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Earnings Call

Here are my mental notes for today’s earnings call…

Peter Oppenheimer, CFO

“Highest Quarter Earnings and Revenue”, “All Time Highs”

3-4 Weeks Mac channel inventory

MAS: 100 Mio Downloads in less than a year

128% YOY grown in iPhone, “tremendous popularity of iPhone 4S”. Target range 4-6 weeks of iPhone channel inventory

available in over 90 country

iPads increase 111%, accessories grew 99%. Within 4-6 weeks of iPad channel inventory.

With iBook Author anyone can create “iBook Textbooks, Cookbooks, picture books and more”

> 85 Million customers on iCloud

Half of Macs sold in stores are to New Mac users

“Easy Pay” checkout process key in handling the amount of buyers in store

They are actively discussing on what do do with their cash balance, but nothing to announce yet.

Extremely enthusiastic about their product pipeline.

Tim Cook, CEO – Q&A

iPhone grows at 3 times of the mobile phone market

Sold more iPhones than they expected, so called “short in channel inventory”. Caught up in some countries, but not all.

Component environment is and will stay favorable, except for hard disks (Thailand). Did get better prices for displays, NANDs, DRAM last quarter.

iPad: hugh opportunity for Apple, tablet market will be larger than PC market. “Limited function and eReaders” are a different category and thus not a thread. Who wants an iPads gets one. They’ll “continue to innovate like crazy in this area.”

Team at Apple “so incredible”. “We feel very good about where we are”

5 Reasons why this quarter will be earning less than last

  1. Dec quarter had a 14th week = 1/14th of the Revenue, DOH
  2. A week missing in March Quarter that is usually going well
  3. Last year they produced more iPhones
  4. “significant pent up demand for 4S”
  5. Strengthening of Dollar against the Euro

About acquisitions: Apple generally believes in totally integrating acquired companies into the mothership. “You will be assimilated, resistance is futile” (well at least that’s what I thought to myself)

“There was not an obvious aspect on the numbers” regarding if the Kindle Fire had any positive or negative effect on iPad sales. iPad cannibalizes the Mac, but much more cannibalizes Windows PCs.

Mac has outgrown market for 20 quarters in a row. Seems like all of the data make it a very close race against Android, iPad is way ahead. Though it’s hard to get any “crisp numbers” on Android handset shipments.

“iOS is doing extremely well”. Prefers to ignore the “other horses” and focus on innovating.

And when asked about larger screens and LTE we got usual response.


Categories: Apple

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