this is disappointing
EVEN IF THE RETURN IS 150%.

This like buying an expensive sports car and having it ONLY go 150MPH when
similarly priced cars can reach 200MPH. 150MPH is great compared to a stock
Honda Civic, but you will be disappointed when your friends best you with
their supercars, because you paid so much. Apple stock is a supercar stock, so
when it doesn't perform at supercar standards, the market is disappointed.

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runako
First: the market is actually not disappointed. If that were the case, the
stock would not be up substantially by real people spending money to buy the
stock on the basis of this news. The market likes this news, the (clueless)
writers at media outlets were disappointed.

Your analogy also misses on a number of levels. But to make it crystal clear,
I'll correct it. Today's results are like buying an economy car in a price
band where similarly priced cars can reach 60 MPH and finding out that yours
goes 800 MPH and being disappointed. For a share of AAPL is priced more like a
Kia than a Ferrari relative to its growth.

To clarify: the stock is not expensive by any classical valuation metric. The
stock is trading at a multiple of < 16, which is lower than companies in much
slower-growing businesses. For example: McDonald's (18), Procter & Gamble
(20), Coke (20). In fact, the Dow Jones index of utility stocks trades at a
higher earnings multiple. And now there's a dividend in case 100% EPS growth
isn't enough for an investor. So unless your idea of an expensive high-flying
stock is a stodgy utility, AAPL is absolutely not priced for wild growth and
profitability.

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huxley
Amazon has been trading at 137.4 P/E ratio. Now there is a stock priced for
wild growth and profitability, Apple is a cheap stock in comparison.

